Commercial Credit Checker: An expeditious roadmap for commercial lending
Are you planning to extend loans to customers or partners? While this can be a great way to build a relationship, it can be risky. The business is based on “trust and terms”. It can be dangerous to accept credit requests without a proper credit check. Monitoring your customer’s credit reports can help you stay away from potential risks.
A business credit report is essential when you plan to deal with a new client/business, revise or improve the terms of your contracts, and provide credit to a business. A good business credit report helps you know the business’s creditworthiness you plan to deal with.
For example, having a deep knowledge of whether the customer is in financial trouble or that the vendor/supplier is about to go bankrupt helps you find a better solution moving forward.
Impact Of Business Credit Report
In times of economic uncertainty, it is important to pay more attention to how we do business. While something is out of our control, we can reduce risk exposure. Pulling up a business credit report will help you decide whether to offer or extend credit to a customer, business, or supplier.
- When accepting large purchase orders or offering credit to customers, you need to know the health of your customers’ business.
- A business credit report can help you evaluate the potential risks and the likelihood that payments will be made on time.
- A business credit report can also help you deal with vendors and suppliers and apply for loans and lines of credit.
What Information Is Included in Business Credit Report?
Similarly, as a consumer credit report mirrors your financial soundness, a “business credit report” depicts the creditworthiness of your business. Business Credit Report is utilized by lenders, banks, suppliers, clients, and some administration associations to follow your monetary wellbeing.
As we discussed, a business credit report is a detailed glance at your whole business life. A perfect Business Credit Report should have details like,
- Business Info
- Business Contacts
- Commercial Credit Score
- Commercial Fraud Shield
- Payment Trends
- Liens & Judgements
- Legal Filings
- UCC Profile
- Corporate hierarchies
Most credit bureaus include a credit score from 0–100, where a higher number indicates lower risk.
Though several credit bureaus are out there that provide business credit reports, you should consider the major three: Experian, Equifax, & PayNet. You can go to any bureau’s websites and pull a credit report for the intended customer by paying a certain amount.
How Commercial Credit Checker Helps in Growing Your Business?
It’s certainly a slow and irritating task to head out to a few credit bureaus’ sites, enter contact details, pull up credit reports, note them down, and put it back into your workflow all over again manually. It is a time-consuming, and manual process. There is also a possibility of data leaks if you enter your customer details outside the safe and secure environment of Salesforce.
But Cloud Maven, Inc., a Salesforce certified ISV partner and recipient of the 2021 Salesforce partner award, has come up with a solution to solve your problems. Our objective is to automate business processes to save time and cost by providing customized software solutions.
Just be in your place, embed Commercial Credit Checker, and let the app do the rest for you. Yes, it’s that easy! Incorporate Commercial Credit Checker into the workflow without writing any custom code. Get instant business credit reports from Equifax, Experian, and PayNet and make the right decision for your business.
Quickly understand customer creditworthiness, financial stability, the likelihood of bankruptcy, payment trends, and more. It provides credit risk, fraud and compliance checks, corporate registration, and payment trends in a single report to make it easier for businesses to understand the customer more effectively.
Why choose Commercial Credit Checker?
While the features of Commercial Credit Checker are numerous, the following are the most important ones to consider.
- Credit, fraud, and compliance checks are coupled with company history data in one report.
- Provides extensive business reports with critical risk assessment information
- Personal and corporate fraud capabilities are available
- Acquire a precise and thorough company credit report in less than 10 seconds.
- Easy-to-use interface
- Automates the business credit report from any workflow on any object
Aside from the foregoing, it also provides the OFAC report of the individual or entity. Our application also provides you with numerous advantages that will undoubtedly benefit your business.
The primary advantages that you will notice are as follows:
- Lowers credit risk and bad debt
- Saves credit data in Salesforce CRM permanently
- Reduces human error
- Saves time & cost efficiently
- Real-time accurate data to expedite credit decisions
Discover customer insights, estimate risk potential, and confidently enter the market. With Commercial Credit Checker, you can predict the risk factor and modify your business strategy to grow.
Write to us at email@example.com to get a 30-day free trial.
To know more about our application, please visit https://www.cloudmaveninc.com.