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B2B debt collection services
Global Hawk Resources in Methuen, MA, specializes in business-to-business debt recovery. As a third-party collection agency for business, Global Hawk serves companies in various industries, such as medical devices, media advertising, commercial insurance software and more. “We collect on any company that has a debt owed by another business,” said Nick Morash, one of the company’s owners.
The co-founder further explained how Global Hawk Resources helps its clients. When a business sends an invoice, payment is due within the timeframe noted. “Our clients place their customers for collections once it hits a term they feel is past due. We call it delinquent in our industry. So usually, on an invoice, payment is due net 30 days. Once you get past 60 days, typically, our customers have exhausted their collection efforts internally. They will work with us directly on getting the balance over to us, copies of invoices, contracts, and then we go in and start our discovery work to get the receivable paid out.”
Morash and his partners founded Global Hawk Resources in 2016. Before starting the company, the co-founder worked in sales for a boutique B2B collections agency and worked in a large software company's credit and collections department for several years. Morash relayed that he and his partners decided to start Global Hawk Resources based on their prior experience in credit collections. “Entrepreneurship was something that I've always wanted to do. My partners and I had success growing a network in the credit collections world. So we thought it would be a very easy transition into forming the company.” Morash has enjoyed owning a small business so far. “It's been exciting, fun and rewarding,” he said.
In addition to the entrepreneurial aspect, Morash enjoys the customer-centric nature of the business. “It's a financial service model, so we're not selling a product. We're not doing research and development. It is mainly driven directly by our relationships with our customers. So I get to know people on a personal level. We're able to help them maintain their receivables, get things paid on time, and help with their cash flow,” he said.
Global Hawk Resources currently has 12 team members, including three owners. Many of their new business comes from referrals. “A lot of it's word of mouth. It took some time to penetrate the market. We have some obstacles and challenges in advertising the firm because we're not selling a tangible product, and we're not going to market with something. We're a service provider, and customer acquisition comes down to your relationships,” Morash said.
In addition to referrals, Global Hawk Resources markets its services through email blast campaigns, search engine optimization (SEO) strategies, and content promotion on business-to-business networking platforms. Participating in credit forums also plays a role in their marketing efforts.
When asked what advice he would give a business on debt collection. “As a receivable ages, it's harder to collect on. So we like to educate our clients to get things over to us once they've hit a certain point where they feel they're getting ghosted by their customer on payment. Also, contracts are important. We tend to shy away from businesses that don't have agreements signed with their customers with termination policies. We like to see contracts in writing.”
For more information about Global Hawk Resources, check out their BBB Business Profile. To learn more about BBB and read more stories like this, visit Behind the Business Stories with BBB in Eastern MA, ME, RI & VT.
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