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Prestige Services Inc. Review

Donna Fuscaldo
Donna Fuscaldo
Senior Finance Writer
  • Prestige Services Inc. offers extensive collection services, competitive pricing and ethical debt recovery tactics.
  • Collection rates are 22% prior to an attorney's involvement and 33.3% once an attorney is engaged.
  • PSI prides itself on its recovery rate and keeps clients in the know through its online portal.
  • This review is for any business owner who is considering using Prestige Services Inc. for its debt collection needs.

Prestige Services Inc. (PSI) is a commercial collection agency, recovering debt for a variety of industries. It offers B2B debt collection services throughout the U.S. as well as in Canada and Mexico. It has a strong history of recovering debt for its customers and charges low starting rates, which is why it is our choice as the best B2B collection agency.

Prestige Services Inc.

Prestige Services Inc.

The Best Collection Agency Services of 2021

The Verdict

Prestige Services Inc. is our choice for the best B2B collection agency because of its broad array of collection services, transparent pricing and strong customer service.

Pricing

PSI has a contingency-based pricing structure, which means you don't pay when it doesn't collect. It charges a rate of 22% upon collection prior to attorney involvement and 33.3% upon collection if an attorney's involvement is necessary. These rates are lower than many of its competitors' contingency fees and negotiable on a case-by-case basis. Discounts are applied based on the volume of accounts.

Recovering commercial debt can be just as tough as collecting consumer debt, so you want a collection agency with a proven success rate. PSI is one of them. It has a 38% recovery ratio, which is above the industry standard of 20% to 25%. Its recovery rates are based solely on actual amounts collected.

Key takeaway: PSI charges 22% of the recovered amount upon collection before an attorney's involvement and 33.3% if an attorney is needed to help collect the debt.

Features

To achieve its high recovery rate, PSI employs a lot of collection tactics, some of which are free. For instance, it offers 10-day free demand services and free final-notice forms. In other words, if a debtor makes payment within the first 10 days, PSI won't take a fee.

It also offers pre-collection services, bank searches, post-judgment collection, skip tracing and online status reports. If all those efforts fail, PSI can send the account to an attorney in the debtor's area to proceed with litigation. PSI's network of attorneys are all members of the Commercial Law League of America (CLLA). It can also perform bank account searches on accounts with judgments.

Key takeaway: PSI uses a lot of methods to collect debt, including 10 days of free demand services, free final-notice forms, and paid services such as skip tracing, pre-collection services and online status reports.

Pros and Cons

Pros of Working With PSI

PSI differentiates itself from rival collection agencies by providing prompt and efficient service. Once you place an account in collections with PSI, it immediately sends out an initial demand-for-payment letter. It also investigates the debtor to find additional contacts and emails.

PSI continues to contact the debtor by mail, phone and email over the next 45 days. If PSI doesn't collect, it will take the next steps to recover the debt. You can expect to a conclusion to the process either way in less than two months. If your customer pays their debt, PSI releases a check to you at the end of the month.

In PSI's online portal, you can add new commercial debt collection accounts and monitor the progress of your existing ones whenever you want. Agents update the account information in your portal as they make efforts to collect the debt. Each update includes collection notes that explain the interactions with debtors. That keeps you in the know as to how PSI is treating your customers.

Cons of Working With PSI

Since PSI's focus is commercial debt, it sets a $200 minimum collection amount on each account. If you're looking to collect debt from clients that owe lower amounts, PSI isn't for you.

Likewise, if you need to collect both B2B and B2C debt, your business won't do well with PSI. PSI is a standout if you only need to collect debt from other businesses that use your services – but many business owners want a one-stop shop and will look for a collection agency that offers both types of debt collection. PSI also doesn't make sense for your business if you plan to add consumer debt in the future.

PSI serves a wide variety of industries, which is OK for a business that operates in different markets. But if you have a specialized business with industry-specific collection needs, you may not want a generalist. Before you hire PSI for your collection needs, ask the company if it has experience in the industry you serve. For example, you don't want agents collecting healthcare-related debt for your practice if they don't even understand the medical jargon.

Key takeaway: PSI provides prompt service and efficiently tracks its progress in recovering debt. Because it's a B2B collection service for a wide variety of industries, though, it may not be the best choice for businesses with niche services or very small debts.

Customer Support

Good customer service is essential in a collection agency – particularly when it's collecting B2B debt. The last thing you want is to lose a lucrative business client because of a bad collections process. Based on our research, PSI delivers on the customer service front. You can quickly get a representative on the phone who is knowledgeable about the collections process and more than willing to help. PSI is accredited with the Better Business Bureau and has an A+ rating with the agency.

If you operate in a specialized industry and aren't sure if PSI can help, a quick call, email, or form submission on its website should yield you a prompt response. PSI also runs a blog that it regularly updates with information about its services.

Key takeaway: PSI provides prompt customer service from knowledgeable reps if you need help or have questions.

Image Credit: AndreyPopov / Getty Images
Prestige Services Inc.

Prestige Services Inc.

The Best Collection Agency Services of 2021

The Verdict

Prestige Services Inc. is our choice for the best B2B collection agency because of its broad array of collection services, transparent pricing and strong customer service.

Donna Fuscaldo
Donna Fuscaldo
Business News Daily Staff
See Donna Fuscaldo's Profile
A lifetime New Yorker, I am a veteran finance and business journalist that has contributed to several national media outlets including Forbes, Investopedia, and Bankrate.com. I have spent my career providing consumers and business owners with advice and guidance to help them navigate the world of finance. As a senior finance writer, I report on all aspects of finance from managing cash flow to choosing the best accounting software.