Q: Is GGL Trade Credit an insurance Company?
A: No, we are specialized brokers that interact between you and the credit insurance or factoring companies. Our aim is to find the best solution to protect your company against its clients insolvency and to negotiate the best coverage at the lowest cost.
Q: What is the cost of the service GGL Trade Credit provides?
A: There is absolutely no charge to you for our services.
Q: What are the benefits of credit insurance?
A: Enables greater confidence in business growth, both for domestic and export sales and gives peace of mind. Also;
- Reduces bad debt
- Provides better risk management
- Better financing
- Greater security to a lender, especially foreign
- More ample business planning
A: Any business that trades on credit, regardless of its size, from SME's to large companies, international or internal traders and any business that has a high risk of exposure and whose buyers do not always honour debts on time.
Q: How long does payment take if a customer defaults?
A: If you have a credit insurance policy you will receive payment the month following the end of a waiting period of a maximum 5 months after the date the claim has been received by the Company. If the nature of the non-payment is a buyer's insolvency, then the claim is paid within 30 days. If you have a factoring contract, the waiting period is a maximum 120 days after the due date.
Q: What is the difference between recourse factoring and non-recourse factoring?
A: ‘non-recourse’ factoring contract includes bad debt protection (credit insurance). This means that if an insured customer fails to pay an undisputed debt, and provided it is within the agreed limits, The Factoring Company will credit you the value of the outstanding debt. ‘recourse’ factoring contract is where you assume all risk of non-payment from your customer.
Q: How long does a factoring contract last?
A: The agreement is very flexible, usually there is no termination date but only a 3 months notice period.
Q: How quickly can invoices be financed by the Factoring House?
A: Very swiftly, within 48 hours.
Q: What is the difference between factoring and invoice finance?
A: Both provide the immediate financing of invoices. Factoring includes debt collection whereas invoice finance does not.
Q: What happens if I forget my password when logging onto this site?
A: You can contact us by emailing email@example.com