B2B invoice insurance. Trade credit risk prevention. We’ll admit they don’t sound all that sexy.
However, if you’re operating as — or as part of — a small or medium enterprise in the UK, you’ll find them pretty essential failsafes in the ongoing quest for timely client payment.
In the B2B world, particularly if your trade is service-based, you’re constantly on the back foot when it comes to getting paid. Why? Because for the most part, you only send an invoice once work is complete.
And then begins the often excruciating wait for payment to hit your business bank account… and even then, particularly in this turbulent economic climate, there’s a chance that they won’t or can’t pay you. Or they’ll only do it once you’ve wasted time chasing them.
Cashflow is king — for all businesses — which is why many companies will often wait until the very end of the payment term to get what’s owed across to you (and, more often than not, it’s largest companies who take the longest time to pay!). Sometimes invoices just slip through the net — which is why it (literally) pays to stay on top of what’s owed you.
Such is the life of an SME owner.
But consider the day came when a client wouldn’t or couldn’t pay? Even your most regular or longstanding clients may one day face financial hardship. And it would also help if you could vet clients before taking them on — to ascertain their solvency.
Think that’s not possible? Think again.
That’s exactly what we’re offering here at Tradelock. We allow you to review your clients’ level of risk and then you can insure against the event of non-payment.
Getting set up is pretty straightforward:
- Create a free account — simply sign up to get started
- Identify your business — search and verify your company’s details
- Connect your accounting software — Tradelock is compatible with all major accounting programmes
- Search for your clients’ risk profiles — use our international database to review company risk information
- Buy invoice insurance — take out cover for as many clients as you want
In case of non-payment you need to claim within 60 days after the due date, then we’ll ensure you get the amount insured within 60 days.
But what makes our data so reliable?
Well, as a Euler Hermes product Tradelock is part of Allianz — one of the world’s largest financial services companies and business insurance providers. Euler Hermes itself specializes in trade credit insurance and has a wealth of business data and intelligence: insight that you’ll have access to.
We believe small businesses are the backbone of Britain.
Tradelock is committed to helping companies like yours remain profitable by giving them the tools, data, and insight needed to safeguard their income and cashflow.
It’s as simple as that.