Post the invoices that stopped getting paid. Licensed commercial agencies see the file, bid their rate, and go to work on a signed placement agreement. You pay a percentage of what actually comes back — nothing up front, nothing if they recover nothing.
Any commercial account that stopped getting paid. It’s screened as you type — real business, not time-barred.
Agencies bid their rate. You pick one, and both sides sign the placement agreement.
You pay the agreed percentage of what comes back — and nothing if nothing does.
Most businesses write off bad invoices because finding, vetting and negotiating with a collection agency costs more attention than the invoice is worth. This is that process, compressed into an afternoon.
Any commercial account, from a $600 unpaid invoice to a six-figure contract default.
Placement volume without the cost of a business-development team.
Agencies bid on the facts of the debt, not the name on it. The card here is a real listing on the open book right now, exactly as a bidder sees it.
Two ways to get paid: put an account on the marketplace for a licensed agency to work, or let LatePaid’s AI collect it.
Licensed agencies bid to work the account. Your only cost is the agency’s contingency — the rate you set or accept.
Our AI contacts your debtor directly and follows up on your behalf.
Commercial collection sits under state licensing regimes that differ line by line, and a placement is a contract whether or not anybody wrote one. LatePaid is built so the easy path is the compliant one.
A debtor that reads as an individual is refused at posting, not flagged afterwards. A sole proprietor can still be posted — with an EIN, a website or the registered entity name.
Bidding agencies see the balance, the age, the state and what documentation exists — never a name, phone or email. The fields aren't sent and hidden; they aren't sent.
Approving a bid generates a real placement agreement on the agreed terms. Both sides sign, and the terms are frozen at signature so later edits can't rewrite an executed deal.
Every account is measured against the limitations period in the debtor's state, anchored on the later of the due date and the last payment. Time-barred paper is blocked.
Licence, bond and E&O each carry an expiry. The day one lapses, that agency stops being able to claim — discovered automatically, not during an incident.
Days to first contact and days since activity are tracked as service levels. Miss them and the file is warned, then returned to the open book with its agreement voided.
Once a creditor sets the flag the platform refuses to record any further call, letter, email or text against that account.
Every touch is timestamped and visible to both sides, and any account exports a complete audit record. Disputes get settled with a record instead of a recollection.
Accounts are assigned for collection on contingency. Title never changes hands, so this isn't a debt-buying market and the creditor keeps control of the file.
The short answers. The guardrails above are how each one is enforced.
It depends how you collect. Posting to the marketplace is free: the agency works on contingency, at the rate you posted or accepted, as a percentage of what it recovers — flat or tiered by the debt’s age, with an optional minimum fee. LatePaid’s AI collector charges 2% of what it collects. Either way, if nothing is recovered, nothing is owed.
Instead of placing an account with an agency, you can have LatePaid’s AI collect it. It contacts your debtor directly and follows up on your behalf, and LatePaid keeps 2% of what it collects — nothing if it collects nothing.
Commercial accounts only — one business owed money by another. A debtor that reads as an individual is refused at posting; a sole proprietor can still be posted with an EIN, a website or the registered entity name. Every posting is also checked against the statute of limitations in the debtor’s state, screened for sanctions, and checked for duplicates.
On the marketplace, no agency does until you sign. Bidders see the balance, the age, the state, what documentation exists and a collectability signal — never the debtor’s name, phone or email, and never the documents themselves. Those unlock only for the agency you place with, once both sides have signed.
No. A marketplace placement is collection on your behalf, not a sale: title never changes hands. You set recall terms up front, and you keep control of the file.
Agencies bid on your terms or counter them. You compare the bids side by side — rate, licence coverage and recovery history — and sign the one you want. Signing declines every other bid on that account. You can also post to invited agencies only.
Service levels are tracked from the day it’s placed: days to first contact, and days since the last activity. An account nobody works is flagged, then returned to the open book automatically and its agreement voided.
A collection licence, a surety bond and errors-and-omissions cover on file, each checked separately. When any of them lapses, that agency stops being able to claim new accounts the same day. More for agencies.
On the marketplace, LatePaid is the venue: the placement agreement is between you and the agency, and LatePaid isn’t a party to it. With the AI collector, LatePaid collects on your behalf.
Post the invoices that stopped getting paid. A licensed commercial agency works them on a signed agreement, and you pay only on what comes back.
