If your business doesn’t lay the right groundwork when working with customers, you’re leaving yourself wide open to the risk that you’ll never get paid at all. Time and again, we hear of well-meaning companies putting in in hours of labour - and investing into raw materials - only to find that their customer doesn’t have the means to pay the bill.
According to National Statistics, 4,547 companies entered insolvency in Q2 2017. And over the next few years, we foresee a turbulent time for small companies which could increase this figure significantly. If you don’t yet have full understanding of the companies you're dealing with, and their creditworthiness, your business could be just a few short months from a serious cashflow crisis.
Safe Collections is pleased to offer half-price credit reports from Experian. You pay just £9.99 to check the official credit report for your client; a small fee, but a big weight off your mind.
Why Take on Unnecessary Risk?
If you are offering credit to customers, you are basically acting as a lender. You’re giving your clients extra time to pay as a perk of their contract with you.
Content continues below
With a little under a month before the UK goes to the polls - again - following PM Theresa May’s snap general election call, it is difficult to know on what ‘issues’ the public will be basing their…
Late payment of invoices is now - for the first time in recent years - the single greatest risk to creditors, even outranking debtor insolvency in a report from credit risk insurer Coface UK.…
So it is that time of year again, businesses are scrambling to get things finished for the big Christmas shut down and, for a few days at least, you can leave your problems in the office - no chasing…
A publicly accessible database of company directorships could soon become a reality, following the conclusion of a consultation by the Department for Business, Innovation and Skills. The proposals…
Customers who repeatedly pay late put an unnecessary strain on your business, and not just because they owe you money. You need to spend more time chasing payments or putting customer’s accounts on hold.
Just as consumer lenders credit check customers before trusting them with funds, businesses should also credit check the people they’re extending credit to. This helps you to avoid bad payers from day one, and it also allows you to set a sensible ceiling for the amount you’re prepared to lend.
One Simple Check to Protect Your Business
Obtaining a credit report for any new client is the best way to mitigate these risks. By running a credit report today, your business could potentially save thousands of pounds in losses in the future by identifying risky customers and avoiding being over-indebted to a company that may not be able to afford to pay you back,
Safe Collections is proud to offer official Experian credit reports at 50% off the regular price. Instead of £19.99 each, you pay just £9.99 to check your customers’ report.
An Experian credit report is straightforward and easy to interpret. It presents you with a numerical credit score out of a possible 999, along with accompanying text of "very poor”, “poor”, “fair”, “good” or “excellent”. It also shows details, both positive and negative, affecting the company’s credit score.
There are no limits to this offer, so you can use it as many times as you need to. Credit checks should be an essential consideration for any small company or freelancer that could be severely affected by a couple of months’ missed payments.
Know What Kind of Customers You Are Dealing With
Before taking on your next major client, perform your due diligence and obtain an Experian credit report through Safe Collections to identify any risks up front. That next big contract won’t be worth the paper it's written on if you aren't going to be paid for it, and a credit report gives peace of mind that your customer can be trusted with the cash you’re lending them.
Over 150 Years Of Industry Experience
Our modest but highly skilled team has a combined total of over 150 years of experience in commercial credit management and B2B debt collection. From independent IT contractors to major film and TV publishers, Safe Collections has the knowledge and experience you need to get paid quickly and cost effectively.
Image “Credit Report - Blue” by flickr user “CafeCredit” is licensed under CC BY 2.0