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How to Reduce the Risk when Trading Overseas

Thanks to technology and the Internet, we now all have access to a global marketplace – a market in which we can buy goods and services from all corners of the world from the comfort of our own homes.  This is great news for consumers who now have access to once dreamed of shopping opportunities.  However, for retailers who have taken their businesses online, the access to a global market audience brings with it some added financial risks.

Most retailers, whatever sector in which they operate, will have welcomed to increased opportunities delivered by the Internet.  After all, they now have access to a global customer base, and can reach market audiences in all part of the world.  This has enabled so many retailers to increase their businesses dramatically, especially those operating in a niche market. 

There are few barriers to entry as all that’s required to trade online with customers from other countries is a website.  Having a professional, user-friendly website built is easier than ever these days as so many web designers are available online and offer a service that costs a fraction of what’s necessary to hire a full-time web designer.  There are also several platforms that offer both free and premium services, enabling those who have a bit of tech savvy to build their own simple website for trading with customers both here in the UK and overseas. 

However, when it comes to finances, dealing with online customers from overseas can become a little fraught.  Different countries have different legislation when it comes to payments and debt recovery and some online traders have struggled to collect monies owed to them from overseas customers. 

This is why some debt collection agencies here in the UK have started offering their services to collect payments owed by non-paying customers in different parts of the world.  They have the experience and expertise necessary to navigate the legal issues and ensure that customers settle their debts to online traders here in the UK. 

However, not all international debt collection agencies are equal.  If you’re looking for a way of recovering money owed to your business by overseas customers, you don’t want to end up spending more money on an unsuccessful attempt to get paid.  Look for an international debt recovery provider that offers its services on a contingency basis.  In other words, look out for the magic words “no-win, no-fee”.  This means that you can safely engage the services of the debt collection agency, safe in the knowledge that you only pay for the service if the debt is successfully recovered.

You can be sure that any debt collection company offering a no-win, no-fee service is confident of its ability to navigate the pitfalls and recover what is owed to you.  It’s no use hiring a debt collection agency if they fail to deliver the goods, so looking for an agency operating on such a contingency basis means you can rest assured that you’ve chosen one of the best agencies to get the job done.