Credit Insurance safeguards your business, paying out in the event that your customers can’t, but it also does much more than that! At the Channel Partnership, we’ll partner with you to advise on the best options for your specific business, even if that isn’t Credit Insurance.
All B2B customers expect credit terms and ideally we’d all like customers to pay an invoice when it is due; the reality is it’s often a minimum 30 or 60 days later before they do. This means that a large chunk your money is in the hands of your debtors. Credit insurance helps manage risk, supporting your business by:
- freeing up your cash to be spent where it’s needed most. Many companies keep reserves in order to offset bad debts, and often slow their own supplier payments to improve cashflow. Removing the threat of bad debt enables funds to be reallocated, helping support your own growth plans and potential.
- improving your decision-making by sharing reliable information on your customer credit risk. This is not just about protecting you from high-risk companies, but also about giving you an understanding of the appropriate level of credit that could be extended to a customer. In turn, more informed decisions can mean better profitability and business growth, giving you a more stable, successful business.
- supporting applications to finance facilities who are more likely to work with credit insured companies. Invoice finance and factoring terms are more attainable and competitive, simply due to the extra security provided by having a credit insurance policy.
- granting access to experienced debt collectors and credit control teams, helping chase slow paying customers for both insured and uninsured debts. This often means faster payments, and therefore more cash readily available within the business.
The Channel Partnership (formerly LDPA Credit Insurance) is a specialist credit insurance broker. Specialist broker status means that we satisfy or exceed the standards of our insurers in terms of product knowledge, policy management and presence in the market.
For our customers, this means confidence that the advice and guidance you receive from us is correct, up-to-date and relevant to your business, presenting the best option for your circumstances.