European Payment Order

European Payment Order

The European Payment Order (EPO) is a system of cross-border debt-collecting methods established on December 11, 2006 that is used in the European Union.

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 businesses in particular should benefit from the EPO since it provides a simple, cost-effective method of collecting payments from a multinational group of customers. [cite web| url=http://www.europarl.europa.eu/sides/getDoc.do?language=EN&type=IM-PRESS&reference=20061002IPR11283| title=Go-ahead for the European Payment Order| date=March 10 2006| accessdate=2008-03-26| publisher=European Parliament]

Local Law

Local debt-recovering systems work alongside the European Payment Order. Creditors 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. [cite web| url=http://www.lindorff.com/com/mainpage/news/article15113.ece| title=EU Member States to implement a common debt recovery procedure| date=December 12 2006| accessdate=2007-03-09| publisher=Lindorff]

ee also

*Debt collection

References


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