NetNow, the fastest growing technology vendor in the business-to-business trade credit space, today announced that it has partnered with Creditsafe, the global leader in credit risk and business intelligence.
What does this partnership mean?
The collaboration with Creditsafe, the largest provider of online business credit reports, reinforces NetNow's commitment to facilitating seamless credit decisions for business buyers. This partnership further solidifies NetNow's "Most Customer Obsessed" ranking, awarded by Intuit, after being selected to join the Intuit Prosperity Program.
With the current macroeconomic conditions, businesses are finding it harder to offer credit terms to their buyers and are also having a difficult time collecting payments on time. As Creditsafe’s State of Credit Risk 2022 report found, businesses typically pay their invoices 16 days past payment terms. If a company consistently pays its bills late over an extended period of time, this is often an indication that they won’t be a good fit for trade credit. And as we’ve seen over the last few years, more companies are falling into financial distress and filing for bankruptcy. For companies chasing late customer invoices, this can often put a strain on their own cash flow and negatively impact their creditworthiness.
NetNow and Creditsafe’s partnership will further support businesses that want to offer credit terms to their buyers but do not want to take on unnecessary credit risks. Through the partnership, businesses will gain greater visibility of the financial strengths and weaknesses of their customers. Existing and new Creditsafe customers can access business credit reports directly from the NetNow platform, in just a few clicks. They can also monitor businesses over time and get instant alerts from the NetNow platform, notifying them of negative activity (e.g. risk score, liens, lawsuits, changes to ownership, etc).
Why did Creditsafe and NetNow partner?
“Partnering with Creditsafe is incredibly exciting for us as they share our vision in supporting businesses to make fast & effective credit decisions without compromising the relationship businesses have with their buyers. Combining Creditsafe's data prowess with NetNow's automated trade credit platform accelerates credit decisions for our customers, fostering growth and profitability even in challenging economic conditions” says Nauman Hafeez, CEO of NetNow.
“Helping businesses reduce their risks and maximize their sales potential is at the heart of everything we do at Creditsafe,” said Matthew Debbage, CEO of the Americas and Asia at Creditsafe. “Partnering with NetNow was a no-brainer for us, as they not only have sophisticated technology but they also have a data-driven approach to credit management. We see great things coming from this partnership.”