We are entering into a working relationship with the Business Credit Reporting company Creditsafe. Here what you should know:
- Creditsafe is a European competitor to the likes of Experian or Dun and Bradstreet. They are something of a disruptive upstart, using the Internet to achieve lower costs. They moved into the USA in 2012 and are expanding rapidly here.
- Their Western U.S. headquarters happens to be a mile down the street from us, so we’re able to just walk in and chat as needed. That’s a plus!
- There are three key benefits for our clients who set up with Creditsafe:
- Access to unlimited credit reports on your accounts or prospects.
- A tool called 3D Ledger, where your open receivables will exported for analysis. This deserves a demo to understand, but think of it as a Dashboard from which you can parse your A/R and drill down into credit report and trade receivable information.
- We import credit scores back into PRX. That shows on the Customer A screen. It drives some reports in PRX, such as those that can list the A/R for customers whose score has moved since the last update, or to list accounts rated “high risk”. We’ve even added a section to the Summary Sales Analysis for Credit Score Bands.
- Costs seem very reasonable. Our smaller clients are looking at an annual fee of $1000. Our very largest might be looking at $7500 a year. They don’t charge per inquiry like some others, just one annual fee.
We’ve always liked the idea that your PRX accounts receivable should be supplemented by an outside rating. We worked with Experian once, but their costs were so high, nobody stuck with it for long. We think these guys are worth a look.
Check www.creditsafe.com for a peek, but work with us rather than contact them directly. We can arrange a test run off your system, followed by a limited free access to the service.