World Logistics Network (WLN) formed to give freight forwarders, brokers, and logistics companies involved in moving commercial goods a choice of professional partners to represent their businesses worldwide.
Initially delivering a community where members can represent their businesses worldwide, World Logistics Network has expanded its offering to include conferences hosted across the globe.
As the network continues to grow and take on more members from a range of different sectors and localities around the world, WLN sees its growth through the mistakes other networks make and often let the due diligence of new members slip which can cause issues down the line.
Discussing the importance of reviewing the potential members, WLN Founder, Edward Downey said; “A growing list of members is great for our network, but it could have meant increased risk for us and our members had we not used tools such as Creditsafe to understand more about the businesses that we deal with.”
A growing list of members is great for our network, but it also could have increased both WLN and our members to potential risk.
Founder, World Logistics Network
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.