Payment Methods in Debt Collection in Turkey

In the globalizing world, receivables management is becoming more important day by day. Due to the rapidly changing market conditions, companies must constantly renew themselves and be more flexible. Companies should also consider the debt collection process in their sales policies. Although a company’s sales figures are high, it is not possible to talk about profitability if the receivables are not collected on time.

As ARS Consultancy, the first international debt collection agency in Turkey, we support you in the field of receivables management in Turkey and in any country around the world. As working principle, we do not charge you any fees or expenses unless the debtor makes a payment to your bank account.  We do not hold our international clients responsible for any other costs if there is no debt recovery.

Nowadays, debt recovery before the legal process is a very sensitive and very difficult process. As ARS Consultancy, our main goal is to collect your receivables pre-legally in Turkey and to ensure that you continue your commercial relations with your Turkish customers successfully after this process. In this process, the creditor should also assist the debtor with payment options in order to continue their business successfully. So, let’s talk about some of the payment methods in debt collection.

EFT or Remittance

In the digitalizing world, we now carry out many of our work on our smart phones. Undoubtedly, these tools provide us time and convenience. At this point, EFT and Remittance are the most practical and fast payment options. Now, instead of waiting for hours in banks, we have the opportunity to make all kinds of transactions both with cheaper transaction fees and faster and easier with internet banking.

Credit Card

Nowadays, credit card is the one of the most used tools. A credit card is a type of bank card that lets you borrow Money before paying it back with interest. They work as a type of loan, but instead of getting money in an account you get credit that you spend via the card, before paying back what you owe each month. In the debt collection process, payment via credit card is very advantages and common.

Cheque and Bill

Cheque and bill are also considered among other payment methods. Although it has to be paid when given to the bank, it is also used in the market as a term. Although its reputation decreases with the widespread use of credit cards, it continues to be widely used due to the form conditions it carries and the protective provision in the laws.

Cash

The one of the most common payment method is cash payment. Although there are different payment methods, cash payment is the most used method of payment today. Cash is cheaper than any other means of payment. Yes there are withdrawal fees from your bank, but if you make few withdrawals with larger amounts, you can reduce these fees significantly. You can also go to credit unions that do not charge for withdrawals, but doing this for all of your accounts is more limiting if you need access to funds outside of your home town. Many vendors will give you a discount if you pay in cash or waive the sales taxes, which will result in cheaper prices.

In conclusion, there are many payment method in debt collections to assist to borrower. As ARS Consultancy, with our many years of experience in international debt collections, we provide the best conditions to satisfy the borrowers and creditors and ensure they continue their business successfully in Turkey.

If you have receivables from a Turkish company, it would be better to contact a local debt collection agency in Turkey because legal procedures can take a long time in Turkey, approximately 1-4 years, depending on the debtor’s objection and several other factors. Debt collection agencies can offer you shorter time to recover the debt because they can start the process without any delay and focus on prelegal debt collection. Most collection agencies work with the principle of “No Recovery No Fee” so you do not lose any more money to recover your receivables.

We are as close as a phone call or an email to let you witness the results and quality of our services: info@arsconsultancy.com  +90 212 296 9147. Our office is located in Istanbul and we are always ready to provide a free consultation.

Trust our experience and watch your cash flow arise!

Furkan Burgazlioglu

Collection and Risk Managment Jr. Specialist | ARS Consultancy