Reply To: what does supply chain insured mean exactly?
We apologise if Loopy and you do not think there is a good enough explanation, I must admit with the public disclosure statement available to you, and then portal support channel where we explain it in detail as well asthe blog, we did consider there were a number of explanations.
In addition if you watch the video on the home page I explain in detail how it works.
Here is the link: https://deskportal.zoho.com/portal/marketlend/kb/articles/inventory-finance-supply-chain-finance-how-does-it-work
Let me explain it again,
Supply Chain Insured is the following:
a line of credit or overdraft is granted to the trade account.
Marketlend pays the supplier or the trade account for supplies pursuant to an insurance policy, that has specific conditions on age and types of invoices to pay.
In 90 days, Marketlend seeks payment from the trade account.
If payment is not made, then it becomes a collection matter, and the insurer is advised.
If after 7 days it continues to be outstanding, a stop event is called, no more supplies are purchased, the matter is then managed by the collection division and usual collection procedure as set out on our site occurs.
Obviously if it eventuates that there is no payment we make a claim on the insurer and repay the proceeds we receive from the insurer and the provisions to the investors to seek to make them whole.
I hope that helps.
CEO7 years ago Reply