In your own words, what does your company do?
At Fair Capital, we’re revolutionizing the debt collection industry by providing businesses with an efficient and ethical solution for recovering unpaid debt. Based in New York, our debt collection agency has successfully partnered with over 600 companies across the nation, with an impressive debt collection success rate that soars 52% above the industry average, according to ACA International.
What sets us apart is our unwavering commitment to delivering tailored, innovative, and results- driven strategies that cater to each client’s unique needs. Our dedicated teams serve both large corporations and small businesses, ensuring that every client receives personalized attention and support.
📈 Monthly revenue: $70,000
📈 ~% Churn: Our client retention rate Is over 99%
📈 ~% Net profit: Do not wish to disclose
📈 Funding: Do not wish to disclose
📈 Initial cost/investment to start the company: Less than $20,000
📈 Number of team members: 27
📈 Number of founders
📈 Started: 2017
How does the company make money?
At Fair Capital, our revenue model is centered around charging a commission on the money we successfully collect for our clients. Operating on a commission-based model offers significant advantages to our clients, as they are not required to pay anything upfront, which minimizes their risk and motivates us to deliver exceptional results.
As the founder and CEO of Fair Capital, my aim is to provide clients with peace of mind, knowing that our profitability is directly tied to our ability to collect our clients’ debts. This ensures that we are fully dedicated to recovering their unpaid invoices, and clients can trust that we have their best interests in mind.
3 strategies that have worked to attract and retain customers?
✅ Word-of-mouth: Recommendations from existing clients have proven to be the most effective way of gaining new clients.
✅ Google Ads: Online advertising has been very useful in attracting potential clients.
✅ LinkedIn: The professional network has also been beneficial in gaining new customers.
3 things that you’ve learned about hiring and retaining great talent?
✅ Accepting limitations: Recognizing that you cannot do everything and trusting others to handle different tasks is essential for business success.
✅ Positivity is key: A positive attitude is crucial when hiring, especially in the debt collection industry, as it is difficult to teach or train someone to have a positive outlook.
✅ Never accept the impossible: Entrepreneurs should never take no for an answer or accept the impossible as a fact, and they should always be open to finding ways to overcome challenges.