Ken Tax opts for efficient collection of unpaid invoices

Tcm Belgium spoke to Ken Tax about the internal and external follow-up of unpaid invoices, where it quickly became clear that efficient collection plays a central role for him in his choice of TCM as collection partner. As business manager of both Foodbrain International as well as the expanding Verbinnen Sweets & Deli International, he has no time to waste!

Growing players in the chocolate, confectionery, and deli industry

Started in 2014, Foodbrain International is known for distributing 100% Belgian chocolate. By acquiring L’Heritage Chocolates, Foodbrain International can proudly claim to keep one of the oldest Belgian chocolate brands (°1942) alive, and on the counters of bakeries and specialty shops in more than 30 countries.

In 2016, Verbinnen Sweets & Deli International was acquired, a wholesaler of chocolate (and therefore a perfect fit with Foodbrain International), confectionery and delicacies. After the acquisition, turnover was almost tripled in a few years! Verbinnen Sweets & Deli International supplies around a thousand customers, mainly in Belgium and the Netherlands.

Labour-intensive internal credit management

In terms of invoicing and follow-up, Verbinnen Sweets & Deli International is particularly labour-intensive. Some twenty invoices are issued every day, which amounts to some 5,000 to 6,000 invoices on an annual basis.

Ken himself maintains a complete overview of outstanding invoices. We find this quite impressive in itself, given that his core task is obviously not just this follow-up. However, an essential part of any self-employed activity is ensuring that all outstanding invoices are paid, Ken stresses.

Every week, automatic reminders go out to customers. This does not always go well, as some customers are rather careless with their contact details. They give incorrect mail addresses or forget to communicate new mail addresses, so these automatic reminders do not always arrive.

For this reason, the representative is also involved in the unpaid invoices, and for a while they worked with a freelancer who was responsible for personally calling the defaulters. However, this gave little result and still cost some money. It was time to look out for a better solution for collecting and following up outstanding debts.

Looking for an external partner to follow up on unpaid invoices

In the search for a complementary partner for collecting unpaid invoices, Ken first ended up with a lawyer. However, he soon felt that this partnership did not give the desired result. The procedure was cumbersome and also not exactly a lawyer’s core business. Through the bailiff, it was equally uncertain that quick collection would follow. On the basis of a summons or judgement, there often still has to be an effort to effectively receive the amounts in the account.

TCM Belgium responded to the need to no longer have to worry about unpaid invoices, and the results soon spoke for themselves. Ken is pleased with our partnership’s success rate of over 90%, and the no cure no fee policy is equally a plus. He finds the high-performance online system, where all files can be consulted clearly and quickly, fantastic. Files can also be passed on very quickly, and when every second counts, that is definitely a plus.

Ken emphasises that the ability to visit debtors locally, as well as the international local presence through the TCM Group, are the decisive factors of our cooperation. We are currently collecting a file from him in Portugal through a payment plan, and Ken is firmly convinced that he would not have secured payment from this debtor without our intervention.

In addition, Ken wants to be helped not only for the big files, but equally for the small unpaid invoices of EUR 50. And that goes with TCM Belgium, the collaboration ensures that debtors are ‘educated’ to give priority to paying every invoice.
A point of criticism? Ken tips us to provide a ‘Teams’ button in our system, so that creditors can quickly request a personal conversation (online) with us via that route. Handy!

For more info about our help in collecting unpaid invoices, contact us at s.dereze@tcm.be or +32 16 74 52 00.