Jim Farley, Principal C.F.O. of Secure Collateral Management, announced today SAME DAY payment to it’s network of recovery agencies.
Beginning April 1, 2013 SCM will begin paying repossession agents all repossession fees the same day they repossess the vehicle with no early payment fee charged.
Mr. Farley stated that “I feel it is about time skip companies and forwarders recognize how tough it is to be on the front line of this ever more regulated business. As a former repossession agent(many years ago in my younger days) I truly appreciate the pride and integrity the majority of recovery agents take in performing a difficult job. We cannot control the price of diesel, but we can work hard to provide accurate debtor information. When the service is performed by the agent we can immediately recognize them for a job well done by paying their fees the same day.”
To receive the SAME DAY payment, Agents must be signed up for ACH payments ( a direct deposit system), have a 6 month history with SCM or have successfully repossessed 10 vehicles( this requirement is waived for agents with a Vendor Transparency Solutions certification) and be in good compliance standing with SCM.
“I think this an excellent step in the right direction in the relationship between forwarders and recovery agents. I applaud SCM and Mr. Farley for stepping up and getting us paid fast. God knows time are tough and waiting around to get paid makes it hard on all of us.” says Alex Allen, General Manager for Anytime Recovery in West Palm Beach, Florida. ” I have realized for years that just as there are good and bad recovery agents, there is also good and bad forwarders. SCM has always been a good client for us and to make this happen without any fees or deductions, makes them even better. I believe in unity and I believe this is a good display on how we all can come together in our industry.”
Recovery agents who desire more information on Secured Collateral Management may contact them at email@example.com or call their office at 972-226-2440