Business to Business International Debt Collection Recovery – How Does it Work?

When your business provides goods or services to another company, you send a bill, the bill gets paid and everyone goes about their business. However, what happens if that bill does not get paid? You could spend copious amounts of time and resources sending out extra invoices, making phone calls and possibly forming an internal collection department within the company. You could try cutting your losses and move on. Or you could work with a collection agency to recoup the debt, and spend the bulk of your time carrying on with your business.

By using a collection agency, they will mail a letter regarding the delinquent debt highlighting that they are willing to involve a third party, which increases the likelihood that your debtor will take their debt seriously and pay it as promptly as possible.

When looking for a collection agency, you will want to look into working with an international collection agency, even if the debtors are local. With business constantly growing and changing, it is possible that they will have to deal with differences in payment laws, language and time differences of different countries. An international collection agency will have the tools to deal with these differences and will be able to use that knowledge to your company’s advantage in order to recover the debt you are owed.

Since an international collection agency maintains offices all over the world, they are equipped to deal with the differences between countries. Also, since they are a collection agency they deal with multiple creditors they are knowledgeable about your company’s legal rights depending on which country they are doing business with and can often negotiate lower legal fees, if the debt collection goes that far.

In addition to standard debt collection, there are other services that an international collection agency can provide. Not only to get money that is owed, but to also prevent business deals with clients that are likely to pose a problem once payment is due. There is less likelihood that a creditor will be able to get away with simply leaving the country to avoid debt, because an international collection agency is able to locate the debtor regardless of where they go. If all else fails, there is also the option of having a collection agency purchase a debt outright, simply giving your company the opportunity to move on.

To get started today, call us at 321-710-3530 to speak with an associate
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