You have a new client, GREAT!
The sooner you let us know about who they are, the better. The next step will be to reach out to your Relationship Manager or Support. You will need to let them know who the new client is and some basic information:
Company name/number
Charge rate (Day)
Payment terms (Client)
Contractor timesheets (weekly/monthly)
number of contractor placements
We then calculate the credit limit required:
Credit Limit = Charge Rate x number of days worked in a week x VAT (20%) x client payment terms in weeks (5-6 weeks) x Number of placements
Example:
Charge Rate: £500
Payment terms: 30 days
Contractor timesheets: weekly
Number of placements
£500 x 1.2 (20%VAT) x 5 days x 6 weeks x 1 placement = £18,000
How do I get an increase credit limit on an existing client?
If you already have an existing client and need a new credit limit, please reach out to your Relationship Manager or alternatively Support and they will support you with this request.
How long does it take to get an approved credit limit?
Most credit limit requests are instant, however if the underwriter decides to review, then it will be a little longer (1-4 business days).
What happens if a credit limit is withdrawn from my client?
This happens sometimes, and is not always as bad as it first sounds. This can often be a play from insurance providers to get the company to submit their updated accounts. We will always help monitor this with you, whilst providing alternatives that may work. Please your Relationship Manager or Support for more information.
Any questions - jump on chat or pop us an email. We're here to help.