One of the largest collection companies in the United States, family-owned IC Systems has spearheaded breakthroughs in the accounts receivable recovery industry for 80 years.
Not restricted to any specific type of business or customer, accounts receivable, often shortened to A/R, is the amount of money that customers currently owe to a company for goods of services that were purchased on credit. The conditions, payment time limit and line of credit are different among industries and businesses.
Ruth and Jack Erickson founded IC Systems in 1938 in the St. Paul, Minnesota area. The company, which is in its third generation of Erickson management, makes financial results better for end users through its ethical and honest principles.
IC Systems has been nominated as a contender for the BBB Torch Award for Ethics in 2013, 2014 and 2015. The award recognizes companies whose leaders have demonstrated a high level of personal character and who display an outstanding level of ethics and integrity in all their business dealings.
The company, which provides collection services to original creditors only, works with industries that take in dental, health care, small and medium business, government, education and more.
IC Systems keeps up a Compliance Risk Management System (CRMS) that is made up of wide-ranging auditing, comprehensive corroboration and stringent training. In addition to compliance, security is a principal concern for the company which has completed an audit performed by third-party auditor, FRSecure, on its entire network.
The company has the proper licenses and bonds to deliver collection services in all 50 states as well as Puerto Rico and Guam.
Giving back to the community is equally important to the philosophy of IC Systems. The company’s in-house charity committee, ECHO (Employee Charitable Help Organization), organizes employee charitable efforts, events and community services.
For example, the American Cancer Society, American Red Cross, Relay for Life, Ronald McDonald House Charities and Toys for Tots are some of the charities the company supports.
In addition, ECHO also focuses on the hardships of employees who are dealing with unfortunate health or complicated circumstances of their own.