Macmillan Education - Class_Audio_3-16 | Текст песни

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• Macmillan Education
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I - interviewer, JS - Sullivan
I: Mr Sullivan, Daryl Vincenti of Eithenhart Games recommends using a credit agency like yours. But can you tell us first what exactly credit agencies do?
JS: Well, basically we offer a range of services in two main areas: information and insurance. Some of our clients are interested in information to help them manage credit risk, and others come to us for insurance. But many companies, like Eisenhart, need both information and insurance.
I: What sort of information can you provide?
JS: We have details of over 50 million businesses in countries all over the world. So, for example, we can help Daryl by telling him how businesses and countries in the Middle East are doing financially; we can tell him if his prospective customers pay; and, in particular, we can warm him if one of his customers gets into financial difficulty.
I: And you give each company a rating which indicates how reliable they are?
JS: Yes, companies - and also countries - are given a rating. This gives a quick guide to how safely you can do business with a particular company or in a particular country. Actually, there's much more than just the rating. Clients like Daryl receive detailed credit reports, which help them decide if, and how to work with different companies
I: I see. Now, what about credit insurance. Is that something new?
JS: Well, it's relatively new over here in the States, but not in Europe. European companies have been using it for a long time. 70% of European companies use credit insurance, whereas in the States the figure is below 5%.
I: Why is that?
JS: Essentially because European firms have to export, because their internal markets are too small. Until now, the majority of American firms have done most of their business in America, so they don't need credit insurance unless the customer was very risky. Nowadays, companies like Eisenhart need to export, so they're discovering the advantages of credit insurance. For example, it means that in Saudi Arabia, Daryl can trade on open account , with no need for letters of credit, which take a lot of time and are relatively expensive.
I: I see. Talking of expense, what does credit insurance cost?
JS: Well, of course, it depends on the contract. The more risk the insurer takes on, the higher the premium will be. But, on average, I would say, for international credit insurance, between 0.25 and 1% of sales.


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