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 or business, revise or improve the terms of your contracts, and provide credit to a business.
What Is a Business Credit Report and Why Does Commercial Lending Software Need It?
A good business credit report helps you know the creditworthiness of the business you plan to deal with. Having a deep knowledge of whether the customer is in financial trouble or that the vendor or supplier is about to go bankrupt helps you find a better solution moving forward.
In times of economic uncertainty, it is important to pay more attention to how we do business. While some things are 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. It can also help you deal with vendors and suppliers and apply for loans and lines of credit.
What Information Does a Commercial Business Credit Report Include?
Just as a consumer credit report mirrors your financial soundness, a business credit report depicts the creditworthiness of your business. It is used by lenders, banks, suppliers, clients, and some administrative organizations to follow your monetary health.
A complete business credit report should include details like:
- Business Info and Contacts
- Commercial Credit Score
- Commercial Fraud Shield
- Payment Trends
- Liens and Judgments
- Legal Filings and Bankruptcies
- UCC Profile
- Collections
- Corporate Hierarchies
Most credit bureaus include a credit score from 0 to 100, where a higher number indicates lower risk. The major three bureaus to consider are Experian, Equifax, and PayNet.
How Cloud Maven, Inc Commercial Lending Software Automates Credit Checks
It is certainly a slow and time-consuming task to visit several credit bureau websites, enter contact details, pull up credit reports, note them down, and re-enter the data into your workflow manually. There is also a possibility of data leaks if you enter customer details outside the safe and secure environment of Salesforce.
Cloud Maven, Inc., a Salesforce certified ISV partner and recipient of the 2021 Salesforce Partner Award, has built a solution to solve this problem. The objective is to automate business processes to save time and cost by providing customized software solutions.
With Business Credit Checker, you can embed the app directly into your Salesforce 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.
What Cloud Maven, Inc Business Credit Checker Delivers in One Report
- Credit, fraud, and compliance checks coupled with company history data in one report.
- Extensive business reports with critical risk assessment information.
- Personal and corporate fraud capabilities.
- A precise and thorough company credit report in less than 10 seconds.
- Easy-to-use interface with no custom code required.
- Automated business credit reports from any workflow on any object.
- OFAC report included for individuals and entities.
Primary advantages:
- Lowers credit risk and bad debt.
- Saves credit data in Salesforce CRM permanently.
- Reduces human error.
- Saves time and cost efficiently.
- Real-time accurate data to expedite credit decisions.
Discover customer insights, estimate risk potential, and confidently enter the market. With Business Credit Checker, you can predict the risk factor and modify your business strategy to grow.
Get Started with Cloud Maven, Inc Commercial Lending Software
Contact us at solutions@cloudmaveninc.com to get started. To learn more about our application, visit cloudmaveninc.com or explore Business Credit Checker on the Salesforce AppExchange.
