Understanding how a company pays its bills is vitally important in business and trade payment data is a massive factor in the real world. By sharing your trade payment data you are showing how your customers pay you and helping others in the industry to have a clear understanding of your customers and the industries they operate in, and vice versa.
What is it? By sharing your payment experiences with us (on a confidential basis), we can build up an accurate picture of your customers’ payment history. We collate and process this trade payment data to provide a wider picture of a business’ payment record, so everyone can be better informed and make better decisions. By joining the programme you gain access to 3D Ledger Management, which allows you to manage your ledger on a global scale by amalgamating financial and credit information on over 120 million companies across 39 countries worldwide with Creditsafe.
There are key benefits to sharing your trade payment data with Creditsafe.
Your customers will strive to pay you better if they know you are sharing their payment behaviour. A hierarchy of payment is evident in business, and it is common for businesses to prioritise payment even when their policy promises equality. If a company has to pay a big chain supplier that provides them with most of their supplies or a small local supplier that supplies them with a small percentage; they are more likely to pay the larger one to keep their biggest supplier happy and maintain a good reputation with the big companies. However, if you are sharing trade payment data, every company can see how well another is paying; meaning businesses’ will strive to have good payment behaviour.
You can see others’ shared trade payment data. When you have joined Creditsafe’s Trade Payment Data programme you are able to see the payment data of other companies on the market, meaning you are able to look past all their claims and promises and see real life payment behaviour, allowing you to have the business intelligence to make a fast, informed decision.
It helps highlight the best and worst practice in payment trends. If you are in a position where you have to be very careful about who you do business with and can only afford to deal with the very best payers, accessing trade payment data will be crucial for you to see what companies are highlighted as the best payers in your industry. This will allow you to make a confident decision in deciding who you can do business with and will also be beneficial to you regarding your customers. If your business is starting to slip and you’re not getting paid on time, looking at your customers’ trade payment data to see who are the best and worst payers in general and not only to your company, will help you decide if they are worth continuing your contract with.
You are contributing to a much bigger scale of business intelligence. Instead of word of mouth, marketing campaigns and company promises, you can see the bigger scale of business intelligence and see the honest truth about how companies pay. You no longer have to rely on the media or a sales person’s pitch; you can go into the Creditsafe system, check their credit report and their trade payment data and decide for yourself if you want to do business with them based on their payment behaviour. You will be in control of what advice is out there as you are providing the payment data. Its real life with real businesses and its advice you can trust.
Trading Internationally? America for example, relies massively on trade payment data. With less information to use than the UK due to different laws and regulations in different states, it’s impossible to have a main hub of information to pull documents from to suit the whole country. Trade payment data lies at the heart of an American company credit reports and allows viewers to gauge the probability of that company becoming a delinquent payer or not. If you are trading internationally or dealing with companies in America, it is useful to be part of the Creditsafe Trade Payment Data programme to have a better understanding of the programme and to get the best out of it.
If you are interested in joining the Creditsafe Trade Payment Data programme and accessing 3D Ledger, fill out the form on our website and a representative will give you a call back.