B2B Debt Collection
We are responsible for the European businesses of Fox so we need a collections partner who can cover the region. STA has the language and reporting skills to match these needs; all our large balances require detailed negotiation and we can see the commitment they give to this on Your Debts Online. By combining leading edge technology and matchless integrity STA is a valued supplier
STA International recently collected a large commercial debt of £81,500 for us, and, in addition, they recovered £6,875 in Late Payment Interest & Compensation. The combination of the debt and the charges effectively meant their collection was free-of-charge, with us receiving £81,747 from them after their collection charges. In these difficult economic times, the cost of collection is vital to every business or HEI and, if other credit professionals are looking for fast and cost-effective debt collection, I would certainly recommend the services of STA International
STA consistently collects our overdue accounts quickly and, thanks to Your Debts Online, we’re able to follow their progress with ease. Using them via Nexus CIFS means we pay a keen commission rate; made even cheaper thanks to STA collecting late payment penalties which cover 50% of their charge to us. By minimising claims made to Nexus CIFS, STA protects our premium, making it a win: win situation for Nexus CIFS and for Softcat
Student Debt Collection
We use STA International to collect overdue accounts from our students in the UK and overseas. This is normally directly with the student, but does also include collection from sponsors, such as Embassies. Their collection approach is sensitive to the needs of our university, but firm enough to achieve the recovery results we need.We need to be kept right up-to-date with progress, and their online reporting facility Your Debts Online provides a first-class account of their actions
QA Higher Education has multiple University Partners teaching International, European and UK Students. We refer debt to STA for collection for all three of these profiles of students and STA is successful in collection across all three categories. STA act with the upmost professionalism and courtesy to ensure the QAHE brand in the marketplace is not damaged when dealing with sensitive and sometimes difficult conversations with our customers. When STA cannot collect the debt they liaise with QAHE identifying solutions which are cost effective and have a positive reduction on QAHE’s bad debt. STA have an extensive network of local international agents who have recovered debt from some of our customers in Sri Lanka, India, Pakistan, Malaysia, Kenya and Nigeria. Neill Mackinnon and Colin Thomas are a pleasure to work with and have an excellent understanding of the credit control process within the Higher Education industry. STA in my opinion are the market leader in Higher Education debt referral and recovery.
I am impressed with the knowledge and experience their collection team has with regard to various funding arrangements available to students. They are able to engage, discuss and resolve queries to facilitate payment on a regular basis.
Your Tracing Online saves us time placing large volumes of requests. Cost is also vital to us, and knowing the success rates means we can easily assess our return-on-investment. The trace detail report clearly shows their track-and-trace process, and their address confirmation protocol. We have no hesitation recommending STA International’s excellent tracing service
We outsource our Spanish and Italian accounts to STA International and they provide a transparent service to our valued customers in our name. All communication is in the local language and, not only do they optimise our DSO, but they also reduce the number of queries that we have to attend to. Any accounts that fail to pay in the dunning stage are seamlessly collected by them in their own name
Since STA International took over our cash collection activities we have seen a marked improvement in our aged debt profile. They are very professional in their approach and take great pride in a job well done. Their ledger management system is second to none and enables them to report progress instantaneously and forms a sound basis for a regular view of any issues. They have also worked hard to understand our business and make the interface between themselves and our customer appear seamless
Nexus CIFS’ First Place product provides a market-leading debt recovery service, enabling policyholders to collect overdue accounts swiftly and effectively & recoup the costs if the debt is collectable, whilst also being on a ‘no win, no fee’ basis. We have worked with the UK’s leading collections agency STA International to develop a service that offers an easy-to-follow collections procedure and also helps you to ensure compliance with your policy requirements
We took the decision to collaborate with an independent collections specialist. Working with the market leader, STA International, we’ve constructed the service to link closely with our policy terms and provide integrated policyholders with guideline processes to ensure prompt claims settlement. We’re sufficiently confident that these processes will achieve timely collections that we’re able to provide users with 5% indemnity uplift – to 95% – as well as a contribution towards legal costs incurred in undefended recovery actions. In addition a No Claims Bonus will automatically apply at policy renewal. We believe it will prove to break new ground
STA act swiftly to maximise collections, remit the collected funds promptly and always keep me up-to-date on their progress. I have no hesitation recommending their services to fellow NMBS members