TIME-POOR SMALL BUSINESSES THREATENED BY BAD DEBT
Equifax Commercial Bronze provides quick risk checks and on-going monitoring to protect small businesses from bad debt
London, January 2012 - The current economic conditions are putting pressure on businesses of all sizes. But, according to leading business information expert, Equifax, the resources of small businesses in particular are being stretched with owners and managers multi-tasking to do the jobs that larger organisations are likely to have dedicated departments to handle.
Equifax is particularly concerned about the risk facing small businesses that don’t have the time or expertise to do credit checks on new customers as well as monitor the financial fortunes of existing customers. Giving these organisations valuable but cost-effectively priced, knowledge, Equifax Commercial Bronze offers a quick assessment of the risk of doing business with a particular company, with monitoring included to help smaller businesses keep an eye on the status of existing and new customers.
“With sales harder to come by, some businesses may take risks that they previously wouldn’t have considered,” explains Mark Nuttall, Director, Equifax Commercial & SME. “In the rush to close the next deal some owner managers may take a gamble on not doing basic credit checks - perhaps because they don’t have time or they think the cost will outweigh the benefit. Plus, with resources under pressure, it’s easy for businesses to miss changes in the fortunes of existing customers.”
“With this in mind, we have created a number of new services in our Equifax Commercial Bronze package to give small businesses the ability to do all the right checks on new and existing customers quickly, easily and cost-effectively. It has been widely acknowledged that SMEs are the bedrock of the UK economy so it’s crucial they have as much support as possible.”
The Equifax Commercial Bronze package has been designed specifically for SMEs, offering a series of quick risk checks that can be easily interpreted by individuals not necessarily experienced in understanding credit data. The information provided will enable businesses to extend the correct credit limits. Plus, users can monitor the financial performance of key customers in order to be alerted early signs of any financial instability. This includes monitoring for any Companies House notifications which may uncover changes in the stability of a business.
“It’s important to focus on chasing new customers and new sales, but all businesses and especially SMEs need to keep track of the existing customers to avoid the risk of bad debt,” Mark Nuttall concludes. “Our superior monitoring service allows users to see important changes in information on their customers. Some, like a downgrading of the credit limit, should ring alarm bells. By keeping track of significant changes in the stability of a customer, businesses can make real-time decisions and take action to protect their bottom line.”
For further press information, please contact: Jenny Thorneywork, Clare Watson or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: firstname.lastname@example.org
Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates in four continents and 15 countries, is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange under the symbol EFX. For more information, please visit www.equifax.com.