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Why Debt Collection Needs a Specialist Approach for a Specialist Industry

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Why Debt Collection Needs a Specialist Approach for a Specialist Industry

September 23
21:24 2019

In any type of business, there is always the risk of dealing with debt and managing clients and customers who have fallen behind in their repayments – or who may have indicated they are no longer willing to pay. In such circumstances it is common to employ the services of a collection agency, who can manage the pursuit and reclamation of funds owed – in the process dealing with some complex legal aspects and the sensitivities around maintaining working relationships.

But debt recovery and collections does not occupy a one-size-fits-all field, which means that the approach and techniques employed can differ greatly depending on the type of industry. The most obvious example of this is the law, as different industries are often regulated in unique ways, but in the interests of good stakeholder management it is also important to be aware of how particular working relationships are handled in each industry.

One very niche industry is that of legal hemp and CBD (cannabidiol), which develops products that can be used in cosmetics, dietary supplements, medication and manufacturing (such as paints, inks and lubricants). As an industry that is forecast to be worth $6 billion in the United States alone by 2025, reflecting a growing global shift among consumers towards natural products and treatments, it is vital that debt problems are managed quickly and effectively, in a manner that is legally and reputationally sound.

“The legislative issues around the legal hemp and CBD industries are complex enough, without factoring in the obvious issues with its overall public image,” says a spokesperson for CannaBIZ Collects, a specialist collection agency in the US that works solely within this industry.

“To work effectively in this sphere when managing and recovering debts, it is important to be aware of how much the industry is built on healthy relationships. Most of the partners at CannaBIZ Collects have a background in the recreational and medical markets in this industry, and have a detailed knowledge of how the industry works – not to mention a strong network of contacts.”

In many ways, CannaBIZ Collects works like any traditional debt collection agency, with the added insight into the unique aspects of the legal hemp and CBD industry. A key difference, however, is that all collections received by the company are managed directly by a specialist commercial collection attorney, who has more than 30 years of experience in representing Fortune 500 companies. Ross Gelfand was also the chief executive of a collection agency that oversaw the recovery of over $550 million in due accounts.

They combine this approach with a focus on customer service, with the aim of pursuing and recovering money that is owed in a manner that safeguards the integrity of the working relationship. Describing it as a “soft” collection programme, CannaBIZ Collects works to align its approach with the standards and values of individual companies.

CannaBIZ Collects also offers a consulting service that advises on the safe extension of credit to clients, including the preparation and supply of documents that ensure proper security for any credit that is approved. They also use debt scoring products and detailed risk analysis to provide accurate predictions for credit applications.

About CannaBIZ Collects

CannaBIZ Collects is based in St Petersburg, Florida, and is comprised of former operators in the legal hemp and CBD industry and a specialist collections legal team with more than 30 years’ industry experience. The company offers a debt collection service for this industry and bespoke consultations on extending credit. Their website is at cannabizcollects.com and they can be followed on Facebook.

Media Contact
Company Name: CannaBIZ Collects
Contact Person: Cody Ziering
Email: Send Email
Phone: (303) 900-5421
Address:200 2nd. Ave. South #287
City: St. Petersburg
State: Florida
Country: United States
Website: https://www.cannabizcollects.com/