Hokodo’s collections partner is STA International. They have deep industry expertise when it comes to collecting trade debt and they’ll manage the process of getting your debtor to pay.
After confirming the debt with you, they’ll contact the debtor by various channels including telephone, email and post. If this collections process succeeds, they’ll pay you the amount they collect, minus their fee of 6% (+VAT) of the recovered money. You can allow them to also recover this success fee from your customer – this is generally allowed by law. In this case, there would be no fee taken off the amount you receive.
If STA can’t collect the debt within 60 days, you’ll be asked to fill in a claim form. Hokodo will pay you the protected amount – 90% of the invoice value – promptly when they get your valid claim form.
Hokodo aims to settle the majority of claims within 15 days of receiving a claim submission. However, a limited number of claims need more investigation and, in these situations, Hokodo may take up to 60 days to assess your claim.