As customer of OP’s e-invoicing service, you can speed up the turnover of your company’s accounts receivable.
On OP Business mobile, you can not only send invoices to your customers but also, if needed, a reminder message or a reminder invoice about an outstanding receivable. If your company is still not paid in spite of your reminder messages and reminder invoices, you can transfer the unpaid invoice to debt collection with just a few taps. The debt collection is provided by Intrum Oy and it will take care of all collection measures.
– Accounts receivable collection forms part of good cash management, but debt collection is always the last step. With the help of a responsible company that we’re now offering to the users of OP Business mobile, they can get their receivables paid while maintaining their customer relationships, says Laura Oinas, Product Owner of OP Business mobile.
How debt collection service works
A corporate customer invoice can be transferred to debt collection at the earliest after seven days of the reminder invoice’s dispatch date, and a consumer customer invoice after 14 days.
When making your first debt collection order, your company will enter into agreement with Intrum. OP will forward your company’s invoicing information to Intrum as well as the details of the invoice to be transferred to debt collection. Intrum will contact you to conclude the contract.
– The debt collection service is available to all customers of OP’s e-invoicing service. A transfer to debt collection is as easy as sending an invoice, says Oinas.
Temporary amendment to Debt Collection Act – changes to collection fees
At the beginning of this year, a temporary amendment of the Debt Collection Act entered into force concerning corporate debt collection. The purpose of the amendment is to protect businesses amid the financial uncertainties caused by the Covid-19 pandemic.
The temporary amendment sets maximum euro limits to debt collection costs and the debtor’s total liability to pay costs. It also defines time limits for debt collection measures.
It also makes debt collection involving unaccepted bill of exchange more difficult. This step refers to the debtor’s failure to make a payment in spite of a sent demand for payment, and it results in a payment default entry in the company’s credit history. During the validity of the temporary amendment, debt collection involving unaccepted bill of exchange can only be used for limited liability companies whose net sales exceed 100,000 euros and which have not just started their operations.
The amendment is in force until the end of June. The provisions concerning consumer debt collection remain unchanged.