The industry’s leading accounts receivable portal, NexaCollect, has been selected as the number one choice for debt collection information services. KevsBest published this list in their recent article titled “5 Best Debt Collection Agency Information Websites” published here. This list applies to portals providing debt collection advice in the United States.
Launched in 2017, Nexacollect has grown rapidly and has helped over a hundred medical practices, educational institutions and small business owners recover money through its partner collection agencies. . Customers can choose from a variety of services depending on their needs, industry and location. A small business collection agency provides a variety of services to clients. These services include:
Pre-collection: This service is available to medical practices and small business owners who prefer to send demand letters to debtors on their own behalf. Towards the end of the claim cycle, the debtor is informed that their account will be transferred to a collection agency if it is not settled soon enough. During this step, the account is not technically in collections.
Collection requests or collection letters: Five collection requests are sent on the collection agency’s letterhead and clearly indicate to the debtor that the account is now in collection managed by a professional collection agency. This service is best suited for accounts with a maturity of 90 days and no longer than 180 days. This is a flat rate service.
Collection calls: This step is ideal for debtors who are difficult to deal with or those who have not paid any money in the above two steps. Collection calls are contingency based and a collection agency’s commission is usually between 35% and 50% of the amount collected.
Legal step: A few selected accounts may be transferred for legal action if the amount awarded and the recoverability factor justify the intervention of a lawyer.
Commercial collection: This is an entirely different type of collection initiative and only applies to B2B debt.
Since Nexacollect has been ranked as the best collection agency information portal, along with other well-established collection agency companies, the team will make more efforts to expand services to other industries and maintain its position. Through its business model, Nexacollect is able to connect creditors with the most appropriate collection agency nationwide.
Collection agency laws keep changing at the federal and state levels. For example, during the current COVID-19 pandemic situation, various states have enacted laws about what creditors and collection agencies can and cannot do. Ignoring these laws can lead to heavy fines. It is important to select a collection agency with high ratings and a low complaint rate. Nexacollect can suggest the best product to use depending on the “age of debt” and the type of activity carried out by the creditor.
Collection agencies referred by Nexacollect follow a do-it-yourself approach through their partners’ secure portal, rather than the manual processes involved in other collection agencies. By offering cost-effective solutions to customers, the goal remains to achieve high recovery rates. In the fixed-fee service, the client fully controls the collection process. They can start, stop or even suspend the service at any time. For more information regarding dental collections, contact Jessica at email@example.com or call 1-844-Nexa-123.