Accounts receivable industry’s leading portal, NexaCollect, has been selected as the number one choice for debt collection information services. KevsBest has published this list in its recent article titled “5 Best Debt Collection Agency Information Websites”, posted here. This list is applicable for portals providing guidance on debt collection in the United States.
Launched in 2017, Nexacollect has rapidly expanded and has served more than a hundred medical practices, education institutions and small business owners to recover money through its partner collection agency companies. Clients are offered a choice of a variety of services based on their requirements, industry and location. A collection agency for small business provides a variety of services to clients. These services include:
Precollection: This service is provided to medical practices and small business owners who prefer sending demand letters to debtors in their own name. Towards the end of the demand cycle, the debtor is informed that his account will be transferred to a collection agency if not settled soon enough. During this step, the account is not technically in collections.
Collection Demands or Collection Letters: Five collection demands are sent on the letterhead of the collection agency and clearly conveys the debtor that the account is now in collections handled by a professional collection agency. This service is best suited for accounts which have been due for 90 days by not more than 180 days. This is a fixed fee service.
Collection Calls: This step is ideal for hard to deal with debtors or those who did not pay money in the above two steps. Collection calls are contingency-based, and a collection agency’s commission is usually between 35% to 50% of the amount collected.
Legal Step: Few selected accounts can be transferred for legal action if the amount assigned and collectibility factor justify an attorney’s intervention.
Commercial Collection: This is an entirely different type of collection initiative and is applicable for B2B debts only.
Since Nexacollect has been rated as the top collection agency information portal, along with other well-established businesses of the Collection Agency, the team will further strive to expand the services to other industries and maintain its position. Due to its business model, Nexacollect is able to connect creditors to the most appropriate collection agency serving nationwide.
Collection agency laws keep changing at the federal and state levels. For example, during the current COVID-19 pandemic situation, various states have passed laws that creditors and collection agencies can do and what they cannot do. Ignoring these laws can result in heavy fines. It is important to select a collection agency with high ratings and a low complaint rate. Nexacollect can suggest the best product that should be utilized based on the “age of debt” and the type of business being done by the creditor.
Collection agencies referred by Nexacollect follow a do-it-yourself approach through the secure portal of their partners, rather than manual processes involved in other collection agencies. By offering cost-effective solutions to clients, the focus continues to remain to achieve high recovery rates. In the fixed fees service, the client is in complete control of the collection process. They can start, stop or even pause the service at any time. For any more information regarding dental collections, contact Jessica at support@nexacollect.com or call 1-844-Nexa-123.
