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September 30, 2023 Commercial Debt , Uncategorized

Commercial Debt Recovery in the Digital Age: Leveraging Technology and Tools

Digital technology makes processing payments easier than ever. New Jersey businesses can now send and accept payments across the world with just a few clicks. Expanding your business, paying employees, purchasing services, and distributing loans all seem like a total breeze in the modern era. But although this technology can make it easier to handle payments, there is always the chance your debtors will not pay. This is why debt recovery is so important.

What You Need to Know About Debt Recovery in the Digital Age

Thankfully, the same technology that makes payments easy in the modern era also makes collecting commercial debt relatively seamless. Work with a commercial litigation attorney in New Jersey, and you can leverage these debt recovery and collection tools. 


API stands for “Application Programming Interface.” Although this phrase might sound confusing, the concept is actually quite simple. API is software that allows two applications to communicate. This “intermediary” helps integrate different applications according to a defined set of rules. 

API has many applications in the debt recovery world. You can use API in tandem with accounting software, industry-specific software, bookkeeping firms, and many other applications. Integrating a debt collection API to your existing suite of software can be a profitable move, providing an additional source of income while making your collection processes more streamlined. 

Record-Searching Tools

You can take advantage of public records to learn more about your debtors. These public records might include corporate records, real estate transactions, and even marriage information. The latter may be useful because you can track down the debtor’s spouse even if they remain elusive. After making contact with the spouse, you can pursue debts directly because spouses are technically responsible for each other’s debts. Even divorced spouses may be accountable for debts acquired by their exes. Advanced background checks can provide you with aliases, SSN status, last known address, and even their vehicle’s license plate number. Other records can provide you with bankruptcy information, liens, judgments, and much more. 

Skip Tracing

One specific type of API is a skip-tracing tool. Skip tracing is the process of locating those who have defaulted on a debt or missed a payment. While skiptracing was once a complex process, the new skip trace API makes this accessible to even small lenders and businesses throughout New Jersey. Skip tracing can provide your organization with valuable information about debtors, including their whereabouts and contact information. You can then use this information to make contact and pursue missing debts. 

Self-Service Platforms

Another useful software tool is a self-service platform. Debtors may be more likely to make payments and provide updates if they can access a user-friendly online platform. Debtors may be unlikely to pick up their phones if they know they are being pursued by creditors, and these tense conversations may not be productive. In contrast, a self-service platform gives debtors the chance to make payments and provide updates on their own initiative without having to deal with stressful debt collection phone calls. Even if debtors are willing to cooperate after being contacted via phone, they may prefer to use a digital platform. Most people today rely heavily on digital banking apps, and debt collection should follow this trend for greater convenience and better overall results. 


Automation is the name of the game in today’s world of technology. Within the past few years alone, we have seen the rise of ChatGPT, Chatbots, AI, and a range of fully-automated business solutions. Something as simple as an automated payment reminder system can go a long way. Chatbots may also be effective in guiding debtors toward payment options and communicating outstanding balances. The truth is that in the modern era, companies do not need to hire hundreds of debt collection specialists to achieve positive results. By using modern, automated tools and software, lenders can recover their debts in a reliable, affordable manner. One example is the automated generation of expected debt statements. 

Where Can I Find an Experienced Commercial Litigation Attorney in New Jersey?

If you have been looking for a commercial litigation attorney in New Jersey, consider Snellings Law, LLC. During your first consultation with us, we can assess your company’s unique needs and determine a suitable debt recovery plan. Depending on the circumstances of your situation, you may benefit from a wide range of technology and tools. We have over a decade of experience in commercial debt recovery in New Jersey, and we can guide you toward a positive outcome. Book your consultation today to learn more.