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Collecting on Business Debts Through the Commercial Collections Process

Through the process of commercial collections, a business that does not receive payment for services or goods takes action to collect on unpaid accounts. The unpaid accounts belong to other businesses, hence the term "commercial collections". In this post, we're going to examine the basics of the collections process and what you need to know if your company is in this position.

The Right Contact Information

One way that business to business debt collection varies from businesses that work with consumers is in the billing process. When the client is a consumer, the contact information is generally that of the actual consumer. If your client is John Smith, you would be reaching out directly to John and he would be responsible for paying the invoice. If your client is ABC Corporation and your contact has been Mary Davis, Head of Sales, the invoices likely do not go to Mary. The business may have an accounting department that approves and renders payment.

It's important to make sure that you have the contact information for the appropriate point of contact at the company. Being able to reach out and talk to an authorized individual can speed up the payment process.

Knowing When to Use a Collections Agency or Commercial Collections Lawyer

There is a significant difference between using a commercial collections agency and a commercial collections lawyer. An agency may be able to help you collect on what's owed to you. They may buy the debt or they may work on a contingency fee basis. However, the actions they take are limited. An experienced commercial collections lawyer can help you exercise your legal right to payment by trying to negotiate payment, making collections attempts, or even by suing the debtor.

To learn more about commercial collections and whether using the services of an experienced attorney is right for you, give us a call. We'd be happy to talk to you about it.

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