Local expertise as the success factor
First and foremost, to deliver a successful debt collection service it is essential to consider country specific legislation and the cultural landscape. It is therefore crucial that the collection process takes place in the relevant country and with local points of contact! For companies operating internationally, this automatically requires a presence and collection expertise in many countries. The collaboration with an international collection partner with local representations can be a worthwhile solution.
Efficiently leveraging the value in collection
While giving the necessary attention to the appropriate treatment of debtors, companies should not lose sight of the fact that collection is a significant value driver. Around 20% of all payments in Western Europe are late. A large part of non-performing receivables would stay entirely unpaid without professional receivable management and appropriate collection measures.
Due to the complexity of the international collection especially, it makes sense to look at the efficiency of the process.
In the digital age, efficient IT processes and the secure exchange of data in both directions naturally play a particularly major role. Although digitalization has been a hot topic in the last few years, clients keep telling me that implementing the international collection process in their companies still has a long way to go.