With constant changes to consumer laws and increased regulation from State Financial Regulators and the new US Federal watchdog agency, Consumer Financial Protection Bureau (CFPB), why put your business at risk of costly violations, both financially and to your brand. Red Apple Capital can take over your in-house financing with our state of the art loan servicing and collections program
If you are tired of generating and sending monthly notices or you struggle with the collection of your receivables for fear of compromising your reputation, let Red Apple Capital take on that risk and process for you. We understand that your reputation in the community is one of your most valuable assets. Red Apple Capital will give you that “arm’s length” relationship that separates your valued brand from what can often be a contentious process and preserve accounts receivable assets from becoming a costly “write-off” of bad debt.
Red Apple Capital will provide the following services for in-house accounts which is paid for by the client:
- Provide a “Sample” Promissory Note to our funeral home client to be used when financing an in-house account
- A toll free customer service line for your borrower to discuss their payment options or to make a payment
- Generate and mail a monthly invoice and /or send an email invoice to client
- Make follow-up calls to the borrower for payment reminders from 1-15 days after their due date
- After an account is 15 days past due, we’ll provide additional personal “white-glove” follow-up to the borrower to make their payment up to 120 days past due.
- After 120 days, we will send the account to our collection agency for appropriate collection efforts.
- Provide monthly principal and interest payments directly into your bank account.
- Provide a monthly report through Treasury Management on collections, charge-offs and remittance
These services are provided at competitive rates with other loan servicers who offer less comprehensive programs. Consider your administrative labor cost and the impact on staff morale as pursue your in-house borrowers which takes them away from your core business services.