Before taking on a new client, WLN now runs a comprehensive credit check on the businesses financial history to identify any potential warning signs such as a low credit score that could suggest that they might not be able to meet agreed payment terms. This has become more prominent in checking members of the network in countries outside of Europe including Asia and Africa.
Edward explains: “We chose to use Creditsafe as it provides us with comprehensive information about any business and is simple and straightforward to use. The international debt collection service is also a bonus tool we can use if we ever need it"
Since using Creditsafe, the World Logistics Network now encourage members to make sure they are on top of their due diligence checks and recommend monitoring any business they might have a future interest in. This helps the network to understand if there is any risk associated with new and repeat opportunities and whether they need to adjust their credit policy.