International markets have opened immensely in the last ten years. NAFTA and other open trade agreements, Internet sales and marketing all have allowed many companies to expand their horizons and sell globally. Because of many companies wanting to get a foothold internationally before the competition entered the same arena, open accounts were extended where they may have been secured in the past. Even when secured by letters of credit, often language barriers or undefined perimeters will prevent a bank from authorizing disbursement of funds. At this point many companies are left unpaid and are unsure of their recourse.
In collecting past due receivables internationally, internal efforts can prove to be time consuming, cumbersome, and confusing. Among the problems many clients face are countries that do not offer direct-dial service, language barriers, banks under government control, and a refusal to release funds already deposited for the satisfaction of irrevocable letters of credit. Simple time differences can often prove self-defeating.
Because of these difficulties in collecting overseas and the expansion of many companies to compete for more international trade, Kross, Lieberman & Stone's International Collection service has been in higher demand than ever before.
Our 24-hour service of international accounts in order to negotiate with debtors during their working hours, often results in quickly resolving any problem accounts. Where most firms are left helpless when phone service is disconnected, Kross, Lieberman & Stone has restored the lines of communication through the use of investigative resources that allow us to locate debtors in virtually every industrial nation. Our personal contacts range from United States Consulates, affiliate agencies located in other countries, detectives, attorneys to United States Embassy Commercial officers. These associates specialize in credit-related problems and international law. Furthermore, our contacts are trained in the return of internationally shipped products.
Also helpful in collecting internationally is access to International Commercial Credit Reports. These investigative reports often disclose a debtor's financial posture. Formally extremely expensive, these reports are now available for $300.00 to $350.00. It is ammunition when securing credit as well as after the point of sell. These reports could prove instrumental in collecting the past due account when attempting to locate a companies officers. Depending on the country, Kross, Lieberman & Stone is often able to locate officers at home and negotiate returns and wire-transfers through interpretive services or in-house bi-linguist. In further assisting you and protecting you legally, Kross, Lieberman & Stone researches collection laws indicative to the debtors' home country. Although international law often applies, knowing specific limitations can prove beneficial in protecting your interests.
Not unlike domestic accounts, often third party interference instigates payment. Whether it is the threat of legal ramifications, the reporting of negative commercial credit (even on the international front), mere persistence, or being available 24 hours a day, we have been extremely successful internationally. We currently are collecting accounts in Canada, Mexico, and European Countries including Germany, France, UK, as well as South America, Puerto Rico, and various islands in the pacific.
If our results are ineffective, we can often research and forward accounts globally to local affiliates including local collection services or attorneys. Similar to legal forwarding, rates and up front cost may apply. Because of our business relationship, we are able to negotiate lower rates than your company can by referring an account directly. As always we attempt to liquidate the balance in the most equitable way possible.
Please contact us to answer any questions you may have remaining about Kross, Lieberman & Stone's ability in the International Arena of collections.