Buyers all around the world demand looser credit terms. Saying yes to them can likely boost sales and keep customers happy.
- 50% of buyers requested for more credit
- 91% of exporters offer open account upon buyers' request
- To increase trade sales (82% respondents) and customer loyalty (74%)
Yet buyers often pay late, sometimes even never.
- 79% of exporters experience overdue payments
- 70% of overdue payments came from existing buyers and 30% from new buyers
- 53% suffered from bad debts in the past 3 years, an annual loss of HKD200,000
Source: Euler Hermes Hong Kong Market Survey 2014
Trade credit insurance can solve the dilemma. Exporters use trade credit insurance to:
- Protects against buyers defaulting (27%)
- Allows selling to new international buyers (17%)
- Assists in expanding to risky or emerging markets (16%)
Watch the What is credit insurance video below to find out in just 2 minutes how it can help your business.
CREDIT INSURANCE POLICIES
Euler Hermes credit insurance policies suit ambition and trades of all sizes and sectors: