International Business Basics by Michael F. O'Keefe

Author:Michael F. O'Keefe
Language: eng
Format: epub
Publisher: Career Press
Published: 2015-03-15T04:00:00+00:00

Insuring invoices and factoring

Two kinds of for-profit financial services can help you ensure you get money due you. First, you can insure your invoices to qualified customers (whose stability is measured by the service offering this protection after looking at their financial records). That way you know that you’ll receive at least a decent percentage of any defaulted payment. Or you can set up a factoring agreement, where the factoring company collects your payments due and retains a commission for chasing the money down. These services obviously reduce your bottom line, but it may be a question of getting something or nothing in extreme cases. And by the way, these services may be helpful to your cash flow even if you only do domestic business. In remote or developing countries, you may not be able to find this kind of coverage.

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