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Today we unveiled a new credit checking feature that helps businesses make more informed decisions on who they choose to do business with and how they do it. The feature is part of Chaser's growing suite of tools to help businesses better manage their customer relationships, providing them with the insights they need to support business growth.
Chaser now provides business credit checking in-app so users can make more informed decisions on who they choose to do business with, and have the insights they need to make business decisions with confidence.
The importance of credit checking
Getting a new customer is really good news, but there is always a risk factor involved. Without a prior relationship, you never know exactly what to expect and what will or will not work. That's where a credit report comes in, by providing a layer of objective security & transparency to kick off that relationship in the best way possible.
A credit check usually addresses three important areas when engaging with a new client, which are: business verification, credit score & limits and financial performance.
Business verification is confirming that the company is genuine, checking the registration information and things like business address, and status.
Credit score is a rating of the financial reliability of the company in recent history, which sums up the risk of doing business with the company. Coupled with the recommended credit limit, it gives you an objective analysis of risk and what to expect.
Lastly, the financial performance is about analysing the detailed financials to understand the growth markers and stability of a business.
Steps to take when introducing a potential new customer
2. Talk to other customers or suppliers in the industry
3. Are they part of the Prompt Payment Code?
4. Track their payment performance and take action when necessary
Do it all in one place: Chaser Credit Checking
Chaser’s newly released credit checking helps to streamline this entire process, by giving our users the ability to get full credit reports within the application.
These include the registration details of a business for verification, the credit score and recommended credit limits, and an in-depth look at the financial performance of a company. This empowers our users in the UK to make better business decisions, particularly when onboarding new customers.
Credit checking is an important step for Chaser, however it is only the beginning of this journey - in the coming months, we will be looking to expand the functionality further, deepening the integration with our user´s customers as well as the potential to expand to other regions.