When it comes to business interactions, company data and credit information play an important part. Creating and nurturing business relations involves more than just understanding your customers on a personal level; it also requires knowledge of their financial landscape. By understanding the overall situation and the financial aspects of your customers, you safeguard not only their interests but also those of your own company. Having the ability to anticipate potential challenges and mitigate risks makes sure that unpleasant surprises can be avoided. After all, nobody wants to confront unexpected hurdles, leading to contracts and agreements that cannot be fulfilled. Such situations not only demand a significant investment of time and money to resolve but also jeopardize the smooth functioning of both parties involved.

That’s why having a proactive approach in assessing company data and credit information is indispensable for creating fruitful and sustainable business partnerships. We recently organised a webinar together with our partners at Creditsafe, and the webinar highlighted three key facts that companies should be aware of to ensure safer B2B transactions.

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Be proactive and use credit reference data

Using credit reference data is a great way to getting to know a new customer. Making sure that your business dealings aligns with the correct legal entity or company is an important step in minimizing the risk of fraud. Creditsafe use a targeted rating model that’s invaluable for businesses by providing a comprehensive risk assessment of a potential or current customer. This kind of advanced model makes it easy to early identify credit risks, enabling you to engage in more secure and informed business transactions.

Creditsafe allows you to look into various aspects of a company’s financial profile, offering you insights such as their payment history, annual reports, and real-time updates from the Swedish Company Registration Office (Bolagsverket). This kind of comprehensive understanding makes it easy for you to instantly form a better picture of your prospective customers. The wealth of information gathered through Creditsafe not only aids in risk mitigation but also lays the groundwork for how you decide to approach and formalize your business relationship with the customer.

By being proactive in your approach you ensure that you’ll be well-informed and equipped to make the right kind of decisions all while fostering a business relationship built on trust and reliability. In essence, using credit reference data isn’t just a precautionary measure; it is a strategic move towards conducting smarter, safer, and more successful business from the very beginning.

Streamline the credit assessment process across the organisation

In any sales-driven organization, it’s widely acknowledged that evaluating the financial status of potential customers is a crucial step in the sales process. However, with the amount of data and diverse parameters involved, there’s a risk that decisions may become influenced by individual considerations instead. This poses a significant threat, as it can result in confusion and varying perspectives on what your company deems as acceptable financial credibility for one customer compared to another.

To mitigate this risk and promote consistency in decision-making, it’s important to establish a strategy that can accommodate various scenarios that can align with their corresponding payment alternatives. Creditsafe’s service, Credit Template, empowers you to craft templates incorporating specific criteria, which helps in creating a standardized framework for evaluating whether to approve or decline credit for a customer.

By using Credit Template, you can create a common approach throughout your organization on how to do credit assessments, ensuring that every team member assesses all customers on the same basis and arrives at the same consistent conclusions. It streamlines the decision-making process and eliminates the potential for inconsistencies in evaluating customers creditworthiness. In other words, Credit Template becomes a cornerstone for building a unified and robust credit evaluation strategy that aligns with your company’s objectives and minimizes the likelihood of individual biases affecting critical business decisions.

Continuous monitoring of company information and credit reference

Everything seemed financially perfect when the contract was signed and now things are moving along smoothly. However, it’s easy to forget and overlook the importance of continuous monitoring and follow-up after a deal has been made. To stay ahead of any potential challenges that might arise, many organizations choose to use ongoing monitoring of their customers in Creditsafe. While it may look like espionage, it’s actually a strategic approach to staying on top of your customers’ ever evolving situations and emerging opportunities. Data is perishable and have an expiration date. Continuously monitoring serves as a proactive way of keeping your finger on the pulse of your customers. It’s a proactive measure that makes sure both parties navigate the evolving landscape of business in a secure and safe way.

Think about ongoing monitoring as a radar system for your business relationships. It allows you to pick up early warning signals and detect changes in a customers credit ratings instantly. It helps you to adapt and shape the ongoing business relationship in a way that’s not only secure but also mutually beneficial. In essence, continuous monitoring is the key to maintaining a proactive, dynamic, and resilient business partnership with your customers, where both parties can navigate potential challenges with foresight and confidence.

Everything in one place

With company information and credit reference data in Lime CRM you always have an up-to-date view of your customers.

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