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Commercial Debt Collection

Commercial Debt Collection

Our commercial collections division is industry-renowned for its ability to recover commercial debt. Employing the most professional and effective commercial debt collection techniques and strategies, our team is unmatched at successfully recouping outstanding balances.
Our state-of-the-art B2B debt collection technology and skip-tracing tools give our team the added advantage in the recovery process, which is why established companies from around the world have continued to rely on us as a trusted commercial collection agency. Our clientele includes companies both large and small and in multiple business sectors.
Demand Notice Service
Collection
Legal
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Demand Notice Service
As a final effort, our complimentary Demand Notice ServiceTM is designed to help clients engaged in commercial transactions avoid unnecessary debt collection proceedings with customers that merely need a little more than just an invoice or bill to pay their past due accounts.
Saving you the money and time involved in formally forwarding the account into collections, our Demand Notice ServiceTM reaches out to your customers by giving them a limited time to pay or resolve their outstanding balances.
If payment is sent within the allotted time frame, you pay nothing, and we’ll send your customer an e-receipt for their payment for commercial debt collection. It’s just another way Cedar Financial helps you get the money you’re owed – fast, which makes us one of the top international commercial debt collection agencies across the globe.

How the service works

Step 1:
A final notice is sent to the debtor via email and regular mail with your direct contact information inserted into our notice template allowing the debtor a limited time period to pay or resolve the outstanding balance due with you directly. The notice warns the debtor that unless the matter is resolved within the time given, the balance will be turned over to our agency for immediate collection.

Step 2:
Should the debtor make payment(s) within the time prescribed, there will be no fee or obligation to our agency for the notice service.

Step 3:
Should the debtor fail to pay by the final date expressed on the notice, the account will roll over into our database for immediate adjuster demand and standard contingency rates will apply. Our Demand Notice

ServiceTM avoids unnecessary collection proceedings and enables you to maintain your relationship with your customers. If the debtor pays within the time
Our Demand Notice ServiceTM avoids unnecessary collection proceedings and enables you to maintain your relationship with your customers. If the debtor pays within the time prescribed, you report the amount paid, and our agency will automatically send an e-receipt to the debtor for payment.

Benefits of the service

  • Maintains positive relationships with your customers
  • Provides a final opportunity for your customer to deal with you directly
  • Avoids an agency fee on simple ready-to-pay accounts
  • Gets your customer’s immediate attention
  • Minimizes collection costs and resources
Sometimes all your customers need is a little “notice.” Our Prepaid Notice Service TM is a final opportunity for customers who need a nudge to get their past-due accounts current.
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Collection

Earning and Keeping Your Trust Is Our Number One Goal

A company’s accounts receivable is usually its second, if not its first, most important asset. It’s a far cry from just a debit figure on the balance sheet and reflects all the resources a company harnesses to manufacture, ship, and sell its products – all on a promise they will be paid at some point soon.
At Cedar Financial, we fully understand that when an accounts receivable is not paid, especially when it’s significant, the impact can be devastating. Depending upon the time past due and the amount outstanding, not only may cash flow be severely hampered, but in some cases, a company’s operation may come to a complete halt without timely debt collection.
Therefore, in view of supporting every company’s credit risk management system, Cedar Financial’s commercial debt collection services comprise the following goals, standards, and procedures:
Contact us regarding your domestic or international commercial B2B debt collection needs. We are confident that our services will surpass your standards and expectations.
Commercial debt collection involves the process of recovering unpaid debts owed by businesses to other businesses, also commonly known as B2B debt collection. It typically includes collecting overdue payments for goods or services provided on credit terms to other businesses.
Commercial debt collection involves several steps:
  • Identifying a potential debt by a consumer.
  • Initial contact with the debtor to request payment.
  • Sending demand letters or notices outlining the debt and consequences of non-payment.
  • Negotiating payment terms or settlements with the debtor.
  • Pursuing legal action if necessary, such as filing a lawsuit or obtaining a judgment. *Please note that this step is usually taken when all else has failed and the payment has not been procured.
  • Collecting payments and closing the debt.
  • *There are some additional steps where any debt that is not collected can also be reported to the Credit Bureau and can be considered bad debt. In this case, either a settlement will be paid, or the debt will be closed if the debtor is unable to pay.
To hire a debt collection agency, consider the following steps:
  • Research reputable agencies with experience in commercial debt collection.
  • Engage your business connections to find out which agency has the best reputation.
  • Check their credentials, certifications, and client reviews.
  • Inquire about their collection methods, success rates, and fees.
  • Ensure they comply with relevant regulations and laws. This is where you should check FDCPA requirements and see if your selected agency complies with them.
  • Sign a contract outlining terms, fees, and expectations.
The Fair Debt Collection Practices Act (FDCPA) primarily applies to consumer debts, not commercial debts. However, some states may have their own regulations governing commercial debt collection practices.
Commercial collection refers to the process of collecting overdue payments and outstanding debts owed by businesses to other businesses. Again, this kind of collection is also often called B2B debt collection.
To collect commercial debt effectively:
  • Maintain accurate records of transactions and communication with debtors.
  • Send clear and concise invoices and payment reminders.
  • Follow up promptly on overdue payments with polite but firm communication. Remember that operating with empathy is important and hence should be pivotal in every communication effort.
  • Consider offering payment plans or settlements to resolve the debt amicably.
  • Utilize the services of a reputable commercial collection agency if necessary.
A commercial collection agency specializes in recovering outstanding debts owed by businesses to other businesses. These agencies employ professionals skilled in negotiation, communication, and legal processes related to commercial debt collection.
B2B commercial collections refer to the process of collecting overdue payments and outstanding debts between businesses, also known as business-to-business debt collections.
To find a commercial collection agency:
  • Conduct online research and review directories of collection agencies.
  • Seek recommendations from other businesses or industry peers. Utilizing your LinkedIn connections for this purpose can be fruitful.
  • Verify the agency’s reputation, credentials, and success rates.
  • Contact potential agencies to discuss your specific needs and requirements before deciding.
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In-house Counsel – Should a claim require additional legal support, our in-house counsel is the next step in the commercial debt collection process, providing our clients with a one-stop collection shop. Without any change in our contingency collection rates, our in-house counsel will continue to professionally encourage your customers to fulfill their payment obligations.

Keeping You Informed – Every claim, whether domestic or international, is given personalized and customized attention from many perspectives. Status update reports, feedback, and advice towards the resolution of each claim are provided to you promptly.

Well Vetted Creditor’s Rights Attorney Network – When your customer and claim is out of our jurisdiction, over the past twenty-five years we have forged the best legal representation around the nation and around the globe giving our clients continued worldwide support at no additional costs.

Our Network and Our Agency Are One in the Same – Our long-term network of vetted contingency-based creditors’ rights attorneys is an extension of our company’s core values and operating procedures. Every claim that is placed through our attorney network receives the same close monitoring and follow-up as in-house. The efficiency of our Case Management System enables you to deal with any other party in the collection of your claim. Again, we are your one-stop collection shop.

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