NexaCollect Launches Commercial Collection Agency Portal

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The accounts receivable industry’s leading information portal, NexaCollect, has launched a B2B division that now provides facts and advice on trade debt collection. After helping small businesses and healthcare professionals for years with consumer debt collection (or B2C collection), there has also been a growing demand for advice on commercial collection agencies.

After detailed consultation with industry experts, a new section on commercial collection agency facts and figures was launched. During this process, a handful of sales offices were shortlisted to respond to inquiries generated by potential clients. The selection process for associated collection agencies is based on three factors: collection rate, geographic location, and staff and management experience. There are thousands of debt collection agencies and lawyers in the United States. Over the next year, we plan to have many more collection agencies that can be recommended for commercial collection services.

In January 2020, NexaCollect launched a collection agency directory composed mainly of companies offering B2C recovery; this will be gradually extended to include companies that perform B2B recoveries. Each directory entry consists of the address, phone number, and brief description of that particular collection agency. All the services and information presented on the portal are free. We continue to update sections of the portal as we come across the latest information or if an agency notifies us of a change in their contact details. NexaCollect provided information on dental collection agencies for more than a year. However, the biggest beneficiaries have been small business owners seeking to collect overdue accounts receivable.

A commercial collection agency is not covered by the laws of the Fair Debt Collection Practices Act (FDCPA). FDCPA is intended for general public collections only. There is a separate set of rules for commercial collections, and they vary by state. Almost all agencies offering commercial recovery services have an in-house lawyer or partner law firm associated with them.

In recent months, the debt collection business has been negatively affected due to the various laws enacted by many states amid the coronavirus pandemic. In addition, due to lockdowns in many parts of the country, many companies had also deprioritized their accounts receivable businesses. New York was one of the severely affected states and experienced near zero debt collection activity for many weeks.

The launch of the Commercial Collection section of the portal will benefit businesses that have unpaid invoices from suppliers, customers and service providers. Compared to consumer debt collection, commercial accounts experience a much higher collection rate. Debt collectors can negotiate a single settlement or collect money in installments in many cases.

NexaCollect has helped several businesses, institutions and healthcare professionals effectively recover money from their overdue accounts through its partners.

For more information, contact Jessica at [email protected] or call 1-844-Nexa-123

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