Service
Business Credit Management
Business Credit Management Services | Credit Management Techniques
The Business Credit Management feature helps CreditQ customers to manage their credit transactions digitally. Most of the transactions between Buyers and Suppliers are on Credit which might later become a defaulted transaction.
Hence to ensure that there is a minimum probability of someone not making a repayment either in terms of Payment or Material Delivery, Business Credit Management will serve the purpose. It is the initiation, acknowledgement and tracking of the transactions between Buyers and Suppliers.
How does it work
CREDITQ integrate the customer accounting software like; Tally, Marg, ERP etc. with us and send the acknowledgement, reminders to the buyer party. It takes follow-ups with the buyer party if they are not paying on time. After defaulting or delay in payments, the Supplier can report that business as a defaulter on PAN India which impacts its credit score and decrease its credibility too.
Business Credit Management provides its customers:
• Auto acceptance to supplier party by buyer party.
• Auto Sharing of Invoices.
• Auto reminders to Buyer party before and after the due date for payment.
• After the due date Report the defaulter without any hustle with acknowledgement
• Decrease its credibility and credit score on PAN India.
Benefits from Business Credit management:
• Automated Notifications, no manpower involved
• Digital Acknowledgement of transactions
• Professional Approach
• Monitoring all credit transactions in one place.
• Easy Settlements
• Save cost and time
• Expand the business without fear
Frequently asked
questions
What is Business Credit Management?
Business Credit Management involves the systematic process of managing credit transactions between buyers and suppliers. It includes initiating, acknowledging, and tracking credit transactions to ensure timely payments and minimize defaults. CreditQ’s platform integrates with accounting software to automate reminders, share invoices, and report defaulters, thereby enhancing cash flow and business credibility.
How does CreditQ help in reducing payment defaults?
CreditQ helps businesses reduce payment defaults by providing tools such as auto payment reminders, follow-ups, and defaulter reporting. Registered members can report non-payments, which impacts the defaulter’s credit reputation. This encourages timely payments from buyers and helps businesses safeguard their cash flow.
What are the benefits of using CreditQ's Business Credit Management services?
CreditQ offers several advantages, including:
- Automated transaction tracking and reminders
- Digital acknowledgment of credit transactions
- Professional approach to credit management
- Easy settlement of dues
- Enhanced business credibility
- Improved cash flow management
These features help businesses reduce the risk of defaults and maintain healthy financial relationships.
Can I report a defaulter without any documents?
Yes, if you’re utilizing CreditQ’s Business Credit Management services and no complications have arisen with the party, you can report a defaulter without submitting documents. However, if issues have occurred, you will need to provide a ledger and a Chartered Accountant’s certificate with the UDIN to proceed with the defaulter report.
How does CreditQ's Business Credit Management impact my business credit score?
By consistently managing credit transactions through CreditQ, making timely payments, and reporting defaulters, your business can enhance its credit score. Positive credit management practices lead to improved relationships with suppliers and creditors, fostering trust and potentially better credit terms in the future.
