A Freelance Translator’s Guide to Credit Risk Management in Translation Business

Or “How to Remain a Freelance Translator Without Getting Ripped-Off Every Once a While” 😀

I read -with much heartache and great sympathy too, horror stories posted by fellow translators and especially the newcomers of the profession on social media sites and Proz.com forums almost on daily basis. Every once a while a “client” disappears with your hard-work and you have no payment –or only partial payment, and nowhere to turn to because the internet is this gigantic mass. As great American philosopher Axl Rose once put it nicely: welcome to the jungle baby.

As freelance translators, sole-traders, solo performers, lone cowboys of the wild wild internet, we strive to promote our business and market our services to potential clients. Now this marketing thing is a double-edged sword. You reach great many decent and honest people but “occasionally” you’ll reach someone who’s after a quick buck or worst, “occasionally” some cone artist will reach you. And since we are involved in freelance translation and constantly engaged with marketing activities, considering all those new contacts we are making throughout the year, “occasionally” is too much risk to be exposed to. So, as a freelance translator, who has 20+ year experience in the market, I thought it would be good idea to put together this blog post to share what I know about “credit risk” and how to manage it.