Industry Knowledge

Collecting Commercial Debt

A Guide to Creating Effective Standard Operating Procedures (SOPs) Collecting commercial debt isn’t just about chasing payments—it’s about balancing strategy, professionalism, and relationships. How do you recover overdue payments while keeping cash flow steady and business connections strong? The answer lies in having a solid plan. For financial managers, debt collectors, and business owners, robust […]

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What is Commercial Debt Collection?

A Guide For Businesses Nationwide Chasing overdue payments can feel overwhelming, but it doesn’t have to be. For businesses, financial managers, and entrepreneurs, the question “what is commercial debt collection?” is key to keeping cash flow healthy and stress levels low. This guide breaks it all down—what commercial debt collection really means, why it matters, […]

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B2B Collections Software: How To Increase Your Bottom Line

Extending credit to customers is a common practice in the business-to-business (B2B) space. Credit allows businesses to make bulk purchases and meet their customer needs. According to a 2023 survey, 85% of B2B buyers want to buy goods and services and postpone payment to suppliers. In addition, 60% of surveyed professionals stated they prefer credit […]

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The Best Debt Collection Software in 2024

Companies are increasingly using advanced digital tools to increase their debt recovery efforts. Different platforms have varying capabilities, but most streamline the collection process by providing automated solutions. For example, debt recovery software can replace manual processes such as dunning, payment tracking, and settlement processing. Others can also provide detailed reports and analytics to help […]

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First-Party Collections vs. Third-Party Collections

First-party and third-party collections play an essential role in the debt collection process. In first-party collections, an organization uses its internal team to collect debts or acquire the services of an agency. With third-party collections, an external agency runs the collections efforts. Understanding the differences between the two will help you know what to do […]

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How Debt Collection Technology Is Affecting the Debt Collection Industry

Today’s debt collection technologies offer many benefits, helping businesses achieve more with less effort. For example, cloud-based debt collection software streamlines debt payments, provides real-time reports, and simplifies communication. With the right technology, debt collection firms can increase recovery rates, improve compliance, and enhance customer relationships. Below, learn more about current industry challenges, debt collection […]

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Debt Collection Laws

While federal law protects individuals who obtain consumer debts, businesses have limited safeguards regarding debt collection. Some states have corporate debt collection laws relating to licensing requirements and statutes of limitation. However, the core guidelines to collect commercial debts properly are found in the code of ethics that applies to certified members of renowned associations. […]

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How Does International Debt Collection Work?

In an interconnected global marketplace, freelancers and business owners often grapple with the intricate challenge of international debt collection. Retrieving overdue payments from clients and customers across borders can be complex, demanding a nuanced understanding of the processes and laws involved. Whether you want to know more about deciphering the stages of debt retrieval, staying […]

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Business Processes You Can Outsource

Business process outsourcing (BPO) is a growing concept. It first began in the manufacturing industry, and now all kinds of businesses choose to outsource various functions and tasks. As technology advances and businesses become more competitive, outsourcing mundane tasks allows leaders to channel resources to core functions. Your company can capitalize on business process outsourcing […]

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5 Facts About Debt Validation

Consumers and businesses have several protections regarding debt. These protections keep collection agencies from aggressively pursuing debts or using unethical practices. One of those protections is the  Fair Debt Collection Practices Act (FDCPA). The FDCPA limits what collectors can do and say to consumers. It also allows consumers to validate a debt. The Commercial Collection […]

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