The number of insolvencies in the United Kingdom increased to 5629 in the second quarter of 2022—the highest it’s been since 2009. The general consensus is that these business failures are due to a combination of factors. Businesses are struggling to find staff and source materials, they are dealing with rising fuel and energy costs and high inflation. At the same time, there is a lack of consumer confidence which is eroding demand. Some market analysts believe that this trend in insolvencies will continue in the coming months until the economic performance begins to improve. However, there are ways to protect your business from the effects of this current flood of insolvencies.
Use YataPay Secure Escrow.
When you use YataPay Secure Escrow, you are essentially putting your payment into a third-party escrow account. This account is only released to the supplier once you have received and approved the goods or services. If the supplier becomes insolvent before they have delivered the goods or services, you can rest assured knowing that your payment is protected.
Why Use YataPay Secure Escrow?
There are several reasons why you should consider using YataPay Secure Escrow when doing business with other companies, especially in today’s economic climate. First and foremost, as we just mentioned, YataPay Secure Escrow protects your payments in case the supplier becomes insolvent before they have completed their end of the bargain. Secondly, YataPay Secure Escrow also offers protection if the supplier fails to deliver the goods or services as agreed upon. In this case, you can simply cancel the transaction and have your funds refunded. And lastly, YataPay Secure Escrow gives you peace of mind by knowing that your payment is secure—you don’t have to worry about whether or not the supplier will actually deliver on their promises.
Conclusion:
In today’s challenging economic climate, it’s more important than ever to protect your business from another company’s insolvency. One way you can do this is by using YataPay Secure Escrow. With YataPay Secure Escrow, your payments are protected in case the supplier becomes insolvent or fails to deliver on their promises. So, if you’re doing business with other companies, make sure to use YataPay Secure Escrow to minimise risk and maximise peace of mind.