STA International is partnering with Chartis to offer their Trade Credit policyholders a service that will help to accelerate debt recovery, reduce shortfalls in cash flow and minimise business disruption.
STA 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.”
“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,” said Will Clark, Trade Credit Manger (UK) at Chartis.
“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.
“Research shows that escalating overdue accounts to a third party at an early stage much improves the chances of collection. Our partnership with STA International will help speed up debt recovery for our policyholders and accelerate the settlement and payment of a claim, if required.”
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