DALLAS -

Secure Collateral Management announced the availability of same-day payment for its network of recovery agencies.

SCM said it will begin paying repossession agents all fees on the same day they repossess the vehicle beginning on April 1 with no early payment fee being charged.

“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,” SCM chief financial officer Jim Farley said. “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,” Farley went on to say.

To receive the same-day payment, SCM said agents must be signed up for ACH payments (a direct deposit system), have a six-month history with the company or have successfully repossessed 10 vehicles, a requirement that is waived for agents with a vendor transparency solutions certification.

Agents also must 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,” said Alex Allen, general manager for Anytime Recovery in West Palm Beach, Fla. “I applaud SCM and Mr. Farley for stepping up and getting us paid fast. Times are tough and waiting around to get paid makes it hard on all of us.

“I have realized for years that just as there are good and bad recovery agents, there is also good and bad forwarders, Allen continued. “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 can contact the company at info@secure-cm.com or call (972) 226-2440.

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