Commercial Collection Agency - Accounts Receivable Management
TLP has represented companies nationally and internationally since 1996 and is a leader in the profession of Accounts Receivable Management (A.R.M). The Law Partners, P.C. specializes in commercial collections.
In the beginning, the founders of TLP assembled a group of subject matter experts with extensive expertise in Finance, Credit and Collections, Quality Process Control, IT and specific trade experiences in Insurance, Transportation, Utilities, Staffing, Wholesale Distribution and Manufacturing.
The definition of insanity is doing the same thing over and over again, expecting different results!
Since the beginning of accounts receivable collection, collection agencies and debt recovery law firms have approached collections in the same manner. Collection agencies send letters and make phone calls but cannot sue debtors. So when collection actions fail, they forward the cases to an attorney with the intent to file suit, which results in increased contingency fees and the addition of court costs.
In 1996, TLP realized the economic environment was changing and debtors became more informed about circumventing the collection and legal process. With change, a new approach to accounts receivable recovery was needed. Industry experts were sought out, employed and given the task to create a new and innovative approach. An approach that would provide solutions to the age old methods employed by collection agencies and attorneys.
"The majority of our clients are looking for more efficient ways to save money as the US economy remains stagnate. We have, and always will, make it a priority to assist our clients in finding solutions to overcome the challenges they face as we develop new ways to help our client base lower their cost and improve efficiency with accounts receivable management," said Steven L Rayman, Esq, Chief Executive Officer of TLP, The Law Partners, P.C.
Since the inception, we have grown globally and now provide international debt recovery to clients foreign and domestic.
TLP’s Commercial Litigation Mission
Our Mission is to deliver high quality, effective and innovative accounts receivable management solutions while providing our employees meaningful work in a healthy, exciting and productive environment.
It is our mission to encourage openness, innovation, and growth for all employees and provide customer service second to none. To achieve our mission we will maintain a profitable and successful company while acting in an ethically responsible manner.
TLP’s Commercial Litigation Offering
TLP offers our clients a wide range of comprehensive accounts receivables management services custom designed to fit your needs with expertly trained, caring professionals dedicated to your specific industry commercial collection requirements. TLP is an international commercial collection service and law firm specializing in commercial collections.
Innovative 3-Phase Approach for Commercial Debt Collections
When it comes to Commercial Debt Collections, TLP goes beyond the “status quo” by providing B2B debt collection services through our innovative 3-phase collection process. Our approach greatly reducing the costly judgment enforcement compared to using a typical debt collection agency.
In this new economy that surrounds business collections (B2B debt collections), companies are experiencing high trends in debt recovery litigation and elevated costs when employing debt collection agencies, as more and more cases are forwarded to outside attorneys for litigation. The rising costs of debt recovery litigation demands a change of tactics and business debt recovery solutions.
As commercial collection, commercial litigation law practice, TLP has taken the status quo of mainstream commercial collections and developed an innovative 3-phase approach that increases recovery percentages, reduces the need for debt recovery litigation, and, the rising costs of litigation normally charged by outside litigation law firms that collection agencies employ.
Our 3-phase approach combines the best of all the practices employed by commercial credit risk analysis companies, commercial collection agencies, and outside debt litigation law firms.
Phase One - Commercial Credit Scoring and Commercial Credit Risk Analysis
Upon receipt of B2B debt collection assignments, all cases placed for collections are credit scored and a commercial credit risk analysis is performed. This business credit intelligence is attached to the debtor information file. This approach provides factual and critical commercial credit risk information, as well as payment pattern trends, which is important for the collection process.
We obtain factual information about the debtor’s ability to pay and payment trends based on the past six quarters before we start the collection process.
The information we gather contains payment history trends, state and federal tax lien information, pending laws suits, unsatisfied judgments, UCC filings, secured creditors, collection agency action, the legal business owner’s information, trending information showing whether or not the company’s payment trends are increasing or decreasing, and, their current risk factor.
Armed with this information, conversations are based on fact and not misinformation typically provided by debtor companies during the collections process to collections agencies that do not use credit and payment history information.
The benefit is faster payment of debt, higher settlements, and less litigation because we can determine whether or not a company will default during the collection process. It does not make sense to sue a company in financial distress with unsatisfied judgments already recorded.
Knowing this, we will provide you with factual information so you can make the best settlement or litigation decisions when needed.
Phase Two - Segmentation and B2B Debt Collections
Using the commercial credit score and commercial credit risk analysis, files are segmented and prioritized by their predictive payment trend and balance. This segmentation rapidly identifies companies that have the financial resources available for rapid resolution and debt recovery. These cases are assigned to our experienced B2B debt collections specialists for the initial phase of collections through TLP’s commercial collection and pre-litigation process. Companies with medium to low scores, meaning high credit risk, are placed with our most experienced collectors as these files require a much sterner collection approach.
Files are also segmented by industry and assigned to a collection team with experience in your type of business.
Experience is the key with these difficult cases as the debtors will reallocate their payment priority, pay your debt due and delay payment to other collections agencies or vendors pursuing debt to other companies.
After all, if the debtors owe you money, chances are they also owe others and are being pursued by several collection agencies or commercial litigation law firms at the same time.
Phase Three - Debt Recovery Litigation
When a debt is not paid, litigation is the last step. Our in-house asset department will search for assets the debtor has to determine if litigation is warranted. Once this process is complete, we will forward the information to our client for approval and begin the legal proceeding by filing a lawsuit and start legal collection proceedings.