How Does International Debt Collection Work?
Do you need help with international debt collection?
Exporting your goods or services is a great way to grow your revenues. Many tools are available to help minimize risk when selling into international markets. However, if your foreign customer is purchasing from you on credit terms, Receivables Insurance Association of Canada offers protection to help mitigate some of the risks associated with international debt recovery.
For help with International Debt Collection
Call Toll-Free 1-866-766-9195
Debt Collection from Another Country
Should a foreign customer refuse or neglect to pay the debt you are owed, you have a couple of options for Debt Recovery:
1) Contact Your Insurer and Make A Claim Against Your Policy:
If you are fortunate enough to have receivables insurance, you can still expect to pay some expensive premiums and, if your claim is approved, take a significant discount from the original amount owed.
2) Retain An In-Country Attorney:
Retaining an in-country attorney for international debt collection can be a daunting task.
- What kind of billing can you expect?
- What is their track record?
- Are they adequately insured in the event of a trust account or solvency problem?
- Can you expect language issues?
All these questions and more are valid concerns. Foreign attorneys in most countries do not have the same insurance and practice oversight as that of their North American counterparts.
3) Hire A Professional Debt Collection Agency To Act On Your Behalf:
Hiring a commercial debt collection agency that specializes in claims for international debt collection will help keep your costs under control while ensuring that your best interests are in mind (i.e. Getting paid).
Commercial collection agencies use a “No Collection – No Fee” compensation model, so their interests and your interests are aligned. Checking the credentials of a debt collection agency in Canada is simple as well. The agency should:
- Produce references.
- Provide demonstrated insurance coverage.
- And, if necessary, work with another in-country agent to report to foreign credit bureaus while still working on a contingency basis.
Whatever method you choose, be sure to get validation of the provider’s security for your money.
News articles abound with stories of declined insurance claims, attorneys misappropriating trust funds, and debt collection agencies dragging your company’s reputation through the mud.
PCM Corp Is An Experienced International Debt Collection Agency
At Priority Credit Management (PCM Corp), our Canadian debt collection firm provides international debt collection services, allowing you to collect money from international customers.
We carry full insurance for the client’s trust funds, plus employee fidelity insurance in the unlikely event of theft, annual staff criminal record checks, and much more.
In the event PCM Corp is unable to secure prompt payment from your overseas customer, we maintain an active affiliation with accredited International attorneys, with each carefully vetted for financial solvency and quality of work.
PCM Corp is capable of collecting in over 180 countries including Mainland China.
About PCM Corp
When you need help with international debt collection you need an agency with experience.
Since 2005, PCM Corp has been providing commercial clients with the tools necessary to responsibly collect on foreign debt and improve cash flow. We can help you successfully manage international receivables.