From Frac Collector to Cannabis Industry Collector: The Evolution of the Debt Collection Industry

By Danny Batler

Ah, the Frac Collector. A figure of fear and dread in some, and a source of amusement for the rest.

So What is a Frac Collector?

In Spain, paying a frac collector to follow a debtor was a regular practice. These men, however, are not your average Joes. A frac collector's main objective was to disgrace the debtor and use social pressure on them to settle the outstanding debt. Frac collectors would wear extravagant tuxedos and huge top hats to embarrass the debtor. They would follow debtors throughout town, raising a commotion to ensure that everyone in the neighborhood was aware of the unpaid debt. After some time of being followed around by a yelling man wearing a top hat and tuxedo, the debtors couldn't take it any longer. They would swiftly settle their debt to avoid further embarrassment.

For many reasons, frac collectors are not used anymore. If you are being followed by a yelling man wearing an eccentric tuxedo and large top, it is most likely a crazy person with an out-of-date sense of fashion. In recent years, the debt collection industry has achieved several breakthroughs, resulting in higher collection rates and the near extinction of frac collectors.

Debt Collection Now

The debt collection industry has evolved and become more sophisticated over time. Debt collection firms today utilize a variety of techniques to recover debts, including phone calls, emails, letters, and legal action. These approaches are far more effective than those that were used by frac collectors. This is largely due to the fact that today's approaches are less intrusive and more professional.

Despite major advances in the debt collection industry, several sectors continue to struggle with large volumes of past-due outstanding accounts receivable. The cannabis industry is one that is particularly troubled by this issue. Due to intricate banking constraints, many enterprises in this industry (which is still in its infancy) are unable to establish credit terms and collect payments from their clients.

This is where CannaBIZ Collects comes in. CannaBIZ Collects is a debt collection agency that specializes in cannabis collections. At CannaBIZ Collects we understand the unique challenges that cannabis businesses face when it comes to collecting payments, and we have the experience and expertise to help businesses get paid. We have collected over ten million dollars for our over six hundred clients. With over thirty-five years of experience in the collection industry, we are prepared to handle practically any problem that may arise.

At CannaBIZ Collects we also provide educational resources to help businesses understand the cannabis credit process and how to best manage their accounts receivable. CannaBIZ Collects is the perfect solution for cannabis businesses that need help collecting payments from their past-due customers.

The frac collector may have been an effective debt collection method in the past, but it is no longer necessary in today’s world. CannaBIZ Collects is the perfect solution for cannabis businesses that are struggling to collect payments from their customers. With our experience and expertise, we can help businesses get paid quickly and efficiently. CannaBIZ Collects also provides incredible customer service and support to ensure that businesses get the best possible results. We are extremely committed to helping businesses get paid and are dedicated to providing the best possible service for our clients. Although we may not be following your debtors in top hats and goofy tuxedos, we will not stop until we reach a settlement on your behalf. For more information on debt collection within the cannabis industry head to www.cannabizcollects.com.