Did you know?
On average, 59.8% of Australian businesses pay their bills on time, while 9.5% pay more than 60 days beyond invoice terms
The average late payment time for Australian Businesses is 15.3 days late
Big to small payment times showed a clear pattern of larger firms paying smaller firms at a delayed rate, big companies paid other big companies even later
What is Trade Credit Insurance?
If you trade or sell goods on a credit basis, you’re at risk of bad debt or non-payment by customers. This can disrupt your cashflow and leave you out of pocket.
Trade credit insurance is important for protecting your income and business assets against potential customer failure. With the right cover, you can grow your business confidently, knowing you can be protected if things go wrong.
Who should consider it?
All registered businesses that sell goods and services on credit terms, such as a 30 days to pay, should consider trade credit insurance. This includes businesses that trade domestically and internationally.
Some trade credit insurance policies also offer the bonus of working with designated collection agencies to help you recover your debts - taking the pressure off this difficult and time-consuming process.