Frequently Asked Questions
Your time is valuable and should be spent focusing on your business, not tracking down customers who don’t pay. Other tools merely help you with different aspects of the receivables process but still require you to do most of the work. Some help you build fancier invoices. Some help you send payment notifications but these tools only focus on the near term. CollBox understands the, sometimes unfortunate, reality of long-term receivables and has built an advanced platform to provide the proper tools to both automate your pre-collection efforts, such as notifications and reminders, as well as offering a marketplace of fully licensed collection agencies when follow-ups fail to engage proper payment; all at a click.
When you log in to CollBox and connect your Intuit Quickbooks account we check the status of your current invoices, analyze and organize them using a variety of metrics and provide you various options from simple payment reminder notifications for slow customers to placement with a collections agency for slower or no pay customers.
CollBox has partnered with Kinum. Kinum has an "A " rating with the Better Business Bureau and is a leader in Debt Recovery. CollBox performed a detail investigation into Kinum and Collbox ket only utilizes CCAA and CLLA certified collection agencies to ensure that a vetted and reputable agency is working ethically to recover your funds.
The base CollBox service is free for customers to submit collections and though rates can vary by agency most utilize “market rates” and this is the only fee you will pay. CollBox permits agencies to set their own rates, however, when you select a customer to place for collections, you will be presented with options explaining the collection agency and rate for that collection prior to any action.
Kinum offers two types of collections through Collbox. Flat rate for $14.95 per case and your firm keeps 100% of what Kinum/Collbox's collects for you. Second Kinum offers Contingency base collection services.
Kinum in Contingency agrees to make payment within 30 days of collecting on an account and will make payment either via check or via ACH. Under of Flat Rate Services, all money goes directly to your firm and you keep 100% of what Kinum/Collbox collects for you
Once a customer has been placed for collections and contacted by a collection agency on your behalf, It is common for them to contact you in an attempt to stop the collection. When working with Kinum, we suggest if client is offering to pay always accept the payment, if the client is trying to renegotiate the debt owed we highly suggest you refer them to contact Kinum on your behave, seeing Kinum is now your agent of record for collections of this debt.
From disputes to bankruptcies, there are a myriad of reasons a client may not pay. In many instances, the collections process will uncover a detailed reason for non-payment. It is at this point that additional actions may be taken at your request. With Kinum/Collbox we offer at no additional charge to perform a detail financial assessment of the debtor if our research shows a real opportunity if we win in the court of being able to collect, Kinum will request authorization from your firm to sue this client. You have two options sue or drop case. if you agree to allow Kinum to proceed, Kinum at no cost to your firm, file the lawsuit and when we win split 50/50 with your firm the amount awarded and collected from this lawsuit.