GlobalCollect? and Intrum Justitia Collect Bad Debt, Worldwide with DebtCollect

GlobalCollect? today announces its new bad debt recovery service DebtCollect. DebtCollect is developed in co-operation with Intrum Justitia, Europe’s largest receivables management company, and will be available for GlobalCollect customers worldwide. The bad debt collection service will be a ?no cure — no pay? service. Companies can initiate DebtCollect either remotely or from within a country, regardless the locations of their customers or the variety of payment methods. New countries are integrated, without incremental costs, while the automated reconciliation saves on administration and other costs. DebtCollect can also be tailorized to the company’s needs, for instance with call center facilities.

DebtCollect provides a fitting solution for both retailers and e-tailers. As an extension of the existing InvoiceCollect Service, companies worldwide can outsource their complete consumer billing and bad debt collection, by using a single interface with GlobalCollect. Ron Vollebregt, vice-president of business development at GlobalCollect, states: ?This solution gives both retail and e-commerce companies the opportunity to optimize their cash flow without additional costs.? Marcel van Es, Managing Director of Intrum Justitia in The Netherlands, adds: ?The co-operation between GlobalCollect and Intrum Justitia offers exporters administrative flexibility, allowing them to focus on their core activities and to achieve their growth targets.?

Also the DebtCollect interface comprises a combination of collection instruments, technologies and reporting options. Another advantage of the service is the localized approach, based on local payment cultures, regulations and collection procedures. DebtCollect includes an optional currency conversion.

The DebtCollect service allows merchants to improve their business efficiency and effectiveness using our global collection network and reconciliation expertise. The DebtCollect flow is as follows:

* A company sends its collection files to GlobalCollect
* GlobalCollect processes and re-formats the files and submits these instructions to Intrum Justitia (including optional conversion to local currencies)
* Intrum Justitia prints and mails standardized requests for payment, including interest and collection fees, according to local legislation.
* Intrum Justitia motivates the customers to settle the invoice by local payment methods.
* GlobalCollect automatically reconciles the collected money with the open invoices and reports frequently to the company

The DebtCollect Service illustrates GlobalCollect’s overall commitment to offer a flexible, comprehensive and cost-effective range of services, that can be tailored to individual company’s requirements.

Overdue debts threaten companies
Late payment damages companies. The majority of companies say overdue debts cause problems to their cash flow, restrict the growth of their company or even threaten their survival, as revealed by a survey into European payment habits carried out by European market research company NOP for Intrum Justitia and supported by the European Commission. More information can be found on www.globalcollect.nl/news/pressreleases/popups/press_popup_005.html