Accounts Receivable Management Featured Article

Rapid Recovery Solution Assists Transit Service in Collecting Unpaid Fares by Delinquent Riders

November 07, 2012

Rapid Recovery Solution, a debt collection agency, is set to crack down on delinquent transit riders.

The company has released a statement following a Vancouver Sun article by Christopher Reynolds about a transportation service using collection agencies to crack down on riders not paying their fare.

“The transit authority is making use of its new powers to collect overdue fines, putting out a request for proposals from ‘collection services’ so it can flex the muscle it gained when provincial legislation came into force in September,” according to the Vancouver Sun article.

Several collection agencies will be hired to collect fares that are unpaid after 90 days.

TransLink spokesman Drew Snider said, “Resorting to a collection agency makes more sense than employing TransLink staff, who don’t have the time or training to obtain unpaid fines from riders.”

TransLink apparently estimates it lost about $15 million to fare evaders, and hiring a collection agency could bring back about $4 million a year.

John Monderine, CEO at Rapid Recovery Solution, stressed the importance of a collection agency for any type of business. “The debt collection industry is proving once again that it is a necessary part of any business. With trained staff, we have the ability to return you more money at less cost than you can do on your own. Rapid Recovery Solution would love to be considered for this task,” he said in a statement.

Established in 2006, Rapid Recovery Solution can be found at the highest point of Long Island. The collections agency is committed to recovering deserves funds, holding that every debtor is capable of paying if motivated correctly and morally.




Edited by Braden Becker

Article comments powered by Disqus

Related Accounts Receivable Management Articles

ICM Introduces a New AP Center Referral Program

Accounting processes can get complex and tedious, if done without right tools and technologies. Thankfully, there are countless solutions that make accounting accurate and easier for users. [ Read More ]
08/28/2014

Wells Fargo Launches Startup Accelerator Program

Helping startups in the financial technology sector to accelerate their business, Wells Fargo will be accepting applications for the new Wells Fargo Startup Accelerator. This semiannual boot camp seeks to help technological innovators in the field of finance who facilitate customers to have smoother operations in areas like payments, deposits, fraud, and operations. [ Read More ]
08/26/2014

LendProtect UK Inks Deal with Engaged CRM

LendProtect UK partnership with Engaged CRM looks to helps financial services analyze lending performance. [ Read More ]
08/25/2014

SaaS Provider Offers Accounts Payable Improvements to Material Handling Company

A global software-as-a-service company that provides enterprise content management solutions through the cloud announced last week that it has opened up a contract with a "leading material handling equipment company." [ Read More ]
08/18/2014
FREE Accounts Receivable Management enewslettter.

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!