ARMS SERVICES
Arms is more than just a Debt Collector. With sound accounts receivable systems in place and professional advice you can minimise your exposure to financial losses.
- Accounts Receivable Management Services
- Annual Service Fee
- Arms Payment Service
- Business Advice
- Collecting Overdue Accounts / Trade Practices Act
- Creditors Meeting / Representation
- Credit Reporting / Assessment
- Debt Collection
- Legal Action
- Legislation Information
- Managed Payment Plans
We welcome an opportunity to meet with you and listen to you about your business!
Accounts Receivable Management Services
- How much money do you have outstanding at this moment?
- How long are your creditors taking to pay, and what is your exposure to non-payment?
- Could one non-paying creditor cause your business extreme financial losses/closure?
- Is your business using the latest in Accounts Receivable tools and systems?
Sound management of your accounts receivable (money owed to your business) can be the difference between staying in business or closing your doors.
In recent years we have seen many major companies (National and International) become insolvent and close their doors. In February 2004 a major building contractor after 40 years of operation closed its doors leaving 800 creditors owed more than $13,000,000 (average $16,250 per creditor).
Good Accounts Receivable Management practices can minimise your exposure to unnecessary losses.
ANNUAL SERVICE FEE
At Arms we charge an annual service fee which provides you with access to a wide range of our valuable services and information including :
- Access to all of our services
- Newsletters
- Professional Advice
ARMS PAYMENT SERVICES
Arms Payment Services is an effective low cost way of collecting regular payments from your clients. At Commencement of each month your deduction portfolio is reviewed and a transaction fee is set based on the number of active accounts.
- 0 - 150 Accounts $2.50 (Plus GST)
- 151 - 300 Accounts $2.00 (Plus GST)
- 301 - 600 Accounts $1.50 (Plus GST)
- 601 Plus Accounts $1.00 (Plus GST)
Other (very competitive) Administrative Fees and Charges may be applicable depending on your volumes and optional services that you decide to utilise.
For more information on this email: Arms Payment Services.
Join the APS Loyalty Programme and immediately enjoy a transaction fee of $1.50 - $2.00 per transaction.
BUSINESS ADVICE
As a business you can inadvertently expose yourself to a lot of different types of risks every day, including:
- Financial losses from unpaid accounts;
- Litigation from being in breach of the Trade Practices Act 1974;
Forming a strategic Partnership with Arms makes good business.
Arms can discuss your business, it current practices, and give you some sound and solid advice. We can even keep you advised about important legislative changes (state and federal) that may affect the operation of your business.
COLLECTING OVERDUE ACCOUNTS / TRADE PRACTICES ACT
Under the Trade Practices Act 1974 there are regulations which govern the manner in which you approach people that owe you money. Violations of s.60 of the Trade Practices Act 1974 can cost you between $40,000 to $200,000 per offence.
There are numerous documented cases whereby the ACCC has activity prosecuted companies for being in breach of s.60. Refer to our Downloads page for some of these publications.
In October 2003 the ACCC announced that it would be actively investigating the Telecommunications Industry and the Debt Collection Industry in reference to the manner in which the companies collected outstanding payments.
The message in all of this is your company could not only be exposing itself to financial losses due to unpaid accounts, it could also be exposing itself to litigation from the ACCC in the manner in which you attempt to collect unpaid accounts!
ARMS can review all of your collection practices to ensure that you are not in breach of the Trade Practices Act 1974.
CREDITORS MEETING / REPRESENTATION
When a company becomes insolvent an Administrator is appointed at a meeting of Creditors. These Administrators make decisions that affect the money that is owed to you (the Creditor).
Administrators also have a responsibility to investigate the Directors and the operation of the company and determine if the company traded whilst insolvent. If so, the Directors may have a case to answer.
Are you aware of this process, the Corporations Act 2001, or your ability to claim retention of title.
Arms will assist you through this process, attend the meeting of Creditors, and represent your interests when dealing with the Administrator.
CREDIT REPORTING / ASSESSMENT
Do you know who you are dealing with?
ARMS can perform a range of investigative services to determine whom you are dealing with and their credit worthiness. Credit Reporting provides Credit Managers and Business Owners with the information to make an informed decision when opening new accounts or renewing credit.
Standard report starts from $40.00 (plus GST).
DEBT COLLECTION
In many instances accounts remain unpaid for a considerable length of time because staff simply do not like doing the job. At ARMS we are not only equipped to collect your overdue accounts .... but .... we are good at it also.
Please also view Collecting Overdue Accounts / Trade Practices Act
We can even show you how simple it is to pass on our collection fees to your customers.
LEGAL ACTION
Arms are fully conversed with the Western Australian legal process and can assist you in making the right decision. The decision to issue a summons is a complex one and you need to consider:
- Particulars of Claim and the likely hood that you will obtain judgment
- Costs involved in obtaining judgment
- Whether the defendant now (or in the future) will have the ability to pay or has sufficient assets
LEGISLATION INFORMATION
Are you aware of the following legislations and how the could affect your business?:
- A New Tax System (Goods and Services Tax) Act 1999
- Cheques and Payments orders Act 1986 (and Amendments 1998)
- Corporation Act 2001
- Credit Act 1984
- Local Court Act 1904 and Local Court Rules 1961
- Privacy Act 1988 and National Privacy Principles
- Trade Practices Act 1974
Arms is aware of these legislation and help you understand your obligations and rights.
MANAGED PAYMENT PLANS
These are similar to Arms Payment Services. The main difference is the fee structure and the fact that Arms handles all issues that may arise out of the Payment Service (including rejected payments).
Managed Payment Plans can give you that competitive edge over your competitors.
What is even better is the cost of a Managed Payment Plan can be passed onto your customers as an administration fee, customers are always happy to pay a little extra if they get time to pay.
Managed Payment Plans Overview
