3rd Party Collections.

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Comments (2)

Alsterr in Mesa, Arizona

48 months ago

I have a job offer with a 3rd party collection agency & when I asked about the commission structure they replied that it will be three times my base salary. What does that mean? I know they pay out 30% of what you collect and it's uncapped so does this mean I have to collect at least 3 times my monthly base salary or I get fired or what...?

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Rubin in Council Bluffs, Iowa

6 months ago

Yes, you would have to collect three times your base salary. However, you should ask if the amount you collect is based off from groos or fee dollars collected. For example if you collect $1,000 thats the gross amount; the agency gets paid a fee which ranges based on the type of business you are collecting on. Say for example the agency negotiated a 25% fee so, of the $1,000 you collected the agency gets $250. Now, that $250 in fee may be what you accumalate to hopefully get three times your salary. That would make a substantial difference in how attainable your commission goal may be. You need to ask if your commision is based off from gross or fee dollars collected. Additionally, whay type of business you will be collecting, what is the fee, what does the average collector make as well as experience and new.

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