What exactly is BSC's approach to the collection process?

Our collection approach is based on the belief that most clients would pay their bills if given the opportunity. It is our job to present the opportunity in a manner that focuses on the benefit of retiring the debt. We utilize the art of motivation rather than intimidation in collecting accounts.

It’s not the pay up or else approach. It’s pay because it’s in your best interest to do so. When you threaten, you lose your ability to negotiate. You force problem into an ultimatum situation in which there is nothing more to discuss.

In some cases, clients suggest that we sue. Our response is to explain why this option is not in their best interest. More specifically, the skills needed to collect accounts are the same as those needed to sell a service or a product. In each case, one needs to do the following: overcome objections, build trust, sell the benefits, create a sense of urgency, follow up in a systematic manner, communicate effectively, turn a “no” into a “yes”, problem solve (re-establish goodwill) and retire the debt.

Why are there no rates posted on this website?

There are several factors that have to be taken into account in order for us to provide you with a competitive contingency rate. As such, we need to understand your situation and the various circumstances involved before we can provide any cost details.

What is a contingency rate?

A rate that is contingent (meaning dependent) on the results we deliver. In other words, you only pay if we collect.

What is BSC's role in the collection process?

The role that Bond Street Collections plays is as a facilitator in the recovery of accounts begins when previous in-house collection efforts have proven to demonstrate no positive impact on recovery. As accounts are continuously aging, handing over accounts to BSC allows your collection team to focus on the more current accounts before they become a problem.

When an account is turned over to us, your nonpaying client understands that you have taken it one step further and escalated the situation. As a result, the client’s perception changes and they typically become more inclined to deal with the matter. When communicating with your clients, we point out that it’s your company’s policy to turn defaulting accounts over to us that are at a certain age.

Our job is to point out how they were billed and not to argue the merits of any perceived unmet expectations. Rather, we deal with issues from a practical point of view pointing out the benefits in settling the dispute. Maintaining your reputation is our top priority, as such, we do not condone any collection activity that would tarnish your image or ours. To ensure accountability and continuity in servicing you, a dedicated associate or team of associates with several years of collection experience will manage your accounts.

What tools or processes are automated?

BSC has automated the following services in order to support its debt recovery processes:
• On-Line Credit Bureau reporting
• On-Line Credit Bureau inquiry
• Automated Skip Tracing
• File Scoring
• Voice messaging with live activation
• On-line Ontario Business Licensing
• On-line Title (e.g. Property) searches
• Internet Search engines; 411.ca, Google, Yahoo, etc.
• Customized letters and phone campaigns with contact plans
• On-line payments

What makes Bond Street Collections different?

BSC’s key market differentiator is its ability to use proven Account Resolution Techniques (ART), which are a direct product of BSC’s own training program.

Furthermore, BSC both understands and believes in the need to motivate the debtor into payment and it is this approach that has distinguished it from the competition.