TORONTO, Ont. — The Guarantee Company has announced a partnership with Millennium CreditRisk Management, which allows its transportation clients to receive preferred pricing on accounts receivable insurance.
Preferential policy conditions will also be extended to The Guarantee Company’s customers, according to the companies.
The Guarantee is offering with Millenium, a TransCred product that insures accounts receivable. Clients can insure their top 10 buyers, specific buyers or their entire buying portfolio, protecting them against financial loss resulting from non-collection of unpaid invoices.
“TransCred is a credit insurance product tailored to the logistics and trucking industry. This product has been developed to help companies grow their sales by targeting business opportunities with credit worthy customers,” explained John Middleton, president, Millennium CreditRisk Management. “Our transportation clients are able to obtain enhanced bank financing because lenders will make more credit available knowing their accounts receivable asset base is insured. This gives the insured company balance sheet and income statement protection since the bad debt expense and provision for bad debts can be reduced.”
“Our partnership with Millennium reinforces the dedication to be focused on our customer’s business needs and their bottom line concerns while providing innovative insurance solutions, competitive advantages and unique growth opportunities for all stakeholders,” added Angelique Magi, vice-president, transportation and strategic initiatives with The Guarantee.