Finance:Payment recovery

Payment recovery firms specialize in getting vendors to return money inadvertently paid to them. In corporate America, this frequently occurs when accounts payable staff accidentally pay a duplicate invoice. Another situation in which this might occur is when, for instance, a company places a deposit on a corporate cell phone account in order to prevent service interruption in the event of a late payment. If the company then switches cell phone providers, it may have difficulty collecting its deposit from the original provider. Accounts receivable staff who handle incoming payments seldom have authority to cut checks themselves, and in any case tend to place a lower priority on returning overpayments than in collecting back payments. Rather than spend time on hold working with vendors, many companies decide to turn the matter over to the experts.