Frequently Asked Questions
Why use a collection agency?
Debt collection agencies specialise in collecting unpaid debts.
In most instances a debtor will cooperate with a collection agency when they have been less cooperative with the creditors as they feel the matter
is being taken more seriously and they understand that collection agencies may affect their credit rating. Our clients' primary focus is to run their businesses – BizCol’s primary focus is collecting debt.
What does it cost to use a collection agency?
Collection agencies will often calculate their fees based on the age of the debt. Generally, this is charged as a percentage of the collected invoice; some agencies charge as much as 50% of payments received.
BizCol charges a maximum of 19% plus VAT of payments received.
How quickly do BizCol's clients receive payments?
The success of the collection is largely based on the age of the debt and the accuracy of the debtor’s information provided to BizCol by their clients. BizCol makes payment to their clients on a monthly basis, in accordance with the debt collection agreement between BizCol and their clients.
In which cities in South Africa is BizCol able to collect?
BizCol is able to collect debt within the the entire jurisdiction of South Africa.
What documentation does BizCol require to collect outstanding debts?
Bizcol provides clients with a welcome pack containing clear instructions of their client intake process along with their agreement and debtor book template to assist their clients in providing all requisite information.
What happens if the debtor refuses to pay?
A debtor's persistent failure to pay can result in legal action and blacklisting.
Are there any hidden costs?
BizCol have no hidden fees. BizCol's client's pay 19% plus VAT of all fees collected.