The company’s mission is to help people feel financial relief by resolving their debts.
EverWorth, a next-gen debt collections agency launched with a modernized and inherently feminine approach, announcing its mission to help people feel financial relief by resolving their debts. Led by the inspiring mother-daughter duo of Gail Fischer, Chairwoman, and Elizabeth Fischer, President & CEO,
Elizabeth shared, “The problem we are solving is not a matter of simple economics; it’s a matter of character growth. People are bringing us their fractured financial relationships. In turn, we strategically offer business leaders the opportunity to respect what they see in the mirror we hold up for them by incentivizing honorability in ways that speak to their unique psyche.”
An Undeniable Need: Small and Medium Businesses Debt
According to data from Statista, 17% of small and midsize businesses have outstanding debt that ranges between $100,000 and $250,000. This number has risen considerably over the past few years; 85% of small businesses reported experiencing financial difficulties in 2022 alone.
This increase of almost 20 percentage points since 2019 is a trend that highlights the ongoing struggles small and medium-sized businesses face. EverWorth aims to address this significant and widespread issue, providing much-needed support to a large and underserved market.
Focusing on B2B Debt for Professional Services: Specifically Advertising & Marketing Agencies
EverWorth has made a strategic decision to specialize in B2B debt for professional services… and, specifically, initially focusing on helping Advertising and Marketing agencies get paid.
Elizabeth says, “We saw an opportunity to fill whitespace in the market after every agency we spoke with for our RFP informed us that they were dealing with at least one, if not many, clients who were not paying their invoices.”
Additionally, EverWorth is uniquely positioned to serve freelancers and independent contractors because, unlike most commercial collection agencies, they only have a $1,000 balance minimum instead of a $10,000 balance minimum. Peyton Meersman, EverWorth’s Communications Director, says, “When you’re a freelancer waiting months for a $2,200 invoice to get paid, that can feel like $22k. It’s all relative, and we have the tools to help them, so we plan to do just that.”
Gail shares, “In some cases, businesses missed an invoice. It slipped through the cracks. We give them grace. In some cases, businesses are genuinely struggling to remain solvent. We show them compassion and offer flexible solutions accommodating their unique needs. In other cases, there’s a heated dispute. We give them validation and honorable resolutions. And sometimes, businesses are led by fraudulent and manipulative executives. We give them a run for their money.”
The Early Results Are Very Promising
Following their soft launch, within the first 60 days in market, EverWorth has seen remarkable results without yet making a single collections call, reporting 87% of payments categorized as BIFs (Balance in Full). Notably, 53% of payments have been ‘silent payments,’ meaning they used EverWorth’s self-service payment portal without ever responding to EverWorth’s outreach, validating their assumption that the majority of people prefer to pay without having to engage in conversation.
One client, Drew Blumenthal, Founder & CEO of leading NYC-based agency Digital Drew SEM, shares, “I’ve collected $21k in invoices with EverWorth and have now shown my clients that I won’t accept late payments. This recovered revenue will forever have an impact on my ability to grow and scale my business.”
