Credit security.THE well-publicised hit taken by many smaller firms caught up in Woolworth's spectacular crash out of the high street has led one Teesside insurance broker to launch a new credit protection package for SMEs. Towergate Risk Solutions said its new credit insurance scheme was designed to address the cash flow, credit and investment needs of small and medium sized businesses. It provides protection to SMEs which trade on credit terms Credit Terms The conditions under which credit will be extended to a customer. The components of credit terms are: cash discount, credit period, net period. with other businesses and provides cover against losses arising from the non payment by customers. It also includes a debt collection and credit rating service. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. recent research, 18% of UK businesses fail because of bad debt but only 20% have credit insurance in place. Uptake uptake /up·take/ (up´tak) absorption and incorporation of a substance by living tissue. up·take n. of such schemes is being encouraged by business minister Lord Mandleson, but Towergate MD Emma Simkins said many credit insurance policies were being withdrawn from the market just at the time when lenders were demanding they were in place. |
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