How long does payment take if a customer defaults?
If you have a credit insurance policy you will receive payment the month following the end of a waiting period of a maximum 5 months after the date the claim has been received by the Company. If the nature of the non-payment is a buyer’s insolvency, then the claim is paid within 30 days. If you have a factoring contract, the waiting period is a maximum 120 days after the due date.
