Additional Key Services for Comprehensive Business Protection

When your business is covered by a Trade Credit Insurance policy there are a number of things that you need to do throughout the year to ensure that you are complying with all of its contained requirements.

Unlike most other insurance policies that sit in a drawer after signing and just need to be renewed on a yearly basis, for a Trade Credit Insurance policy you need to:

Understand credit granting and how you need to liaise with us when you sign new contracts to ensure that the client is covered under the policy and that there are no restrictions, and if there are what they are and how they may affect your relationship with the client.

Turnover declarations need to be completed so that the regular cash flow of your business is understood and any issues can be flagged.

Overdue reporting means that you are regularly assessing your client base and as soon as there are overdue payments that may signify a problem they are reported.

If this has got you confused don’t be that is what we are here for. Our expert staff will make sure that you fully understand your requirements and walk you through the steps that you need to undertake to ensure that you are compliant.

We offer a flexible service to ensure you get full value from your Trade Credit Insurance policy. Unlike other forms of insurance, trade credit insurance is interactive; you can’t file it in your draw for 12 months and only consider it at renewal. We help you to comply with credit granting under the discretionary limit, turnover declarations and with overdue reporting.

Do you honestly know who owes you money? Perhaps you have dealings with one or more staff members from an organisation that purchases goods or services from you but do you know the legal identity of the company that they are employed by?

If this question leaves you scratching your head and looking at your ledgers with fear then maybe you need our help.

But you are not alone, many ledgers hold incomplete debtor information and at Niche Trade Credit we can help you by reviewing your ledger.

The reason we recommend this is that if you have the full legal details of every one of your clients it makes it much easier to ensure that you receive payment by enforcing a contract.

This is also the case if a client files for insolvency and you need to rank for a dividend or make an insurance claim.

How handy would it be for you to know BEFORE a client defaults on a payment that they are experiencing difficulty with their finances?

It could open up a conversation about a payment plan, you could suspend a delivery of goods till payment is guaranteed or sit with them to create a strategy that is beneficial to both.

We can provide you with early warnings about both current and potential customers. Be aware before you sign if a client has outstanding debts with other providers so you can save yourself a headache or maybe insist on up front payment rather than extending credit.

Let us do all of the hard work for you. You may have set credit limits for some of your climates but do you have a process in place that means they are regularly reviewed.

We have experienced analysts that can do this for you. They have a broad range of information available to them for determining appropriate credit limits and can assess your data and provide guidance in this important area of business.

We guarantee that all of our mercantile reports are completed by our specialists to accurately reflect the information that is relevant to your business finances and standing without any ‘padding.’

Some providers may supply off the shelf generic reports but we guarantee that each one of our reports is the result of the analysis of the data that you provide us combined with the pertinent market information.

If you are not sure about your business finances and how to protect them, come and see us for practical advice.

Financial areas can be confusing to even the most experienced person. Your job is to run your business that is your expertise, this is ours and we can provide advice in areas like:

These are just some of the areas that we can assist with, come and see us to sort out your business finances before they become an issue.

We’ll also offer sound credit management tips and advice. Consult with our credit management team today if you’re having a problem with collecting your payments. As seasoned credit control and debt collection experts, we know all there is to know about getting your money back. Email us with any questions and enquiries you might have and we’ll get back to you as soon as we can. All enquiries will be handled professionally and discretely.

An important component of any effective cash flow management system, credit and debtors insurance is essential for any business in case there are debts that cannot be recovered. This type of insurance is particularly important in the case of large debts (e.g. a business’s largest customer), where the financial stability of the business would be at stake if the debt was unable to be recovered.

Bad debt can become a serious issue for businesses, particularly when left unchecked. It’s important to consider the impact of bad debt on your business early; once debt has accumulated and is causing serious strain, it is often too late.

We can take care of your risk insurance needs for you, finding a suitable insurer and then processing the paperwork on your behalf.

In the business world, there will always be people who cannot pay. As a business that sells goods and services in credit terms, it’s quite likely that much of your working capital is tied up in accounts receivable.

This is perfectly normal; however problems can arise when these invoices aren’t paid on time.

Whether it’s a small bill or a couple of months’ worth of unpaid invoices, it can ultimately lead to financial strain for your business.

The fact of the matter is that virtually every company has to deal with debtors – and consequently bad debt – from time to time. While some cases may result in nothing more than a little frustration, others can essentially ruin a business.