Credit insurance company covers $170,000+ in costs for timber purchase
Lack of local reach in Mexico aged the account three years
On average, collection success rate drops 1% for each week past the due date.
Our client needed to recover the funds quickly or risk losing the large balance. However, they lacked local reach in Mexico, making it difficult to engage with the unresponsive business.
1) Face-to-face meeting in Mexico elicits fast response
2) Fair, but firm financial hardship negotiations
With meaningful contact established, our debt collectors in Mexico learned that the business was experiencing significant financial hardship, resulting in non-payment.
3) Regular follow up to ensure timely payment
A promise to pay doesn’t always result in payment.
Local debt collection = faster payment, even for challenging accounts
International business comes with increased credit risks. Unpredictable events can impact your customers over time, causing late payments that hurt your cash flow and make it nearly impossible to achieve your goals.
You need to recover what’s owed to you quickly or face the possibility of never seeing your funds.
Ready to see what Cedar Financial can do for you?