The rollout of the app lets the accounts receivable (AR) portal company provide the newest information, updates and pertinent notifications to the smartphones of clients, according to the announcement.
The company said a flood of commercial debts going sour is anticipated to reach the market because of the coronavirus. It noted that credit unions and banks that mostly have consumer loans will have to find collection agencies to handle commercial invoices that are not paid.
“An experienced collection agency works diplomatically to collect money in full even if it requires to put the debtor in an installment payment plan,” NexaCollects said in the announcement. However, it noted that “legal recovery” might be required at a later point in time.
NexaCollect says that it has been working with small businesses and dental practices, among others, aiming to find a collection agency that meets their requirements.
In June, NexaCollect announced that it launched a business-to-business division that offers information regarding commercial debt collection to assist companies in recouping funds from late bills.
The move occurred as companies and commercial services were looking at big losses due to unpaid receivables with the slowing economic situation at the time.
“The launch of the Commercial Collection section on the portal will benefit companies who have unpaid invoices from suppliers, clients and service providers,” the company said in an announcement at the time.
Furthermore, it noted that debt collectors can pursue one settlement or get money back in installments in many cases.
“In the next year, we anticipate having many more collection agencies that can be recommended for commercial recovery services,” the company noted in the announcement, pointing out that there are “thousands” of debit collection attorneys and collection firms in the U.S.