Remove Bad Debt Remove Blog Remove Credit and Collections Remove Credit Risk
article thumbnail

Effective Strategies For Managing Credit Risk In Your Business

Know-It Global

As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. Did you know? What are you waiting for, get started now.

article thumbnail

Leveraging Credit Control

Know-It Global

Maintaining a healthy cashflow through credit control is crucial for the long-term success and sustainability of any enterprise, especially against the backdrop of soaring insolvencies and record instances of late payment. One effective strategy for achieving this goal is to implement a robust credit control system.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

Leveraging Automation for Customer Credit Scoring

Lockstep

In today’s economy, it is essential to be able to allocate credit where it is needed most. based B2B sales are paid using customer credit, knowing how much credit to extend and to which customers is of dire importance. Issuing too much credit to the wrong customers can lead to disastrous outcomes. .

article thumbnail

The Benefits of Offering Trade Credit & How To Mitigate Risk

Know-It Global

Offering trade credit can bring a huge boost to your business! One effective strategy that accomplishes both goals is offering trade credit. This is an arrangement where businesses extend credit to their customers, allowing them to purchase goods or services and pay at a later date.

article thumbnail

Monitoring Your Collection Rates And Finding Balance

JSP Credit Management

JSP Credit Management's journey so far has taken some unexpected turns in its short lifespan. Until about a month later that is, when an opportunity arose on social media to get involved in a disputed commercial debt that existed between two parties that were based in Europe and Asia respectively. That is "what was your recovery rate?",

article thumbnail

The Alarming Trend of Rising Company Insolvencies

Know-It Global

Supply chains threatened by soaring insolvencies Recent data has revealed the average bad debt for UK SMEs is £16,641, a spike of 61% in a year! Bad debts If the insolvent company owes you money, you may not be able to recover the debt, or you may only receive a fraction of what you are owed.

article thumbnail

Effective Strategies to Reduce Debtor Days

Know-It Global

Evaluate and improve your credit terms Begin by assessing your current credit terms and ensure they are reasonable and aligned with industry standards. Consider shortening the credit period, tightening credit limits, or implementing stricter credit approval processes. Struggling for time?