Now more than ever, you need to increase your working capital in order to protect your business. With a global recession and pandemic in place, this means that the normal business climate is no longer applicable. Businesses are in disarray as they navigate through these changing times. It is definitely possible that some of your customers will be unable to pay your business if you sell on credit terms. You need to understand credit risk in order to protect your business and to preserve your working capital for solid business health. Credit risk management is essential.
These days, there are more options than ever for accepting payment. It’s easy, however, for a new business owner to get caught up in the excitement of making sales while simultaneously forgetting the necessity of having a well-thought-out approach. For example, which payments will you accept? How will you handle payment plans? What collection methods should you use to ensure debts are paid? These considerations are essential to any small business’ success.
Find out when to use a collection agency, how to choose the right agency, what it’s like to work with a collection agency, and how working with a collection agency impacts your business.
Debt Collection, Debt Management, and more.
The Cayman Islands National Credit Bureau Ltd. provides credit reporting service to members who can access the credit information available on our database on consumers and businesses in the Cayman Islands.
Our database comprises of over 60,000 credit records and is continually increasing in number and scope.
The benefits are obvious when you check your customers credit file with us … you get credit information on your customers which will minimize your risk of lending money to someone who has bad debts with other creditors around town.
This empowers you to make your lending decisions efficiently and effectively.
CINCB’s credit reporting service is a credit risk management tool you should be using whenever you are considering taking on new business or extending further credit to existing clients.
When your accounts receivables go into arrears, our debt collection service is your best choice for getting trained professionals to collect your delinquent accounts.
We treat your customers as our own, and endeavour to give assistance to delinquent debtors by encouraging debtors to repair their credit by paying off or consolidating delinquent debts. We seek to maintain amicable relationships with all debtors on the road to credit repair and encourage members to re-establish lines of credit with debtors once their credit has been restored.
By employing our debt collection services, you can spend time where you make money – that is selling your product. Let us focus on collecting your delinquent debts and you focus on new sales.
With the leverage of the credit bureau, we are able to efficiently and effectively increase our debt recovery odds as most people pay their debts simply because they desire to have good credit.