We call on Intrum Justitia to take care of our late payments. Customers are given 15 days to pay an invoice. If it isn’t paid by then, we will wait a further 3-4 days before sending a reminder, which will give them another 14 days.
If it still hasn’t been paid, then we refer the matter to Intrum Justitia to help us retrieve payment, and they are often very successful in doing so. We wouldn’t continue to work with Intrum Justitia for all this time if we weren’t extremely satisfied with their services.”
Björn Andersen, Credit Manager
Background
Yara Praxair is a joint venture between Yara International and Praxair Inc., and provides industrial gases, such as oxygen and nitrogen, for use in a wide range of industries including welding, fishing, hospitals, refineries and many others. Our annual turnover in Scandinavia is around NOK 1 billion.
Solution
Intrum Justitia has been providing debt collection for Yara Praxair for nearly two decades since 1993 and over this time, Yara Praxair believe that Intrum can be relied upon to do their best to retrieve payments. Every week there are issues with late payments. In an average year there are around 7,000 cases of late payments, which are then referred to Intrum Justitia. The payments from a set percentage of such cases to be retrieved have been budgeted for.
Every new customer for Yara Praxair is checked thoroughly before they even receive their first invoice, regardless of whether they are a business or a private individual. Both credit and background checks are run and no chances are taken when it comes to debt collection.
More about the solution for Yara Praxair