A credible reputation is a feature that you grow over-time. Business-wise, we build a reputation based on the provision of efficient service over-time. Credit guarantee is one of the most proficient financial institutions in South Africa and even beyond. Over time, they’ve been able to provide scores of financial services, including surety and bonding services.
Do you believe bad debts can be eliminated? Even at a nominal price. Credit guarantee is one of the few financial institutions that offer this form of financial service. In this article, we will look at all there is to know about credit guarantee.
About Credit Guarantee
Credit Guarantee was established in 195 but began operation in 1958 and has been excelling ever since its inception. However. Credit Guarantee Insurance Corporation of Africa Limited is a South Africa Financial Services Company that continues to excel in domestic and export trade credit insurance. Furthermore, they also provide various surety & bonding services via our specialised business unit.
Credit Guarantee Products And Services
As mentioned earlier, Credit Guarantee offers a wide range of unique financial products. Here’s a brief outlook on these unique products.
- Domestic Trade Credit Insurance
This is one of the most important financial products offered by the credit guarantee. This service offers your business protection against the non-payment of debts because of various reasons. Unforeseen reasons such as insolvency, payment defaults incurred by debtors domestically or in the common monetary area.
Benefits
The following reasons make the domestic trade credit insurance important;
- This financial service protects businesses against non-payment of debts.
- Provides expert assessment of credit risks.
- Development of new markets in different industries.
- Increased market penetration
- Continual improvement in the quality of customers and therefore a lower incidence of bad debt
- Access to Credit Guarantee expert advice on collection techniques
- Lower legal costs through improved buying power of collection services
- Enhanced financing mechanisms by providing added security to finance providers
- International Trade Credit Insurance
Sometimes, dealing with foreign buyers could be tricky and lead to profit and loss or even a non-payment. All these vices might cost your company to wind up and even shut its doors. Credit guarantee renders cover for exporters against loss of proceeds by foreign debtors.
Benefits
Below are the major benefits of the international trade credit insurance offered by the Credit guarantee.
- Of Course the major benefit of internal trade credit insurance is providing Protection against non-payment.
- Expert assessment of credit and country risks
- Ability to develop new markets in different countries
- Continual improvement in the quality of customers and therefore a lower incidence of bad debt
- Enhanced financing mechanisms by providing added security to finance providers.
- Bonds And Surety
This is also one of the most important unique products offered by Credit Guarantee. Bonds & surety are in place to protect you as the employer against non-performance by the contractor. Non-performance in the form of low quality of work, completion of work, and the time in which completion occurs.
When you debtor defaults payments, Credit Guarantee mitigates the matter and ensures that your financial setback does not affect your business.
- Small Business And Entrepreneurs
Credit Guarantee believes Small Businesses and Entrepreneurs are the future of Africa’s economic stability, hence we support their future of Small Businesses in Africa.
Benefits
Small businesses and entrepreneurs stands to benefit the following from Credit Guarantee;
- Protection against non-payment of credit sales from date of delivery
- Appropriate for companies that do not have an extremely large turnover or an established credit management team
- Minimal administration on your part
- Enhanced security to finance providers
How to apply for any Credit Guarantee Service
Application process is as simple as visiting the nearest Credit Guarantee address and physically applying.
Alternatively, you can click here and select the insurance product of your choice for more information.
Conclusion
No business is risk free. As long as there’s profit to be made, there is risk lurking around the corner if care is not taken. One of the most frequent forms of risk/loss in business today is the ones from bad and irrecoverable debts. Credit Guarantee in their will to serve, provide cover to reduce the bad debt risk that accompanies business.