From XU Magazine, 
Issue 20

Why we launched the first invoice insurance on the Xero app marketplace

B2B invoice insurance. Bad debt protection. Trade Credit Risk prevention. We’ll admit they don’t sound all that sexy. But unpaid invoices are one of the biggest problems facing many businesses.

Cashflow is king — for all businesses — which is why many companies will often wait until the very end of the payment term to pay you. Sometimes invoices just slip through the net — which is why it (literally) pays to stay on top of what you are owed.

But consider the day comes when a client wouldn't or couldn't pay? Even your most loyal or long-standing clients may one day face financial hardship. Wouldn’t it help if you could  ascertain a client’s solvency before offering them credit terms and also be insured in case they end up not paying.

How Tradelock invoice insurance helps?

That’s exactly why we launched Tradelock. We allow you to review your clients' level of risk and then you can insure your business against the risk of non-payment.

All you need to do to get started is create an account, connect your Xero account and select the invoices you want to insure. We offer flexible, pay-as-you-go cover. No need to insure all your receivables as required under traditional credit insurance policies.

Given that premiums can be as low as 0.02% of the invoice value and we indemnify 90% of the invoice value in case of a claim, it's not the kind of expense you’d be panic-stricken by.

We understand being a small business owner is less about taking risks, and more about reducing them. With careful planning and the right financial measures in place, you can afford to grow safely in the knowledge that your business is covered.

That’s also why users can tap into Euler Hermes vast credit risk database, monitoring more than 82 million companies worldwide, and find out which clients and prospects are stable or more risky to make well-informed credit control decisions.

But, what makes our data so reliable?

Well, as a Euler Hermes product Tradelock is part of Allianz – one of the world's largest financial services companies and business insurance providers. Euler Hermes itself specializes in trade credit insurance and has a wealth of business data and predictive intelligence on which it bases its credit risk analysis.

What’s in it for accountants?

Besides the obvious, to safeguard your premise against unpaid invoices, we will launch our introducer program soon. Get in touch via our website to learn how your clients can benefit from invoice insurance. Maybe you have a client who struggled with bad debt in the past? Let them know that Tradelock is here to help.

Why leave it there?

Get a free quote

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