Trade Credit Insurance Services from
Niche Trade Credit
Niche Trade Credit offers security and confidence against the
following type of commercial risks:
- Insolvency
You can be covered against your
debtor not paying you because they
have gone Inslovent e.g. an
Administrator Liquidator Receiver &
Manager has been appointed to them.
- Non-Payment
Where the debtor hasn’t strictly
gone into a form of inslovency but
you can’t get them to pay you can
still be covered
Niche Trade Credit also offers full protection for export clients.
When an overseas buyer doesn’t want to use a Letter of Credit and
prefers to trade on Open Account or Documentary Collection basis,
Export Credit Insurance cover is the prudent alternative. We can get
cover for you against the following export and political risks:
- Contract Frustration due to
war, riots etc.
- Repudiation by the Buyer –
this is a real risk especially
in cases of high price or
currency fluctuation
- Insolvency of or Non-payment
by the Buyer
- Inconvertibility of Currency
- Cancellation of
Import/Export Licenses
- Default by Government-owned
Buyer
- Contract Cancellation by
Buyer's Government
We are committed to arranging the best value cover for our clients.
We guarantee service delivery through our expertise in the credit
insurance market throughout a broad range of industries. We pride
ourselves on our well-established relationships with Insurers and
knowledge of their products.
- Buyer Insolvency
- Protracted Default
The cost of a bad debt needs to be counted as much more than simply
the loss of money you were due to receive. The truth is you can
never make up for the cost of a bad debt. The impact is immediate,
it can put stress on cash flow and will certainly damage your
profitability. Ask yourself now. what would be the consequences of
one of your largest customers failing to pay you?
For most businesses the value of the debtors ledger (the money you
are owed), is one of the largest assets and yet it is also often
uninsured. Other important business assets are insured usually
without question, yet the risk to a business of customer insolvency
is perhaps one of the most volatile exposures.
We offer an independent Credit Assessment and Health Check which
will give an assessment on the quality of the receivables portfolio.
It is designed to:
- identify credit
process improvement
opportunities,
- outline actions for
cash flow improvement,
and
- identify cost of
credit saving
opportunities.
The report includes a benchmarking and competitor analysis. The
process takes 2-3 hours and includes discussions and interviews with
the finance and credit managers, the completion of a standard
questionnaire and a data template.
- Would you like a
review of your
processes and
procedures?
- Would you like
an independent
review of your
receivables
performance?
- Would you like
to benchmark your
receivables
portfolio against
other companies in
your industry?
- Would you like a
credit specialist to
identify cash flow
improvement
opportunities?
We offer a flexible service to ensure you get full value from your
Trade Credit Insurance policy. Unlike other forms of insurance ATC
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.
The prompt collection of outstanding accounts requires effective
contact with the debtor at the earliest opportunity. Within 24 Hours
of an account placement , we attempt such contact by way of a
suitably worded demand letter faxed, emailed and/or mailed,
complemented by a telephone demand. Generally the demand letter will
be sent on the same day as the referral is received. We will take
the necessary steps, such as field calls or skip and/or asset
tracing to locate the debtor and enforce your rights.
At all times our contact with the debtor will be professional and
assertive. We will endeavour to have accounts settled in full,
however, it may be necessary to arrange a suitable repayment plan to
resolve the debt. In this instance Premier Mercantile will obtain
your acceptance or otherwise of such an offer and monitor payments
to finality.
Sound information and good attention to detail is vital when
referring files for collection. The minimum of information required
to ensure a maximum debtor impact would be:
- Full name
and address of
the debtor
including
telephone
contacts and any
third parties
involved
- Complete
details of the
debt and, if
possible details
of collection
action taken to
date
- Details of
any negotiable
instruments,
retention of
title, lien,
guarantees or
securities held
- A copy of
the relevant
credit
application
- A copy of
the last
statement sent.
We pride ourselves in submitting accurate and complete claims for
our clients and liaising with the Insurer to ensure timely payment.
In the rare occasion of dispute, we are a vigorous advocate for you.
With Trade Credit Niche you can be confident:
“Know thy debtor” – correctly identifying your debtor is
essential – let Niche Trade Credit help you
Typically most ledgers have a high rate of incorrect or incomplete
debtor identities. Dealing with the correct legal entity greatly
improves your chance of enforcing you contract and getting payment.
It also is essential so you can rank for dividend in the event of
insolvency and/or claim form the Insurer. We can arrange a review
your ledger for a small fee.
Advice of significant changes
We can provide you with early warning signs on identified debtors on
a proactive basis. Changes or adverse events involving one of your
debtors will be notified to you as soon as we are aware of the
facts. Wouldn't it be valuable to know if there was a change in your
debtors' credit profile or if they have overdue debts elsewhere?
Monitoring and review of Credit Limits
Even if you already set credit limits for your customers, on what
basis are these limits set and how often are they reviewed? Our
experienced analysts draw on an extensive range of data and will
provide you with thorough advice on your credit limits.
Customer profiles
Our reports are not "off-the-shelf" information, instead we offer
personalised, current and accurate mercantile reports without the
padding.
Practical advice
We can arrange advice for you regarding issues such as effective
Retention of Title, Directors Guarantees, Security or payment terms.
We can also arrange a review your Credit Management Procedures
Manual.
Niche Trade Credit Pty Ltd is a licensed Insurance Broker with ASIC
AFSL No: 355296 |
