To protect your own credit score, you need to ensure that you don’t deal with customers and suppliers who don’t have the funds to keep their business afloat. Even if you have long-term relationships with customers and have had no problems with them in the past, circumstances can quickly change. Carry out regular due diligence on your whole customer base and monitor your payments coming in.
Create a uniformed acceptance policy across your business for all departments. Whether you’re working on sales, finance or customer management; you’re not allowing customers who don’t meet your criteria to have credit from your business. Set the criteria and ensure all teams follow it, this should help mitigate risk from bad payers.
You can make this easier in your business with integrated data, ensuring everyone has real-time, up to date and consistent information to make the best informed decisions they are able to. Creditsafe Connect can be integrated into your systems for your whole business, making the process of carrying out due diligence seamless.