When an invoice remains unpaid, even after the due date (determined by the payment terms, either default for the Merchant or for the buyer, if chosen), Two will proceed with dunnings for the buyer.
We will usually send 3 dunning communications before going to collections. Once an order is in collections, that buyer will be blocked from using Two.
The block will be removed once the invoice is paid, however their credit limit will be lower than before due to this. This is done using our algorithms and logic.
Keeping good credit and paying on time will give your buyer’s more credit. Not paying on time will do the opposite and reduce the amount of credit they have access to. This way, Two always provide a real time credit limit based on events.
In Norway, invoices are owned by Kredinor and therefore the dunnings and collections will be performed by them as well. This means Two is unable to help if the buyer is not able to pay on time.
FAQs
- Will it impact my business if my buyers do not pay their invoices?
Generally no. However, Two also does AML and KYC checks on our Merchants to make sure they operate within laws and rules. In cases where it is known that the Merchant knows their Buyers and the vast majority of orders are not getting paid, Two might step up to get more information. - My buyer has questions about their invoice/dunnings/collections, who do they contact?
For Norway, the contact point for dunning and collection is Kredinor. You will find the correct details on the emails.
For all other jurisdictions, dunning is done by Two. - Do you inform the buyer about collections?
We send payment reminders before the payment is due. We also send communications after the due day has passed to inform the customer about the possible late fees and collections.