Risk assessment - Credit limits, credit checking
Credit checking prospective new customers before you commit money and resources is vital.
By credit checking prospective customers you can confirm they are who they say they are and that they have the resources to be able to meet their commitments to your business. You can also get an idea of how promptly they pay their bills.
If you are dealing in export with a value of more than €15,000, you are required by law to carry out checks, under the Money Laundering Regulations (MLR).
But also consider credit checking existing customers on a regular basis, to see if their circumstances have changed; are they paying slower now than when the account was set up?
Using the credit check report, you can then set a credit limit which will maximise sales to that customer, while protecting your business from damaging potential losses.
In conjunction with N2Check, Urecall Ltd are able to offer this service on an ongoing basis for individual checks, or groups, or your entire customer list!
We recommend you to this excellent BLOG which provides much more information on this subject.
For more information about how we can help you call Geoff on: 01978 800390 or email info@urecall.co.uk
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