The European Payment Order (EPO) is a system of cross-border
debt-collecting methods established on 11 December 2006, used in the
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
.
Uses
The European Payment Order is only available for cross-border cases. It allows for citizens and businesses to use a simple method to enforce uncontested payments.
Small business
Small businesses are types of corporations, partnerships, or sole proprietorships which have a small number of employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as "small" in terms of being ...
es in particular should benefit from the EPO since it provides a simple, cost-effective method of collecting payments from a multinational group of customers.
Local law
Local debt-recovering systems work alongside the European Payment Order.
Creditor
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some propert ...
s can choose which system they wish to use. One of the biggest benefits of using the European Payment Order is that it is specifically designed to work in multinational scenarios.
See also
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Debt collection
Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a coll ...
References
European Union law
2006 in European Union law
2006 in the European Union
European Union regulations
Judicial cooperation in civil matters in the European Union
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