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When does it make sense to outsource?
When there are significant outstanding balances or when reminders go unheeded. A debt collection agency can often collect outstanding debts more quickly and systematically.
What specific tasks are included in this service?
BID handles the out-of-court and in-court collection of outstanding receivables, as well as the long-term monitoring of receivables for which a judgment has been obtained.
What is the difference between professional debt collection and standard billing and collection?
Debt collection builds on the debt collection process and supplements it with legally sound measures, including court enforcement.
What are the costs involved in placing an order?
Fees are based on the amount of the claim and the amount of work involved. In many cases, the costs are borne by the debtor.
How does debt collection complement accounts receivable management?
Debt collection is a key component of receivables management and begins where the dunning process ends, with the aim of collecting outstanding receivables.
How digital is modern accounts receivable management?
Automated interfaces and digital portals enable efficient workflows and provide transparency throughout the entire process.
Why should debt collection be integrated into receivables management?
Integration reduces the risk of non-payment and makes it easier to manage and monitor outstanding receivables.
Which industries stand to benefit the most?
Sectors such as retail, energy, insurance, and telecommunications use debt collection to stabilize cash flow and reduce bad debt.
How does international debt collection work?
Through international partner networks, outstanding claims are collected in a legally compliant manner in the respective target countries.
Which countries does BID cover?
BID operates throughout Europe and also works with global partners in key economic regions.
What are the benefits of international accounts receivable management?
Standardized processes, local expertise, and legal certainty facilitate the collection of outstanding receivables across national borders.
What is the difference between domestic and international debt collection?
International proceedings vary due to differing legal frameworks and require specialized local partners.
What happens after successful registration?
Invoiced receivables are monitored over the long term to ensure that payments are received even at a later date.
How does a monitoring procedure work?
Automated systems regularly check on debtors, for example, to see if they have new jobs or changes in their financial circumstances.
How long can a judgment debt be monitored?
In Germany, enforceable claims can be monitored for up to 30 years.
What are the benefits of automated receivables monitoring?
Automated monitoring saves time, reduces losses, and increases the success rate of debt collection.