As one of the first cost effective and simple services to be introduced in the factoring industry, Atradius Collections creates a breakthrough with Invoice Verification service.
It is often difficult to ensure that the invoices are valid and that the buyer recognizes the debt. Especially when it comes down to a portfolio with receivables in foreign countries due to cultural differences. Via Invoice Verification Atradius Collections offers support to the factor by providing valuable information on the status of the invoice.
By leveraging the Invoice Verification service, factors can reduce their concerns as to the integrity of an invoice portfolio in a simple and cost efficient way. Atradius Collections’ global infrastructure forms the natural partner to offer this service. Where possible we have the ability to inquire in the local language and country of the buyer. The service is low in cost, payment can be arranged for a fixed price or customers can receive discounts when buying the service in bulk. In addition to overcoming cultural and geographical obstacles, invoice verification’s main advantages are:
- Fraud prevention by receiving warning signals from the portfolio check
- Structured Verification report will provide a status of the invoice/balance or point any discrepancy indicated
- Providing warning signals which will support the factors in taking decisions on receivable portfolios
- Worldwide support through dedicated relationship managers, local offices and partners
- Via Verification@Net, Atradius Collection’s global online system, it is possible to access and evaluate the latest status of the verified portfolio and this is available 24/7.
“The Invoice Verification Service from Atradius Collections is developed especially for the factoring industry. We believe that it can significantly enhance Risk Management departments in international factoring business, particularly in regard to direct export factoring and export invoice discounting. The invoice verification may not provide a full guarantee that the foreign debtor can or will pay, but it does send important warning signals when receivables are either disputed or goods are undelivered. Invoice Verification is easy to set up and offers standardized procedures regardless of the buyer’s country,” said Erik Timmermans, Secretary General of IFG.
About Atradius Collections
Through a presence in 25 countries, Atradius Collections provides trade invoice collection services in 96% of the countries across the world. Its wide breadth of services, ranging from first party to legal collections, helps companies around the globe recover unpaid invoices. Atradius forms part of Grupo Catalana Occidente (GCO.MC), one of the leading insurers in Spain and worldwide in credit insurance.
Telephone: +31 (0)20 553 3139