One of the most difficult parts of being a global credit manager is that trying to find an overseas collection agency or law firm can be daunting. The biggest question that often comes to mind is, “Can this entity be trusted.”
Unfortunately, there are many unsavory stories in which an agency or law firm has significantly delayed the remittance, or even in the worst case, failed to remit it at all.
With the latter in mind, here are some of the benefits that we at CMI provide to our international clients when credit and collection needs cross over many borders, cultures, and ways of doing business.
1) We really know our overseas partners – One of my most enjoyable and valuable experiences pre-pandemic was to attend international credit & collection conferences, symposiums, and networking events. Through these opportunities over several decades, we have continued to meet many of the same agency and law firm owners and executives. As we have become knowledgeable of not only their respective collection challenges, we have also come to know them on a personal level as well. Like myself, their children have grown up to work in their business, expanding it to offer various credit risk management services, and all in the framework of providing total client satisfaction. Having these close and trusted international relationships are incredibly valuable for the one main reason that we know with whom we are dealing when entrusting your account to them.
2) They understand our expectations and we understand their way of operating – In some countries, the collection laws and protocols can be more restrictive than ours. Conversely, in other regions, the industry is still a work in progress. Regardless of the stage of development, our partners understand how important it is for them to represent us as though we are directly collecting the account in their country on your behalf. By adhering to our collection protocols and procedures, our clients never need to worry about any breaches of compliance. At the same time, we are always appreciative of what they may be allowed to do to fulfill our client’s needs, where in our neck the woods the same approach or strategy is not normally customary.
3) They are also highly integrated into the global collection industry – By the mere fact that I’m meeting our global partners at international events is an indication of their mind set. In most cases, they are handling claims and processing credit risk management requests from collection associates from around the world. This means that their reporting, communication, and operating has been molded to accommodate a wide range of international creditor requirements.
4) We have partners most everywhere – If you ask me if we have collection support throughout Eastern Europe, we’ve got you completely covered. If you a require a credit report on a company in a South Eastern Asian country that requires an onsite visit for verification purposes — easy peasy. Or better yet, if you need someone to pick up and arrange for the return of unsold inventory located in a warehouse that’s hours from a main city, don’t sweat it. Our partners are not just credit and collection professionals, they understand the importance of providing many kinds of hands-on related services.
5) Bonded just to make sure – When it comes to forwarding our clients’ claims to our international partners, they are bonded through one or more of the international credit risk management associations of which they are also members. Like us, being bonded means that they have had to undergo a significant level of compliance auditing which confirms the soundness and viability of their organization.
So, as we try to get out from under the global pandemic and economic downturn, should your company have an overseas collection issue or credit risk management need, rest assured that our global network is an indispensable part of CMI’s services as your Trusted Business Partner.
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