Until 2016 there were no professional debt collection services in Montenegro. Then EOS arrived on the scene. Expert know-how is in demand, particularly amongst international groups of companies.
Montenegro is regarded as a secret escape amongst Europe’s tourist destinations: In 2016 about 1.7 million foreign tourists visited the Balkan state of 625,000 inhabitants – 6.2 per cent more than the previous year. Thanks in part to tourism, Montenegro’s economy is on course to recovery. Many Montenegrin companies need to catch up, however, in one respect: professional receivables management. ‘Companies often lack the know-how and resources to approach debtors in an individual and professional manner’, says industry expert Katerina Bosevska. She manages the business of EOS Montenegro, EOS Matrix Macedonia and the latter’s branch in Kosovo.
Since its foundation in June 2016, EOS Montenegro has been the only professional debt collection company in the country. ‘We have broken completely new ground’, notes Ms Bosevska. Because employees in Montenegro have no access to data on payment records with which debtors’ behaviour could be analysed, the company is performing a genuine pioneering role. ‘We are having numerous conversations with defaulting consumers with the goal of setting up debtor profiles’, the Managing Director explains. In the end, EOS Matrix is attempting to find a solution which is acceptable for all involved.
The good reputation of the EOS Group has spread as far as Montenegro, particularly amongst international clients. The first Montenegrin subsidiaries already place their trust in the services EOS provides. For example, Ms Bosevska and her team look after 80 per cent of the debt collection of Telekom Montenegro, a subsidiary of the German company Deutsche Telekom. ‘We are very pleased with the service. EOS Montenegro meets all the conditions of modern receivables management, which we defined in advance’, says Customer Finance Manager, Ana Milovic. Even a bank is included amongst the customers. Addiko Bank Macedonia, which is part of an international finance group based in Vienna, uses debt sales in order to improve its cash flow. Nikola Boskovic, Managing Director of Retail Risk Management & Collection, praises the co-operation: ‘The EOS team has responded flexibly and promptly to our needs and has shown a deep understanding of our decision-making processes’.
In future, Ms Bosevska would like to purchase more and larger receivables packages from regional banks. Her aim: ‘We intend to continue establishing ourselves as a reliable, internationally experienced partner in receivables management that looks after the good reputation of its clients’.