The receivables collection service is a distinct service not covered by the pattern of regularly recovered receivables. Generally, such receivables are not older than 45 days and the efforts and time spent by sales agents and accountants for the collection thereof are not profitable.
This service mainly refers to companies that issue a large number of invoices, on a monthly basis, following the production and distribution activities, but not only, and which generate a relatively high number of outstanding debtors. The debtors will be equally treated, irrespective of the age and amount of their receivable.
The receivables / debts Collection service consists of the transmission to the debtor of three amicable, successive payment notices, within a 7-day term one after another.
The notices are sent by K&I, as collecting attorney in fact of the Beneficiary, and indicate the bank account and bank of the Beneficiary related to the payments to be made by the debtors. The debtors are requested to confirm the payment by fax.
In fact, at the end of each week, the Beneficiary shall send to K&I an Excel database that contains the following information concerning the debtors: name, exact address where the notices shall be sent, the telephone/fax/cell phone number, e-mail address, name of the legal representative, number, date and value of each issued invoice, outstanding value of each invoice, aggregate outstanding amount.
Irrespective of the value of uncollected invoices, irrespective of the amounts to be recovered by means of this service, all costs related to the draft and transmission of the 3 notices shall be borne by K&I, and the Beneficiary shall only pay a monthly fee, as subscription, determined upon the execution of the agreement, depending on the number of invoices/debtors.
In case uncollected debts remain following the receivables collection service, the beneficiary is entitled to choose the receivables/debts service, where it benefits from a 5% discount based on our success fee that can be seen by clicking on K&I Fee Calculator.