- November 29, 2018
- Posted by: Taurus Collections
- Category: Blog
Many of our clients who first approach us are desperate for help when they are looking for debt collection in other countries. When you first decide to export your products or services, you do not predict that there will be payment problems, delays or disputes along the way – you are just excited to be trading as a global player.
As all businesses know, you need to plan for risk events, and that is why it is important to have a procedure in place for debt collection in other countries.
So we have put together a few pointers to help you consider the process of escalation involved if you are struggling with debt collection in other countries:
- Chase in-house – utilise all your expertise in-house to resolve the situation before anything else. Your sales team, your credit control, head of finance, even your MD should get involved because you want to have tried every avenue for collection, before considering escalation.
- 3rd Party outsource – once you understand that the debt cannot be collected in-house, or you simply do not have the resources, you should immediately search for a 3rd party debt collection agency, preferably in-country or one with a network of global partners, to recover the debt on your behalf. Debt collection in other countries is best left to the experts in the industry, and on the ground.
- Legal action – this is the absolute last resort, and will likely be very expensive, but you should always keep this option open because in many countries legal costs are at least in-part recoverable and it may not be as expensive as you think to attain a court order in your favour. But you must bear on mind, if they still don’t pay thereafter how do you enforce it and the costs involved thereafter.
Debt collection in other countries
So there you have it, a small guide on debt collection in other countries and how you should procedurise and escalate accordingly.
Its crucial that if you are exporting overseas you make contact with a debt collection agency with partners around the world to help, when needs be, with the collection of any outstanding monies.
It is our passion that you are paid on-time by foreign debtors and our clients are very happy with our services. If you are struggling to collect debt in another country and want to speak to us for a chat to see if we can help you out, please don’t hesitate to call us on 01332 565 350 or email firstname.lastname@example.org