If you have foreign clients, you must be worried about foreign receivables accounts. If you export products or services, you run a high risk of non-payment from your customers or clients. It can have disastrous effects on your business. Thus, taking proper action and precautions are necessary.
What can you do about non-paying foreign clients? You don’t know the laws or regulations of that country, so recovering the debt yourself is out of the question. Your one option is to hire an international debt collection agency. Click here to know more.
Why international debt collector?
They know all about the legal procedures, debt collection procedures, laws, and so on of the country your client resides in.
The laws keep evolving with time, it will be difficult for you to remember all legal details about every foreign client’s company you are dealing with.
You don’t possess the tools that can help you recover the debt. For instance, finding the debtor may require some tool that you won’t have. But an international debt collector will have access to necessary tools.
How to hire the best international debt collection agency?
Search for international agencies
First, run a Google search and look for a collection agency that collects international debt. Then find out whether they have offices in the country your client is. Or you can find a collection firm native to that country.
Once you do that, set up a meeting in person or through a video call. You can also send them a mail regarding the quote, and wait for their reply.
Have a list of questions ready
You need to ensure that you work with the best international collection agency, thus ask them questions. It will help you clear your doubts. They have to reply because they are just like any other business. You can ask questions like:
1. Have they ever recovered debt in that country?
2. Do they have experience working in your industry?
3. What is their policy on reporting about the debt collection process?
4. What is their fee and recovery rate?
Compare agencies
You need to look at two three debt collection agencies. After knowing all the details, compare their prices, and look at their success rate. Also, talk to their previous clients, all this well help you in finding a perfect collection agency for you.
Negotiate terms
Once you finalize a debt collection agency for you, it is time to negotiate the deal. Every term and conditions should be on paper, and both parties should agree to it.
Precautions
When dealing with foreign clients, you should take these precautions:
1. Do a KYC-know your customer. Ask them to fill out a form with all their details and referrals for cross-checking.
2. Ask your customer for his company’s legal and registration details.
3. Run a background check on their finances
4. Talk to their previous clients
5. Whatever you agree on, get it in writing signed by both parties.
Working with a collector from the start can also help your business. They can do this research for you, and also point out clients who seem shady.
What can you do about non-paying foreign clients? You don’t know the laws or regulations of that country, so recovering the debt yourself is out of the question. Your one option is to hire an international debt collection agency. Click here to know more.
Why international debt collector?
They know all about the legal procedures, debt collection procedures, laws, and so on of the country your client resides in.
The laws keep evolving with time, it will be difficult for you to remember all legal details about every foreign client’s company you are dealing with.
You don’t possess the tools that can help you recover the debt. For instance, finding the debtor may require some tool that you won’t have. But an international debt collector will have access to necessary tools.
How to hire the best international debt collection agency?
Search for international agencies
First, run a Google search and look for a collection agency that collects international debt. Then find out whether they have offices in the country your client is. Or you can find a collection firm native to that country.
Once you do that, set up a meeting in person or through a video call. You can also send them a mail regarding the quote, and wait for their reply.
Have a list of questions ready
You need to ensure that you work with the best international collection agency, thus ask them questions. It will help you clear your doubts. They have to reply because they are just like any other business. You can ask questions like:
1. Have they ever recovered debt in that country?
2. Do they have experience working in your industry?
3. What is their policy on reporting about the debt collection process?
4. What is their fee and recovery rate?
Compare agencies
You need to look at two three debt collection agencies. After knowing all the details, compare their prices, and look at their success rate. Also, talk to their previous clients, all this well help you in finding a perfect collection agency for you.
Negotiate terms
Once you finalize a debt collection agency for you, it is time to negotiate the deal. Every term and conditions should be on paper, and both parties should agree to it.
Precautions
When dealing with foreign clients, you should take these precautions:
1. Do a KYC-know your customer. Ask them to fill out a form with all their details and referrals for cross-checking.
2. Ask your customer for his company’s legal and registration details.
3. Run a background check on their finances
4. Talk to their previous clients
5. Whatever you agree on, get it in writing signed by both parties.
Working with a collector from the start can also help your business. They can do this research for you, and also point out clients who seem shady.
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