Flathmann & Stern

International Debt Collection Agency

Debt collection is a challenging enough, but when the debt is international it becomes a much greater challenge to collect.  First off, you are dealing with different cultures and not all cultures look at debt and an obligation to pay as Americans do.  Then you add different languages and time zones and you can start to see the complexities.  The legal systems are different as well and what works for collecting debts in the United States will not work in other countries.

Where to Start with an International Debt

If you have an international debt and do not know where to turn to, you should look for a collection agency with international experience.  International collections can not be learned overnight, but take years to perfect.  Therefore, you should choose a collection agency that knows what they are doing.  Make sure to interview them and determine whether they know what they are doing.

An international collection agency can be a tremendous asset to your business.  The world is a global marketplace and by doing business internationally, you can access a much larger customer base.  Do not let the fear of uncertainty stop you from doing business internationally, just make sure you are prepared before you launch your business internationally.

Work Together with an International Collection Agency

Unlike domestic accounts, when you do business internationally you want to screen all potential clients.  It is much harder to collect internationally and you want to make sure you are dealing with a trustworthy customer.  An international collection agency can help you with this by running background checks and asset searches.  This way you will know what you are getting into before you in-debt your self to a foreign company.

Always Perform Due Diligence when Choosing An International Collection Agency

I cannot stress this point enough.  If you take nothing else from this article, take this point.  Make sure you are doing business with an honest company.  Be especially cautious when doing business in China or Vietnam.  They have the upper hand due to the language barrier, and you can lose a lot of money very quickly if you are not careful.  This is not meant to scare you away from doing business internationally, but teach you how to do business properly.  Forewarned is forearmed.  Take your business international and take an international collection agency along with you, you won’t be sorry you did.

Download our Brochure