Before we go on and explain Prohit’s services, let us first dig into how Hiveterminal’s support team helps in the process of late payments and what to expect.

Components of the Hiveterminal Support Process:

1) Payment Due

When designing the platform, Hiveterminal had an optimistic approach. To put things simply, our team assumes that the invoice will be paid by the debtor at or before the due date, but allows a 48 hour period for the SEPA payment to reach the invoice buyer’s bank account.

We allow 48 hours in order to avoid instances like:

- the payment due date is not a working day and processing delays are being experienced.

- the payment is being delayed due to cross border payment.

2) 48 hours after the payment due

To make sure that the invoice buyer has received payment from the debtor, Hiveterminal sends a system generated email to the invoice buyer, asking whether the payment has arrived 48 hours after the payment due date.

If payment is not received, it is important that the invoice buyer reports the non-payment immediately. This will trigger notifications to the invoice seller and invoice buyer. Additionally, a reminder of late payment will be sent to the debtor and a non-payment notification will be triggered for the Hiveterminal Support Team to get involved. They will immediately contact the debtor for clarification and will notify the seller about the non-payment by phone, proactively participating in the process of settlement. In most cases, delays are resolved by the support team by providing the debtor with correct bank account information. The conversation also enables us to open a dialogue with the debtor and present them with the possibility to buy their own invoices through our platform at a reduced cost.

In certain cases, when it is difficult to reach the debtor, we kindly ask the invoice seller to step in and introduce Hiveterminal to the debtor, if they have not already done so.

As a precaution, immediately after the non-payment has been reported, all invoices with the same debtor are automatically removed from our marketplace, with invoice sellers notified about that action.

Debt collection — Services which ensure that your debt will be paid: a partnership with a Leading Debt Collection Agency

If our support team fails to provide invoice buyers with a positive answer, the team will introduce the invoice buyer with the Leading Debt Collection Agency, that can help with debt collection. Prohit is engaged in the provision of comprehensive claim management. Their services include comprehensive pre-legal and legal collection of claims, taking into account all of the applicable insolvency, and civil and succession procedures. All legal options are used to ensure that unpaid receivables will be paid. In its field of expertise, Prohit is the market leader in the country.

IMPORTANT: Prohit will only charge for collection if they are successful!

At special rates for Hiveterminal users only, they offer the following services:

Early Phone Collection

IT support in the form of integrated IP telephony is used for phone debt collection services. This makes the work of Prohit operators transparent and allows for the optimal provision of their services. The software records the time and content of each conversation, along with any agreements made regarding payment. Chronological records of all communications with each debtor are made and kept.

Pre-Legal Collection

When phone collection fails, a pre-legal collection process is undertaken. This involves a systematic combination of successive steps involving written and phone reminders at predetermined time intervals. Once debtors have been sent written reminders to pay their debts, they are called again. The phone numbers they are contacted at can be provided by clients, found in public phone directories, or obtained using other legal sources of addresses and phone numbers.

Legal Collection

Not all debtors pay their debts over the course of the pre-legal procedure. Once all other options have been exhausted, the legal collection will be promptly initiated. This can be done by the client. Otherwise, all of the enforcement and civil and succession procedures will be done by Prohit.

The process of the legal collection begins with the filing of an enforcement application with a court and is completed when the debt has been repaid in its entirety, when all of the proposed means of enforcement have been exhausted, or when the debtor no longer has any available assets to enable their seizure.

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We hope our users will not be needing Prohit’s services, but we are happy to provide everybody with the possibility to have the market leading provider helping in case of need.