Translation - art & business » Money matters »
Looming bank crisis and payment terms with agencies
Thread poster: Nikolay Novitskiy
Nikolay Novitskiy
Nikolay Novitskiy  Identity Verified
Russian Federation
Local time: 05:20
Member (2018)
English to Russian
Mar 13, 2023

Dear colegues. Do you think it is time to renegotiate our payment terms with agencies? Many pay on a "net 40" / "net 60" basis, which is not 100% safe when banks are going bankrupt one after another.

Federal Reserve will surely save the situation, at least for now. But I don't think it's wise to ignore risks completely. I believe we, translators, should take some safety measures as well.
 
Maria Teresa Borges de Almeida
Maria Teresa Borges de Almeida  Identity Verified
Portugal
Local time: 01:20
Member (2007)
English to Portuguese
+ ...
@Nikolay Mar 13, 2023

I don’t know what you mean by saying “when banks are going bankrupt one after another” as, a far as I know, the banking sector has been shaken by the collapse of two US major banks (SVB and Signature). The world banking system as a whole does not depend on these banks. We are not at risk of a true financial contagion, but we are at risk of a bank panic, what should be avoided at all costs.

[Edited at 2023-03-13 14:18 GMT]

Kevin Fulton
Stepan Konev
Peter Dahm Robertson
Jo Macdonald
 
Lingua 5B
Lingua 5B  Identity Verified
Bosnia and Herzegovina
Local time: 02:20
Member (2009)
English to Croatian
+ ...
Terms are irrelevant Mar 13, 2023

Based on my experience with agencies, NET terms are irrelevant. Whatever the terms, they will always be late and will have to be chased with reminders.

Michael Newton
En_to_Fr_trans
 


To report site rules violations or get help, contact a site moderator:

Moderator(s) of this forum
Jorge Rodrigues[Call to this topic]
Andriy Bublikov[Call to this topic]
Rita Pang[Call to this topic]
James Heppe-Smith[Call to this topic]

You can also contact site staff by submitting a support request »

Looming bank crisis and payment terms with agencies







Trados Studio 2022 Freelance
The leading translation software used by over 270,000 translators.

Designed with your feedback in mind, Trados Studio 2022 delivers an unrivalled, powerful desktop and cloud solution, empowering you to work in the most efficient and cost-effective way.

More info »
TM-Town
Manage your TMs and Terms ... and boost your translation business

Are you ready for something fresh in the industry? TM-Town is a unique new site for you -- the freelance translator -- to store, manage and share translation memories (TMs) and glossaries...and potentially meet new clients on the basis of your prior work.

More info »