Knowledge Base
Tips & Tricks
The best prevention is regular monitoring of business partners and instant reactions against those facing difficulties with prompt payments.
Kvestor recommends paying careful attention to buyers that have recently changed their owners and/or registered address more than once.
Do not wait more than three months after the invoice is due before engaging a debt collection agency. The longer the claim remains unpaid, the less likely you will ever obtain payment from the debtor.
Before entering intocooperation, it is wise to check the credit worthiness of each business partner. The invested cost is negligible compared to the losses that your company may suffer due to the lack of information regarding the buyers' financial situation.
Engaging a debt collection agency gives the creditor more space for focusing to his primary activity.
Monitoring provides real-time information on changes in business partners that could impact operating activities.
By engaging a debt collection agency any further cooperation with the buyer is usually not compromised as it is on the other hand common in the event of a legal procedure.
Further information
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