In accordance with the research performed by Balt Risk only 1% of the suppliers are satisfied with the way customers pay their bills for delivered goods and services.
Some useful hints about debt collection
1. Collection results can be significantly influenced by the following factors:
2. Professional collection significantly differs from the collection performed by the company itself, legal offices or attorneys because of application of special debt administration procedures (including informative influence tools), use of specific software. Another advantages is that company’s trademark is well recognized on the market.
- Properly written documents fixing the debt obligations;
- Sufficient amount of information about the debtor;
- Check of the credit history before the collection procedure is started;
- Debt registration in the special register with further information dissemination acts as an additional factor, motivating payment.
3. Credit inspector in the course of the debt collection acts as a professional business intermediary – debt is collected and also good relationship with the customer is retained.
4. Debt collection through intermediary is more economically advantageous – expenses for collection of one single debt decrease, especially if it is a small debt.
Debt collection from Balt Risk
Collection from Balt Risk is a professional extra judicial procedure of debt collection both from companies and persons without debt sum or age restrictions.
Advantages of debt collection from Balt Risk:
- we take for collection practically all types of debts;
- specialized software;
- civilized collection methods – relationship with the customer is retained;
- information support – check of credit history, solvency monitoring, Debt Register, RiskList Register;
- collection process transparency – on-line collection report;
- high recovery rate.
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Balt Risk works in accordance with the principle – no collection, no commission. Invoice is sent only after money has been received. The amount of commission depends from the debt age and sum and can constitute from 5 to 20%.
Balt Risk recommendations for efficient collection:
Arrangements for collection procedure
- Apply timely for collection – the smaller is the debt, the higher are the chances to collect.
- Monitor the solvency of the debtors – use specialized databases.
- If necessary, quickly start the judicial dunning – in some cases it is the only possibility to return the money.
1. Signing of agreement and order submission (by fax or by using the on-line form on the RiskNet Portal.
2. Balt Risk credit inspector analyses the case and gives the information regarding the collection perspectives. After that debt collection strategy is determined.
3. Balt Risk starts the collection process, which includes:
- Phone collection – active negotiations with the debtor;
- Reminder letters – Balt Risk applies special three step system of letters – from mild debt reminder to strict payment requirement;
- Coordination of payment schedules – we take into account the interests of both parties;
- Preparation and conclusion of peace agreements;
- Registration of debtor in the Debt Register;
- Preparation of the documents for case transfer for judicial dunning.
Balt Risk offers wide spectrum of legal services for all stages of cooperation with the debtor.