CreditQ launches business credit enhancements
CreditQ, a business credit management web portal, announcement Thursday (March 31) that he onboarded Tally to launch a business credit management function to support business growth and cash management.
According to the announcement, the CreditQ integration will help deploy a business credit management feature for small businesses, tracking and controlling digital transactions between businesses.
CreditQ specialists compile credit and defaulter reports and interface with accounting software to provide accurate credit, defaulter and defaulter information. Additionally, automatic payment reminders are sent to buyers, reminding them of payment deadlines.
The Jaipur, India-based company works on B2B credit management, helping suppliers and buyers in digitally tracking the material transaction and payment process. By integrating and tracking accounting software that provides transaction information, it “guarantees that there will be no refunds from either party.”
The company’s credit management techniques have certain advantages, including the absence of default rates, minimizing the number of late payments or non-payments. CreditQ said its services also increase the ratio of cash inflows and outflows so businesses can produce invoices and financial accounts on time.
The company’s B2B credit management services will also help organizations review their performance through cash flow and strategically plan their next budgets, according to the statement.
PYMNTS wrote that more and more organizations are tired of old-fashioned, manual paper payments, and there has been a faster take-up of new digital alternatives.
See also: 53% of check-based businesses put digital payments in the fast lane
According to a PYMNTS report, 53% of businesses that use checks are making or receiving fewer check payments since they started paying more attention to digital payments. When businesses use cash, 87% do so less often.
Statistics have previously shown businesses are open to new ways to pay and get paid, with research indicating that 93% of businesses would try at least one new payment method next year. Additionally, 63% had tried a new payment since March 2020.