Trade Credit insurance can inject confidence and power new opportunities, especially in businesses that trade internationally. ICT Circle offers a wraparound service to help you expand safely, at a pace that suits you.
Trade Credit Insurance policies compensate a seller of goods or services if their buyer fails to pay, either through insolvency or protracted default. Policies are designed on a sales turnover basis.
ICT ecosystem partner will analyze your clients’ credit risks and set a credit limit for each of them. You continue to trade with your clients as usual. If one of your client’s defaults on a payment up to their agreed credit limit, notify us. We will work with the insurer to organize a debt collection and get you your money back.
If the debt collector can’t collect all the payment that you were due, we can help you submit an insurance claim. In this instance, the insurer could pay up to 90% of the insured debt and the collection expenses.
There is more to it than just protracted defaults and insolvencies – having access to market insights before you complete deals can help you train your sales efforts on companies that have a good reputation for paying up.