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Keep track of customers, take control of invoices – and get paid faster. Bisnode’s expert reveals how it’s done. “Automated processes mean that there’s less risk of things falling between the cracks,” says Henrik Hargéus, Product Manager, Risk & Credit at Bisnode.
It’s no secret that many small business owners in Sweden are often affected by late payments or by not being paid at all. This causes liquidity problems – and in the worst-case scenario can make it difficult for your own business to function.
“This type of situation has a domino effect. If you don’t get paid by your customers, you end up in a position where you also fall behind with your creditors,” says Hargéus.
Take advantage of the tech
Hargéus points out that there are many technical solutions today that automatically help keep an eye on customers. For example, Bisnode RiskGuardian Suite – where businesses can perform credit control and keep track of the overall financial situation of existing and new customers alike.
“It’s constantly updated and shows the overall picture. Everything is gathered in one place, and you get access to decision-making support and continuous monitoring. The system covers several countries, so you can keep track of companies and consumers in other countries too,” he says.
The umbrella for Bisnode’s credit tool to help you optimize your credit. The tool is based on several valuation models. Bisnode’s solutions can be integrated into the desired interface.
– Monitors and analyzes new and existing customers through current credit information and provides an overall picture of the credit risk.
– Contains Payment Index, which flags late payers.
– Rates the payment ability of private individuals.
– Based on the AAA credit rating system that best forecasts bankruptcies. Credit scoring models are also available.
– Automates credit decisions and makes it possible to say yes or no to more customers with confidence as credit information is constantly being updated. Reduces the handling cost while creating a smoother customer experience.
– Fraud Solutions detects companies at an increased risk of bankruptcy through pattern recognition and analysis of previous credit losses.
Five tips to speed up payments
1. Check out customers in advance
Bisnode RiskGuardian Suite gives you a quick overview of new and existing customers’ payment behavior.