JBT Collection Services
What's More Past Due?
The Money People Owe You Or The Collection Service You Owe Yourself?
Chances are, you didn't get into the jewelry business to spend your time chasing down past due invoices. Time is money. And late payers can cost you a lot of both. That is why JBT's extensive range of Collection services makes so much sense. It's easy to use, it's economical, and it's effective.
Here's How It Works.
When you place a claim for collection with us, it’s automatically listed on JBT's weekly New Claims Report letting the jewelry community know who the delinquent payers are. Claims also appear simultaneously on the debtor's credit report, and are factored into credit ratings. Years of experience have shown that slow payers are quick to settle claims – or head off a claim altogether – in order to avoid these consequences. That's part of the power of a JBT membership.
Three Ways to Collect. The Option is Yours.
JBT offers three levels of collections services:
1. Free Demand
2. Collector Action
3. Attorney Service
This no-cost approach has benefited thousands of members. Here's how it works. You can initiate a claim by sending us a "Claim Submission" form or you can input it directly on our website at www.jewelersboard.com by clicking on "Submit a Claim On-Line."
We will then notify the debtor on your behalf, letting the company know that JBT is now involved. At the same time, we include the claim in the debtor's credit report and in our weekly New Claims Report. You decide the timeframe for initiating active collector driven contact with the debtor – 10, 20 or 30 days after placing your claim. If you notify us of payment before the Free Demand period expires, you pay us absolutely nothing and collecting just one claim in Free Demand saves you an average fee of $850, about the equivalent of JBT annual dues. It's a benefit of membership you can't afford to miss. In fact, historically, about one-third of our recoveries have been at absolutely no cost at an equivalent of about $400,000 in free service to our members each year.
Effective as it is, the Free Demand process alone may not be enough to budge a slow payer. That's when JBT's professionally trained, certified collection staff steps in to actively work your claims. And Collector Action begins the day after the Free Demand expiration date you've selected.
Through phone contact and letters, our staff aggressively pursues your debtor for payment. We negotiate payment schedules and arrangements, all with your approval. It's easy for you to stay informed of our progress via online access to claim status anytime. Simply log onto www.jewelersboard.com and click on "Claim Status" next to "My Account."
Collector Action entails a very competitive 15% fee on collected funds, with a minimum charge of $45; and you obtain the benefit of both our name and our industry expertise.
When more vigorous pursuit of your claim is required, JBT's network of over 500 attorneys throughout the U.S. is ready to help. All are bonded and experienced in managing claims through legal judgment and execution. And if your debtor is located outside the U.S., even there we can arrange for appropriate legal counsel.
Unless you decide to file a lawsuit, most claims through an attorney are handled on a contingency basis. In that case, an additional attorney fee is charged. Contingency fees depend upon the size of the claim, with a minimum charge of $25. An additional JBT commission applies, with a minimum of $12.50.
Effective, Affordable, Easy To Use. What’s Not To Like?
There’s no better time than now to let JBT help you tackle those slow payers, strengthen your cash flow, and allow you to concentrate on all the other challenges of managing your business.
For more information about The Jewelers Board of Trade collection services and all the other valuable services contact JBT at 401.467.0055 or via email at email@example.com.