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Collection agencies booming
Among today’s most dynamic business sectors, third-party collections are not going unnoticed. This vitality is not new, but the crisis has probably accentuated it.
Whether we’re talking about traditional collection agencies or new players, the market is booming. It’s innovating, recruiting and responding to growing needs. Let’s take a look at what’s driving the industry.
New players, new offers
When you look at the debt collection market and how it’s evolving, the first thing you notice is that competition is becoming increasingly fierce. In addition to independent collection agencies, there are alsofactoring companies, credit insurers, banking groups… And, of course, companies still do much of their own debt collection.
More recently, we’ve also seen the emergence of new players. Numerous start-ups have entered the market in recent years.
These fintechs are in a way democratizing the debt collection market, and 6 other fintechs have joined forces to create Smart Recouvrement. This initiative aims to help small and medium-sized businesses manage their cash flow by providing them with a coherent set of complementary and innovative solutions.
Written by Credit Job
Click here to read the Credit Job article
ASTON iTF launches version 2021 of its software for collection agencies.
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