Collbox is a collections app that integrates with QuickBooks Online. Designed to simplify the collection process for small business owners, Collbox services are free, with users only paying a fee when a collection agency collects on an invoice.
This overview appeared with the 2017 Reviews of Accounts Receivable Systems.
To begin using Collbox, users will need to link the product to their QuickBooks Online account. Once this link is established, Collbox can review all invoices that are currently past due. Users can view this information from the Collbox dashboard, which offers a quick look at all past due invoices, with a summarized total. Users simply choose the invoice(s) that they wish to have collected, review the customer detail to ensure accuracy, and click on the See Collection Offers. Collbox then sorts through their list of reputable collectors to find the collector that is a best fit for the debt. Users are then presented with an offer that includes the collection agency’s rate, recoverable amount if the debt is paid in full, and the odds of collecting the debt. At this point users have the option to agree to the terms of the offer or cancel the offer entirely.
100% cloud-based, Collbox is an excellent solution for the small business owner, since they pay nothing unless the debt is collected. Users need to know that if an invoice is sent to collection and the delinquent customer pays the business directly, they still need to submit payment to the collection agency.
Collbox is certainly worth a try for the small business owner who typically struggles to collect on old invoices. Users can stop the service at any time and pay nothing unless a debt is recovered.
See inside March 2017
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