Ontario Debt Collection Agency Services
Priority Collection Management Corp (PCM CORP) is an Ontario collection agency located at 9225 Leslie Street, 2nd Floor Richmond Hill, ON.
Debt collection services can vary greatly depending upon the format, (consumer or commercial) debts and the volume of claims they process annually.
Most of Ontario’s creditors are found in the Toronto, Markham, Mississauga, Vaughan, Etobicoke, Stony Creek, Ottawa, and Hamilton areas. Understandably, this is where you will also find the highest concentration of collection servicer providers.
To Find Out More Call Toll-Free 1-866-266-0117
Can A Collection Agency In Another Province Collect In Ontario?
The Province of Ontario contains the highest concentration of corporate head offices in Canada, along with a significant concentration of Canada’s population. Additionally, Ontario shares its borders with Michigan, New York, Minnesota, and Wisconsin making Ontario a vital trading partner with United States.
Firms that provide collection services do not necessarily have to maintain a physical presence in Ontario. Like PCM Corp, there are several major collection agencies that work in Ontario but have headquarters elsewhere.
Ontario Collection Agency License Requirements
The Ontario government requires that all debt collection agencies contacting Ontario consumers must be licensed and have a physical presence within the province. However, collection agencies specializing in commercial debt do not require a government license to operate.
If your firm extends credit to businesses in Ontario, your Ontario collection agency should be licensed, as many corporate debts can become the liability of the business principal if they have signed a personal guarantee or joint and several liability clauses in your credit application.
Once the debt becomes a personal liability, a whole new set of collection service compliance is required.
Manage Risk By Hiring An Agency Licensed to Collect in Ontario
At PCM Corp, we recommend the use of a licensed collection agency when collecting your Ontario past due accounts. Even if the agency is not required to maintain a license, (such as the case with commercial debts), our debt collection firm comes across personal liability daily.
You don’t want to hire a second debt collection firm to manage the increased risk to your company.
PCM Corp Is Located and Licensed In Ontario
In summary, when it comes to Ontario collection agency services, it is desirable to retain an experienced licensed debt collection agency with a presence in the province.
Canadian creditors receive numerous calls daily from foreign collection agencies wanting to do business. If you decide to use a foreign agent, you may immediately have issues with financial stability, proper insurance coverage, and currency exchange issues.
When hiring an Ontario collection agency, be sure to do your due diligence and select the vendor best-suited for your portfolio. Most often recovery rates rank 4th or 5th in importance when compared to topics such as risk management and its impact on your brand.
PCM Corp services all Canadian provinces. Our head office is in Edmonton, Alberta.
About PCM Corp
Since 2005, our specialty has been in helping businesses to responsibly collect on debt, improve cash flow, and successfully manage their receivables.