NexaCollect Launches Commercial Collection Agency Portal
Amid the current economic slowdown, businesses and commercial services are staring huge at losses due to unpaid AR. Nexacollect is now assisting companies to recover money from their overdue invoices.
ROHNERT PARK, Calif., June 22, 2020 /PRNewswire-PRWeb/ -- Accounts receivable industry's leading information portal, NexaCollect, has launched a B2B division that now provides facts and advice regarding the Commercial debt collection. After assisting small businesses and medical professionals for over the years in consumer debt collection (or B2C collection), increasing demand for guidance on commercial collection agencies was also observed.
After a detailed consultation with industry experts, a new section about commercial collection agency facts and figures has been launched. During this process, a handful of commercial agencies have been shortlisted to serve the inquiries generated by potential customers. The selection process of the associated collection agencies is based on three factors – recovery rate, geographic location, and experience of staff and management. There are thousands of collection agencies and debt collection lawyers in the USA. In the next year, we anticipate having many more collection agencies that can be recommended for commercial recovery services.
In January 2020, NexaCollect had launched a collection agency directory that primarily comprised of companies which offer B2C recovery; this will be gradually expanded to include those companies that perform B2B recoveries. Each entry in the directory consists of address, phone and a brief description of that particular collection agency. All services and information presented on the portal are free of cost. We continue to update sections of the portal as we come across the latest information or if an agency notifies us about the change in their contact details. NexaCollect has provided information on medical and dental collection agencies for over a year. However, the biggest beneficiaries have been small business owners looking to recover overdue accounts receivable.
A Commercial collection agency is not covered under the Fair Debt Collection Practices Act (FDCPA) laws. FDCPA is meant for consumer collections only. There is a separate set of rules for commercial collections, and they vary by state. Nearly all agencies offering commercial recovery services have an in-house attorney or a partner law-firm that are associated with them.
In the past few months, the debt collection activity had been negatively impacted due to the various laws that were enacted by many states amid the coronavirus pandemic. Moreover, due to the lockdowns in many parts of the country, many businesses had deprioritized their accounts receivable activity as well. New York was one of the states severely impacted by the virus and experienced near-zero debt collection activity for many weeks.
The launch of the Commercial Collection section on the portal will benefit companies who have unpaid invoices from suppliers, clients and service providers. Compared to consumer debt collection, commercial accounts experience a much higher recovery rate. Debt collectors can negotiate a one-time settlement or recover money in installments in a large number of cases.
NexaCollect has assisted several businesses, institutions, and medical professionals to recover money from their past-due accounts through its partners effectively.
For any more information contact Jessica at [email protected] or call 1-844-Nexa-123
SOURCE Nexa Collections
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