Partnership with STA for trade credit policy holders
Chartis is partnering with STA International to offer its trade credit policyholders a new business interruption product. The service aims to accelerate debt recovery and reduce shortfalls in cash flow.
Chartis trade credit manager Will Clark said: “The current difficult trading environment has resulted in a persistently high number of companies entering into administration or insolvency since the onset of the global financial crisis. With no end in sight to the cycle of flat or negative GDP growth, this trend is set to continue according to a recent report by Sopra Group Solutions, that points to a 20% anticipated increase in debt collection cases in the coming year.”
He added: “As companies struggle in this tough economic climate, many are looking at strategic cash management to hang on to their money for as long as possible; others are even being forced to work outside normal payment terms. The problem is that their late payment is another company’s cash flow crisis.”
STA International managing director Colin Thomas said: “Our approach is to move quickly; to get a recovery strategy in place within place 24 hours. At the same time, we do everything we can to protect the policyholder’s relationship with the supplier by acting in effect as an extension of their credit control team. This approach has delivered considerable success; our recovery rate is significantly higher than the industry average.”