Remittance
At Wolf Research Partners, our remittance process ensures clear, secure, and efficient handling of debt collection payments. As a licensed private investigative agency, we bring advanced methods and rigorous oversight to locate debtors and assets, enhancing recovery success for our clients. To facilitate payment, our collectors request that debtors remit checks payable to our clients, which are deposited in a dedicated, segregated account to ensure accuracy and transparency.
We carefully monitor funds, verifying that each check clears the bank before deducting our contingency fees and remitting balances to clients. By standard policy, payments are remitted to clients by the 5th business day of each month for all checks cleared in the previous month. For example, remittance on August 5 would cover all cleared collections through July. This process provides a clear reconciliation period, ensuring checks are verified and funds are securely processed. Clients receive detailed statements each month, including cleared funds and our calculated fees.
In cases where debtors remit payments directly to clients, we simply deduct our fees from the next monthly remittance check or send a separate invoice if no remittance is due that month. Our thorough and compliant remittance approach streamlines collections, providing clients with timely payments, detailed tracking, and complete transparency.
Why do payments go through Wolf Research Partners first?
By routing payments through our segregated account, we ensure all checks clear before funds are remitted. This protects clients from any delays or issues with non-sufficient funds (NSF) and provides a single point of reconciliation for accurate, organized payment tracking.
When will I receive the remitted funds?
Our standard policy is to remit payments by the 5th business day of each month for all debt collections checks that cleared during the previous month. This ensures funds have been verified and are ready for disbursement.
How do you handle non-sufficient funds (NSF) checks?
The Federal Reserve allows up to 7 business days to declare a check as NSF, and our bank may take a few additional days to confirm the status. We wait until this period is complete to ensure checks have cleared before remitting payments to clients.
What happens if a debtor pays my business directly?
If a debtor sends payment directly to your business, we handle this by deducting our contingency fee from the next monthly remittance or by sending an invoice if there is no remittance due that month. This maintains consistency in our accounting and ensures all collections are properly tracked.
What information is included in the monthly remittance statement?
Each monthly statement includes a detailed breakdown of all collections that cleared the bank during the previous month, a summary of our contingency fees, and a record of the total funds remitted to you. This documentation offers complete transparency on your collection status.
Can remittance be scheduled on a different timeline?
Our remittance schedule is typically monthly, by the 5th business day, to ensure all checks are verified. If you have specific timing needs, we’re happy to discuss custom arrangements to accommodate special cases or requirements.
Our remittance process at Wolf Research Partners prioritizes security, transparency, and client satisfaction, providing an organized, reliable structure for efficient collections.