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> Okay, so establish some sort of "crisis service fund" that pays out when payment processing breaks through no fault of your own. One company which suffered a
by bkor 5y ago
> Okay, so establish some sort of "crisis service fund" that pays out when payment processing breaks through no fault of your own.
One company which suffered a cyber attack solved this partly by transferring a rough estimate of what a vendor should've been paid as a bank transfer. This up front. They did similar things for smaller vendors (smaller vendors might have bigger issues not getting paid on time). Not for everyone due to the amount of work involved. They got agreements in place to sort out the exact amounts afterwards. This required a huge trust and at the same time it created a great amount of goodwill from those vendors. Meaning, these vendors took over work on behalf of the company.
Afterwards the exact costs can be figured out. What is important that business continues as much as possible, if you completely stop your business you'll also not have any revenue you could maybe charge later.
I think the pipeline action on first hand is a rather stupid action. Loads of business is pretty predictable, plus often you already had the insight on the orders for the coming period. The cost of some mishaps and the economic damage to the country should be considered as well. It seems a case of "penny wise, pound foolish".
Regarding "payment processing" breakdowns: there are various things in place in NL for that, though most don't know. Simply stated: you fill out a paper form, sign it, done.