Why A Simple $64 Credit Check Could Save You $10,000+

why-a-simple-64-credit-check-could-save-you-10000

How well do you know your customers?

Does your business offer generous credit and invoicing terms without understanding the potentially severe financial risk involved?

Do you know you can dramatically reduce your businesses financial risk for just  $64?

In the “Age Of Information” and lighting fast Internet data it’s astonishing that the vast majority of businesses still enter into most business agreements with little to no idea who they are doing business with.

If you’re business provides products or services on credit (you deliver the product or service then invoice to receive payment later), then one bad customer or transaction could severely cripple your cash flow or even send your company broke as we have seen many times before.

Even with iron clad contracts, recorded written communication and signed sales orders, it doesn’t guarantee that you will be able to recover outstanding debts if a customer simply refuses to pay.

As the old saying goes “You can’t get blood from a stone”, and in some cases bad customers have such a long history of unpaid debts and fraudulent business practices that if you were unfortunate enough to provide credit to them then your unpaid debt would simply go to the end of a long line creditors waiting to be paid.

It’s sad, but it does happen. And often it’s honest hardworking business owners that have to take a massive loss as a result.

But by running a simple credit check on an individual, or a company and its directors, you can see within hours the full report on that person or entities credit history.

This can help you make an educated decision on whether the company and its directors are the type of people you want to offer credit to, or do business with.

A Complete Company & Director Credit Report includes:

  • A reliable online credit score. This easy to read score can help you quickly assess the risk of working with a company and its directors. The score is derived using an industry proven statistical process that can be compared across the market.
  • Credit adverse and enquiries. A summary of credit enquiries and adverse will help you understand the events that have contributed to the score and the potential impact they may have on your decision.
  • External administration information. Find out whether a company is insolvent or currently in administration.
  • Up-to-date information. Company structure information, including legal entity name, addresses, directors, shareholder details and more, is current and sourced through ASIC.
  • Business details. Learn about the entity status and state of the business, and when it started.
  • PPSR Registrations. Find out if any personal property registrations exist for the company and its directors. Personal property can include inventory, shares, plants, machinery, property and more.

With this information you can decide what credit terms, if any, you may be willing to offer a new client based on their credit history.

At JMA we have established an alliance with Australia’s leading credit reporting agency Veda Advantage Ltd to provide comprehensive credit reports to support our clients on all matters related to debt risk and debt recovery.

With Company Credit Reports starting from just $64 it’s one small investment that could potentially save your company thousands of dollars.

Written by Richard Thompson

Richard Thompson is the Managing Director and owner of JMA Credit Control and has over 25 years’ of trusted experience. Richard has a wealth of knowledge in Credit Management and Debt Recovery ensuring client’s recovery bad debt quickly and cost effectively.

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