The Amicable Debt Collection Process
1. Receive overdue accounts receivable
As soon as your trade receivables become overdue, you can assign them to us. The older receivables are, the more difficult it is to collect them.
You can provide us with all the information regarding the overdue receivables, such as supporting documents and correspondence with your late-paying customers so far.
2. Produce debtor scoring and profiling
We work on:
- Debtor scoring: We use a combination of internal and external data (i.e. previous collections cases, commercial data and credit reports from various third parties) to assess the creditworthiness and financial positions of your late-paying customers.
- Debtor profiling: We build your late-paying customers' profiles with the data from debtor scoring and other data points (i.e. their payment behaviour, the legal frameworks for collections in their countries). We update these profiles regularly with the data we gather from your customers during the collections process to make sure we use the best approaches to collecting from them.
3. Develop collections forecast and strategy
Based on your late-paying customers' scores and profiles, we produce:
- Collections forecast: We rate the chance of successful collections by analysing the data of your late-paying customers and the overdue trade receivables.
- Collections strategy: We decide on the most effective collections strategies for your overdue receivables, considering your late-paying customers' profiles, the receivables' details, and the local legal requirements where your late-paying customers are located. Depending on their response during the collections process, we adjust our strategies accordingly to achieve the most optimal collections results.
4. Assign collections experts
We assign locally-based, dedicated collections experts to collect your overdue accounts receivable. They inform you about the collections forecasts, collections strategies, and timelines for collecting your receivables.
All our collections experts are committed to maintaining your business relationships while collecting as much owed monies as possible in an efficient manner.
5. Run the collections process
Our locally-based, dedicated collections experts implement the chosen collections strategies for your overdue trade receivables.
They carefully orchestrate their activities in particular sequences to prompt your customers to pay. They communicate with specific and appropriate wording, and in the native languages of your late-paying customers.
Besides letters, emails, voice messages, and phone calls, we have personalised videos as our latest innovative collections method. Within 60 seconds, each of your late-paying customers gets a personalised message about their debt and the options to settle it.
6. Facilitate debt settlement
Should your late-paying customers need support to take action, we provide:
- Debtor page: Your customers can get all the information they need to settle their debts in one place.
- Debtor portal: Your customers can perform various tasks, such as checking the details of their debts, paying their debts in full or in part according to payment plans, and communicating with the collections experts working on their debts.
- Chatbot: Our virtual assistant is available 24/7 on the debtor page and debtor portal to support your customers to perform various tasks, from logging in to the debtor portal to choosing a payment option.
- Payment service provider (PSP): Our PSP offers easy online payment, covering 200+ payment methods worldwide (e.g. international credit cards, local cash-based methods, internet banking methods). This allows your customers to pay in their currencies, using their preferred payment methods. They can pay via specific links in the emails and personalised videos we send, or in the debtor portal and via the chatbot.
7. Adapt collections strategies
Throughout the collections process, we monitor your late-paying customers' scores and capture their behavioural data. For example, how long they watch the personalised videos, what they click on in the debtor portal, and when they attempt to make payments.
We use this information to update their profiles and adjust our collections strategies accordingly. By doing this, we stay responsive to your customers' movements and employ the best possible approach to collect your overdue accounts receivable.
8. Process payments
To pay their debts directly, your customers can use the payment links in the emails and personalised videos we send, or in the debtor portal and via the chatbot.
To pay their debts in instalments, your customers can choose the payment plans we put together in the debtor portal with your prior approval. If they want to adjust the plans, our collections experts are ready to support them.
As soon as we receive payments from your customers, we send them to you immediately. If your customers pay in their local currencies, we'll exchange the money into your currency and transfer it to you within 14 days. If your customers pay by cheque, we'll transfer the amount once the funds are cleared.