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Business Debt Collection 101

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program. Read his post below to learn the basics of business debt collection.

People pay for the services and products they subscribe to in an ideal world. So they spent money on artists, laborers, and businesses that enabled them to obtain what they desired or needed at the time.

That is, indeed, the ideal, and the majority adheres to it. Unfortunately, however, there are still a few rotten apples. As a result, delinquent payers become even more inventive or vicious to avoid paying the outstanding debt. Read the rest of this entry »

The Risks of a Job-Specific Contract

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.

In the staffing and recruiting industry, a written and signed agreement is your safeguard against the uncertainties of the future. It lays out the agreed-upon terms, sets the expectations for all the involved parties, and is used to avoid confusion. Read the rest of this entry »

What Factors Affect Business Credit Scores?

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.

Many small businesses turn to credit to expand, hire additional staff, or cover day-to-day expenses. A good credit score indicates that a company can make timely repayments and will improve its chances of approval. If a company’s credit score is poor, their application will most likely be declined or they will be charged with higher interest rates due to the risk of nonpayment. Read the rest of this entry »

Can You Collect Your Overdue Placement Fees?

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.

Staffing and recruiting companies play an important role in the business world. They alleviate the stress that comes with finding and hiring top candidates to fill positions at a company. Instead of spending the time and resources necessary to hire an employee, companies will contract with recruiting firms to do the job for them. After the firm has successfully fulfilled the terms outlined in their contract, the company pays them for their work. Read the rest of this entry »

The Five Steps to a Strong Recruiting Industry New Year

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.

The end of the year is with us and creating a checklist and house cleaning are the usual things people do. In the staffing and recruiting industry, New Year checklists are a must and will help you save money in the coming months. Here are the five things that all recruiting and staffing firms need to follow to start the year strong.

Not everything is going to be easy and starting off the New Year in the staffing and recruiting industry is indeed a hard task. Wilson and Samantha Cole’s podcast details the best ways someone in the industry can push forward and succeed in the brand new year. Read the rest of this entry »

[ Collection Specialist ] Why Recruitment Agencies Need It

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.

More times than not, a client will pay the staffing agency after they place an employee without any issues. Staffing agencies do, or really should do, most of the hard work in the beginning by drawing up a contract on how much the client will pay before entering into a business relationship. After a placement has been made, the client will pay the agreed amount and both companies will move on in their relationship. A collection specialist will oversee these transactions just as an added precaution to make sure there are no issues. As I said, more times than not a collection specialist will really just oversee and manage payments. The reason it is necessary to have a specifically trained collection specialist in your agency is for the few times that a client does not follow the agreed process, and this can present in a number of ways. You need to be prepared for every possibility. Read the rest of this entry »

What You Should Be Working on Right Now on Collections

by Veronica Blatt

Today’s guest blogger is Wilson Cole. He is the CEO of BackdoorHires.com and Adams, Evens & Ross, the nation’s largest credit and collections agency designed exclusively for the staffing and recruiting industry. In 2008 he was inducted into INC Magazine’s, “INC 500” for being the CEO of Adams, Evens & Ross, the 307th fastest-growing privately held company in America. Adams, Evens, & Ross has helped more than 3,000 staffing and recruiting firms recover more than $1 billion in past-due debt and is an NPAworldwide Endorsed Program.

With the pandemic sweeping the nation, here is some advice on what you should be doing regarding the collections side.

Reach Out to Your Clients

If you have been working with a company to settle their debt over a long period of time, the best thing you can do is to reach out to them. Let them know that there is still an invoice and see if they can make a good faith payment. Most companies will be able to make these as payroll protection loans are being offered by the government. Read the rest of this entry »

Recruiting Strategy: How to Avoid Credit Collection Mistakes

by Veronica Blatt

image of folders for past due recruiting feesToday’s guest post is courtesy of Wilson Cole from Adams, Evens & Ross, a collection agency specializing exclusively in the recruitment and staffing industry. Back in 2003 Wilson Cole, the President and Founder of Adams, Evens & Ross, was asked to produce a video series detailing the most common credit and collection mistakes that staffing and recruiting firms make when working with their clients. The finished product was a series of short, to-the-point videos called The Seven Deadly Mistakes That Staffing and Recruiting Firms Make And What You Can Do To Avoid Them. In 45 minutes you will learn what are the most common pitfalls that clients make and you will also learn a system that will help reduce your risk and make sure that you get paid in a timely manner. DISCLOSURE: Adams, Evens & Ross is an NPA Alliance Partner. NPA members receive discounted services from AER.

Have you ever had to collect a recruiting fee owed to you by a client? Ever experienced ‘temp-napping’ or a ‘back-door’ hire? Part of your recruiting strategy needs to include protecting yourself from clients who don’t pay the fees you are owed. In this video, part one of a seven-part series, Wilson discusses how including a personal guarantee in your fee agreement can help you avoid the need to resort to collections. Personal guarantees are most effective when your client is a small company that is less than three years old. If you like this video, you’ll find links to the remaining six videos on the Adams, Evens, & Ross YouTube channel.

Well-written fee agreements are an important part of any recruiting strategy. Make sure your agreements ensure you get paid for the work you do!

Please share this blog post with other recruiters you know!

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