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Not getting your receivables paid. As a business owner, you obviously want to avoid that as much as possible. Debt collection means collecting money. Receiving timely payment of your outstanding invoices is good for your business in every way. So how do you make sure you get paid? We help you collect effectively, not only by assisting you with valuable information about your debtor, but also, should the unexpected happen, in choosing the best collection partner in your specific situation.
Debt collection means collecting money. Getting your receivables paid quickly is priority to keep your business liquid and to grow. Read here more on why it is important to have enough cash liquid.
The receivables management process as a whole is important. It starts with being well informed about a potential buyer beforehand. In this article, you will read all about debtor management.
Few things are as frustrating as a non-paying buyer. The better you follow up on your outstanding invoices, the faster they will be paid. You should not wait too long with collecting your claim, especially if your customer does not make firm commitments. In addition, when non-payment occurs, it is important to obtain as much information as possible about the customer in question.
When a payment seems to definitively stall, there comes a time to engage a collection agency. The choice of collection partner, in addition to the right timing, is very important here and depends on your specific situation. It is also advisable to inform yourself well about, for instance, no cure no pay debt collection. It may be that a condition still applies which means you still have to pay if no collection is possible. It is therefore wise to familiarise yourself well with the companies that offer debt collection services: just like a potential buyer.
What is the difference between amicable and judicial debt collection? Both involve handing over a debt collection. Out-of-court debt collection is an attempt to collect the money from an outstanding debt via a collection agency by sending a reminder. If payment is still not forthcoming, it is important to proceed to legal collection. Judicial collection means taking legal action by engaging a bailiff's office. They have more legal powers than a collection agency.
Collections are often outsourced to the credit insurer where the insurance is placed. In case of a non-covered claim, we always advise you to contact us. Simply because we can draw from more sources. Sometimes it may be advisable to transfer your collection to another collection partner. This may differ for each collection.
We can help you trace non-paying customers where we can check various databases. In addition, we advise you on the action(s) to be taken and engage a collection agency or collection lawyer to collect the claim. Maintaining the relationship with the customer is key in this process.
As indicated earlier, it is very important to choose the right collection partner to collect your debt. We have a large network of debt collection partners and advise which party is most suitable for your specific situation. This depends on, among other things:
Xolv BV is part of of the Ecclesia Group
