In the world today lending money can be very lucrative for a bank or a business. For a bank, the interest paid along with miscellaneous fees can result in a substantial income. There are approximately twenty-three Schedule I banks in Canada. Schedule I banks are not subsidiaries of foreign banks. There are approximately twenty-five Schedule II banks which are subsidiaries of foreign banks. All of these banks lend money.
The problem with lending money is that some people do not pay it back. While banks attempt to weed out potential problem accounts, there will always be some borrowers who have problems which occur after the lending transaction. Banks know how to lend money. However, they rely on Ontario collection agencies to maximize the recovery of money owed on delinquent accounts.
The banks rely on collection agencies of Ontario because they are the professionals who know how best to get delinquent accounts paid. The people staffing of Ontario collection agency has been trained in the collection business, and together have decades of experience collecting past due accounts.
Such collection agencies use sophisticated technology and their people skills to recover for their clients, the banks, as much as possible. The collection of past due accounts is substantially regulated. Each province has its own rules and regulations. There is no national legislation in place. The Ontario agencies for collection are aware of the varying laws in each jurisdiction.
In working with the debtors who owe on the past due accounts, the professionals at the Ontario collection agencies treat each of the debtors with respect. In turn, the result is substantial returns for the banks who have these past due accounts.
If your business is located in any of the following areas and would like to get a free quote with our collection agency, please visit our website at: www.expresscollection.ca