How is CreditQ Enhancing the Payment Settlement Process in India?
A creditor has to go through the tiring process of settling payments with debtors. While it’s a common business practice, one needs a formalized channel through which a creditor can recover the money without going through the legal ways. Here, the CreditQ application is of great help.
It has a channelized payment follow-up process that helps creditors settle payments with the debtors. Upon receiving the request from the client, the CreditQ specialists commence the project. Not only that, one can report business credit defaulters on the application. Besides, it generates authentic business credit reports and scores for businesses and MSMEs.
Consider a case when you’re forming a new trade partnership. You may have doubts and apprehensions about the other party. It’s understood. You want to think and decide what’s best for your business. When you can review your client’s credit information report, you can make an informed decision if this partnership is going to bear fruits. This way, you also save yourself from suspected fraud.
The business market is dynamic and changes with time. If you have been offering a set of B2B solutions to your client, you may need to innovate further to stay relevant. For a small business, the CreditQ app is effective. How?
A small business needs money at all times. But the business owner may have to deal with different kinds of people initially. Networking is important. What if a client borrows funds from you and does not give back? What would you do? You may get into a debt trap or experience a cash crunch. Since we are talking about small businesses, you may have to bear the cost. It doesn’t sound good for your business.
Here, you can consult the CreditQ team to follow up on the payment on your behalf. Since its inception, this credit information bureau has established its presence among creditors. Also, it pays attention to the buyer and seller segment as one can get the digital receiving of the transaction done to avoid payment dispute or fraud.
Coming back to the payment settlement process, the team had conducted several market surveys in the past. Based on the finding, the leadership team has come up with relevant and cost-effective B2B solutions for its members.
The Indian business market needs regulation in terms of payment settlement. CreditQ is contributing well to it and spreading awareness. It aims at reaching business owners and MSMEs to help them follow standard business practices concerning payments.
Given the past business market scenarios, many creditors took note of the suspected fraud cases. They realize the need to review a client’s business credit report similar to a commercial CIBIL report.
The idea is to safeguard your business against fraud and know the best ways to work with a new client in faith and trust. The CreditQ application focuses on bringing transparency into the processes.
If you’ve been struggling to settle payment with a debtor, you can consult the CreditQ team today.
