NexaCollect Launches Mobile App for Collection Agency Services

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The accounts receivable industry’s leading portal, NexaCollect, has launched an android mobile app for its collection agency information services. “Nexa App” is a light-weight mobile app compatible across Android versions 4.1 and above. The mobile app launch enables Nexa to deliver the latest content, updates, and relevant notifications right on clients’ smartphone.

Not many consumer collection agencies have developed a mobile app due to the sensitive nature of their business. A mobile app is good for delivering summarized performance statistics, but the small screen of smartphones is not ideal for filling out long debt collection forms. It is very convenient to submit accounts or provide payment updates using a desktop computer due to its large screen. Additionally, debtor accounts may contain sensitive and personal information that can be compromised if the mobile phone is lost or stolen. Therefore, mobile phones are ideal for delivering performance statistics and not submitting accounts or checking out the detailed debtor information.

However, in the case of commercial collections, the volume of accounts is low, and a commercial collection agency may need to contact their client regularly to provide backup documentation or crosscheck facts regarding a case. Apart from pushing alerts on their website, these requests can be sent instantaneously to the client (or the client contact) using mobile notifications.

This App can be downloaded from Google Playstore located here: https://play.google.com/store/apps/details?id=com.nexa.app

Due to the recent Covid-19 pandemic, a tsunami to commercial defaults is expected to hit the market. This will primarily include the non-payment of loans and defaults on commercial leases. Even though the recovery rate in commercial collections is generally higher, it is expected that the recovery rate will take a temporary dip due to the tight market conditions. The process of commercial debt collection is drastically different from individual debt collections.

Banks and Credit unions that primarily have consumer debts will now have to seek good collection agencies to serve their unpaid commercial invoices. An experienced collection agency works diplomatically to collect money in full even if it requires to put the debtor in an installment payment plan. An attorney’s intervention is avoided in initial stages, but sometimes it becomes mandatory to go for legal recovery.

NexaCollect has been serving medical practices, dental offices, small businesses and clients commercial clients seeking assistance to find a good collection agency for their needs. Not all collection agencies can keep themselves up-to-date with ever-changing regulations and debt collection laws. A collection agency must continuously update its debt collectors of the latest local and federal laws and ensure that they have systems in place to keep the client’s information safe.    

For any more information, contact Jessica at support@nexacollect.com or call 1-844-Nexa-123

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