The new world of trade credit
Trade Credit in Africa is estimated to be a $100bn industry – a significant and growing figure. However, the challenge is that credit insurers have seen a drastic increase in claims, which has resulted in limited capacity for such risks. Companies who do not choose to leverage insurance have also experienced major challenges on their debtor book from slow to non-payments to liquidations, with the effect of wiping out profits.
This results in the credit division being averse to extending too much credit, often putting them at loggerheads with the sales team and potentially profitable clients are lost through the process.
The solution lies in challenging and changing the approach of onboarding and managing clients, which will enable efficient and profitable trade credit.
This new world of innovative trade credit involves the automation and digitalisation of the onboarding process as well as managing each client by leveraging previously unavailable technology and data sets. All of this can give you the heads up to unprofitable credit.
At the account origination stage, an automated application form replaces the current hand-written version and includes pre-populated fields, giving you the correct information upfront, saving you time and ensuring a decision can be made on the correct data within one hour!
Adding a layer of decisioning based on your own credit policy gives you an immediate automated recommendation as to whether you should extend credit or not.
Lastly, a dashboard based on over 120 000 individual businesses’ monthly trade credit payments (the business version of the consumer payment profile data) valued at over R40bn, and the daily updates of the CIPC information, all combine to give you an advanced warning of potential payment challenges among your debtors.
This dataset and view has never been possible before in South Africa.
If you would like to find out more how Inoxico is changing the face of Trade Credit, please join our one-hour, free webinar “Ignite Growth Through Trade Credit Innovation” on Wednesday, 15 September 2021, starting at 10am and facilitated by CN&CO Events.
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