A good collection firm saves time, resources, and money. Businesses should avoid prematurely referring a delinquent customer to a third-party collection agency, but if in-house efforts fail, it is wise to outsource further collection action sooner rather than later. The use of professional accounts receivable collection services is now standard practice for companies of all sizes.

Companies may choose to outsource only their problem accounts, certain segments of their accounts receivable portfolio, or their entire accounts receivable portfolio. IRC works with Atradius and Coface, two of the world’s largest credit insurers, to develop competitively priced contracts. Key considerations include:

• Global collection presence: Collection efforts are conducted in local time zones, in local language, and by experienced professionals who understand local laws and regulations.
• Global attorney network: Both insurers have long-standing relationships with reputable attorneys who can be trusted to handle legal cases competently and efficiently.
• Leverage: As global credit insurers, Coface and Atradius have more leverage than other agencies, as they can threaten the defaulting obligors’ global credit standing.
• Excellent service: Both insurers provide real-time, on-line access to the status of collection cases as well as to local collectors.