HOW TO PROTECT AGAINST PAYMENT DEFAULT
There are always elements of risk in any business relationship. Before any trading activity, firms have to examine and measure the risks embedded at that business relation. Even if the counter party is a long-lasting trade partner or a new business contact, firms have to get clear, up-to-date and detailed information about the counterparty to measure and manage risks. Considering that information is the main driver of today’s fast-paced world, business which do not base their decisions on information, has to be left behind.
The best way to get in-depth information about the trade partner is, obtaining a business credit report. Credit reports enable companies to foresee the risk and prevent it before it comes to an issue.
To measure the risks and mitigate them, corporates get business credit reports about their trade partners from an independent information agency such as Creditovision. Decision-makers use credit reports to better understand the current state of the trade partner and make informed decisions.
Business credit reports typically give information about the operations, history, ownership, management, related companies, company legal background, payment history, litigations, financial data, financial position, trends as well as giving a risk assessment of companies.
Benefits of Decision-Making Upon Business Credit Reports:
-Understanding the ability of the trade partners to pay on time
-Protecting from payment default
-Getting an insight about the risks and opportunities of customers, suppliers, competitors…
-Determining the work conditions, payment terms etc. according to the complete and in-depth picture of firms.
-Spending less energy on receivable management
-Improving cash inflow
-Determining new business opportunities
-Ensuring that the contacts are authorized people
-Improving efficiency
Overall, business credit report is a critical tool, for any corporate looking to operate efficiently and effectively in today's fast-paced and data-driven business environment.
However, in order to be effective, business information reports must be accurate, timely, and comprehensive. So, the credit reports have to be provided by a professional business information agency which can access to all available data sources and which has skilled analysts and software to interpret the data and generate meaningful insights. With its professional team, experience, large network and developed technology, Creditovision is one of the leading business information providers of the world. Access to Creditovision’s portal and get an insight about your trade partners in more than 200 countries. Check the financial situation and probability of late payment of your customers, protect yourself from any collection risk.
