When BYL Collections was started, our focus was on industries that we understood. We knew that the more we understood the business demands and complexities of our clients, the better our chances at account recovery and consistent results. Our industry expertise includes student housing, multifamily property management and military housing. We work with utility companies to keep clients paid up on their bills. We help medical facilities, hospitals, physician offices and other healthcare organizations maintain a healthy bottom line. This knowledge helps our clients recover past-due accounts, knowing that we value their customer's experience as much as they do.
Continuing On our journey to provide expertise and excellent customer service, BYL Collections is launching a new brand for our commercial clients.
What is Commercial Collections?
Also referred to as B2B (business-to-business) or corporate collections, commercial collections is different from the property management, utilities and healthcare industries. Where landlords, electric companies and doctors work directly with consumers (B2C), and therefore need to collect on consumer accounts, B2B accounts are negotiated between two businesses. Commercial accounts differ from consumer accounts in many ways including:
- Much longer sales cycle
- More decision makers involved
- Relationship management
- Smaller number of accounts
- Larger invoice amounts
- Regulated differently than consumer collections.
To read more: Collections Differences Between B2B and B2C
Examples of Commercial Accounts
Corporations often contract with vendors or partner with other organizations. These partnerships can be contracting with another business to provide a part of a product or service. Some examples of B2B partnerships could be:
- Manufacturers who pay another company for components of a product they sell
- Contractors who have provided a service for another business
- Companies that sell a service or product to another company
- Organizations that act as intermediaries between two businesses
Commercial relationships typically involve a longer sales cycle, provide business value and have negotiated contracts or agreements with a single invoice amount or larger invoice amounts than a consumer account. When collecting on past due B2B accounts, collections agents must be diligent to maintain the long term relationship between the two businesses.
Introducing Enterprise Recovery
In order to continue to meet our clients' needs with industry knowledge and collections expertise, BYL Collections is spinning off our commercial collections to a new sister company under the BYL Group of Companies: Enterprise Recovery, LLC.
Due to the nature of commercial accounts, the sensitivity of business relationships, and the ways in which agreements, contracts and invoices differ from consumer accounts, a separate commercial collections organization will be able to serve our corporate accounts even better.
Enterprise Recovery provides:
- A quick recovery of early-stage accounts receivables and curing of cycle payments
- Expertise in post-charge off bad debt collections
- Skip tracing
- Highly trained collection specialists
- Customer-centric approach to recoveries stressing education and sensitivity
- Detailed reporting by department, division and/or organization
- Flexible, industry-specific reporting and analytics
- Online reporting suite for client access to web-based collection software
Look for the new Enterprise Recovery website to launch next week. Because BYL Collections and Enterprise Recovery will be working at the same location and our corporate collections specialists remain, we expect the transition to be smooth for current BYL commercial clients. We're excited to be launching a new brand to continue offering dedicated business expertise and customer service.
If you have any questions, please comment below or contact us for your collections needs!