This is either an amicable or judicial process, depending on the length and severity of the debt. The Company will proceed with collection on your behalf as soon as the claim has been filed.
This takes place as soon as you are aware of a late payment or unpaid account. The Company doing the collection sends out formal demands for payment on your behalf. These consist of phone calls, faxes, emails, written documents and even visits to the defaulting customers.
If the initial attempt to recover the debt is unsuccessful, then a legal process steps in. This does of course depend on the amount and extent of the debt. The legal collection consists of payment orders injunctions and liability certificates claiming ownership if necessary.
The collection of your past due accounts receivable can be done by:
- Credit Insurance Company as part of the credit insurance policy
- Factoring Company as part of the factoring contract
- Collection Agency - contact us for more information
- Internal staff costs reduction
- A tailor made collection service done by a team of experts located in your clients country
- Constant update on the situation of the claim