B2B Payments

NexaCollect Rolls Out B2B Division For Commercial Debt Collection

NexaCollect Rolls Out B2B Division For Commercial Debt Information

To help firms retrieve funds from past-due invoices, NexaCollect has rolled out a B2B arm that provides information about commercial debt collection, according to an announcement.

The move comes as firms and commercial services are looking at large losses because of unpaid accounts receivable (AR) with the current economic deceleration.

NexaCollect said in the announcement, “The launch of the Commercial Collection section on the portal will benefit companies who have unpaid invoices from suppliers, clients and service providers.”

It said that debt collectors can seek a single settlement or recoup funds in installments in many instances.

NexaCollect said a few commercial agencies were shortlisted to handle outreach for contact by possible clients. Agencies are chosen by physical location, recovery rate and experience of those who work for the company and those who supervise them.

“In the next year, we anticipate having many more collection agencies that can be recommended for commercial recovery services,” NexaCollect said in the announcement, noting that “thousands” of debt collection lawyers and collection companies exist in the United States.

The company rolled out a collection agency directory in January of this year that was mostly composed of firms that provide business-to-consumer (B2C) recovery. However, the firm indicated that the directory would be slowly grown to encompass listings of firms that offer B2B recoveries in the future. Address, telephone and a short description is included in every entry in the company’s directory.

In separate news, InDebted, an Australian FinTech, recently indicated in March that it notched $9 million in a series A funding round co-led by MassMutual Ventures Southeast Asia and Carthona Capital with Reinventure participating. InDebted has processed more than $1 billion of debt owed by a quarter of a million people and indicates a recovery rate that is 43 percent more on average than other collection firms, per past reports.

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