Credit Risk Management

Prevent late payers and defaulters: Protect your organization and get paid faster

It is no secret that many companies have to deal with late or delinquent payments. Obviously, your organization wants to avoid this. By following these five tangible tips, you can rest assured of faster payments.

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10 pages (15 min read)

Obviously, your organization wants to avoid this issue, since it causes cash flow problems – and in the worstcase scenario can even obstruct your organization’s business operations. Situations like that can lead to a domino effect: when one thing topples, it can cause the whole system behind it to come crashing down. If your customers don’t pay you, you may end up in a position where the delinquent payments eventually make you unable to pay your own creditors on time.

Customer acceptance

These are all questions you need to be able to answer before you accept a customer and start delivering goods or services.

Company Credit Policy

Create internal procedures and define who is responsible for the credit, how invoicing should be handled and how to react in case of delayed payment.

Risk profiles

By treating late payers and non-payers differently - for example, by asking for a prepayment - you gain control over invoices and thus get paid faster.