MARKETINVOICE, the peer-to-peer invoice finance and business loans platform, has partnered with trade credit insurance provider Euler Hermes to help customers safeguard themselves against bad debt.
MarketInvoice customers who use invoice finance solutions will be offered credit insurance which protects them if their customer becomes insolvent or fails to pay within the agreed terms.
The policy includes a risk prevention tool that monitors a company’s financials, giving customers a forward view on their debtors.
It comes after research by MarketInvoice found 62 per cent of invoices issued by small- and medium-sized enterprises (SMEs) in 2017 were paid late, equating to £21.1bn outstanding in late payments.
Milo Bogaerts, chief executive of Euler Hermes UK and Ireland, said recent high-profile corporate failures reinforce the need to be aware of the risks of late or non-payment for goods and services provided on credit.
Ilya Kondrashov, chief operating officer and co-founder of MarketInvoice, said the underlying aim of the partnership is to enable companies of all sizes to trade with confidence at home or abroad.
“This is the joint mission of our businesses and we aim to deliver this for our customers,” he added. “As Brexit dawns, this partnership arrangement will provide our customers the confidence to expand sales to new buyers and markets.”