What do you do when faced with a situation where your client in Bahrain is late on their terms due and you cannot reach them to discuss? Did you know that to collect an account in Canada, you must physically be in and licensed to collect in that country?
When an account in a foreign country becomes delinquent, it can be a daunting task to collect on your own. Whether it’s across the border in Mexico or Canada, across the pond in Great Britain or around the world in Qatar, there are many obstacles that can hinder your ability to collect. There are language barriers and time zone differences. (For example, London is eight hours later than Los Angeles and when it’s 8:00 a.m. in Seattle, it’s 11:00 p.m. in Chongqing, China.) There are also cultural differences, legal differences and of course the mere distance. So just how do you handle international collections?
Overcoming Those Challenges
To collect on an international account, the most efficient, effective and least expensive solution for your organization may be to seek assistance from a qualified agency. Prior to selecting an agency, make sure they have the experience, skills, tools and personnel to handle international accounts.
Many Fortune 500 companies look to Transworld Systems Commercial Division to handle their international collections for them. We employ seasoned international collections professionals in the U.S., Canada and eight other countries around the world. We utilize this vast experience, proprietary tools and specialized documents to create the necessary leverage to motivate foreign business to resolve the account on our clients’ behalf. And if these efforts fail to persuade them, we also have access to international attorneys to assist when necessary.
We Want to Hear from You
What challenges have you experienced with international collections? What questions do you have regarding international accounts? We want to learn more about your situation! Simply post your questions or thoughts in the comment field below!