Japan’s government wants to revise the inflation target


This is how you minimize credit risks abroad

Published: November 28, 2022, 10:00 a.m. Updated: December 14, 2022, 3:44 p.m.Peter Boberg, CEO of Atradius in Sweden. Growing abroad is an important priority for many Swedish companies. But with the opportunities also increases the risk of not getting paid. This is how you minimize your credit risks abroad. The increasingly gloomy global business climate is noticeable at Atradius, world leader in credit insurance, among other things. The company’s advisers are spending more and more time explaining the current conditions in various markets. – These are uncertain times, with rising costs and greater concern on world markets. These are things that can affect a company’s ability to pay. Therefore, it is more important than ever to protect the business from sudden and unexpected customer credit losses, says Peter Boberg, CEO of Atradius’ Swedish operations. Many companies strive to enter new markets. But more customers also mean higher credit management costs, both in terms of money and focus, especially when the company manages the credit risk internally. – When payment behaviors change for the worse, this often means more reminders and more collection cases. It creates an uncertainty and an unpredictability that is not good for business. Many times a bad experience leads to the company avoiding doing business with new customers in the same market, says Peter Boberg. But there are relatively simple ways to reduce the risk of credit losses. – You forget how different things can be, even in neighboring countries. That you acquire knowledge, and preferably a local contact you can trust, is central, says Peter Boberg. Atradius has helped entrepreneurs all over the world with both advice and insurance products for almost 100 years. – With credit insurance, we remove the uncertainty and the company can focus on strategy and business, even though the invoice from the customer may be late or even remain unpaid. The procedure is not new. Many Swedish export companies work with various types of guarantee and credit insurance solutions to minimize risks and costs. – Our own research shows that more than half of the larger Swedish companies use some type of credit insurance as a tool to manage credit risk, says Peter Boberg.THREE TIPS TO PROTECT THE COMPANY AGAINST CREDIT LOSSES1. Plan● Investigate your customer carefully and ensure that you are doing business with the right legal entity.● Take a credit report and request the latest financial statements. Check website and phone number.● Always set a limit on each customer you give credit to.2. Build simple processes● Make a credit policy that covers the entire process from credit decision to payment. Feel free to use the help of a credit reference agency to monitor your existing customers.● Write clear sales agreements that include credit terms, handling of disputes, etc.● Ensure standard procedures for reminders and debt collection.3. Use smart insurance solutions● Credit insurance from Atradius is a simple tool to get better control over your outstanding accounts receivable. It can also facilitate your financing.● It monitors your customers and secures your payment.● In addition, Atradius, with all its accumulated experience and expertise, helps you expand your business with safe deals.● Atradius also offers local assistance.Atradius – a stable partner for credit insuranceAtradius is a world leader in products and services within credit insurance, guarantees and debt collection. The company is present in more than 50 countries and has approx. 3,650 employees worldwide, of which approx. 40 in Sweden. Atradius was started as early as 1925 and has since worked to support domestic and international trade. Read more about Atradius at www.atradius.se . The article is produced by Brand Studio in collaboration with Atradius and not an article by Dagens industri

Click to rate this post!
[Total: 0 Average: 0]
Next Post

According to Binance, Shiba Inu (SHIB) was the third most watched cryptocurrency in 2022

In a difficult year for cryptocurrencies like Bitcoin, Ethereum and others, Shiba Inu entered the ranking of the coins most watched by investors, according to information from Binance. According to data from the world’s largest cryptocurrency exchangeBTC, ETH, and the SHIB memecoin were the top 3 most-viewed coins on the […]

Subscribe US Now