CreditQ introduces corporate credit enhancements
CreditQ, a web portal for corporate credit management, announced Thursday (March 31) that it has been integrated with Tally to introduce a business credit management capability to support business growth and cash management.
According to the announcement, the CreditQ integration will help launch a business credit management capability for smaller businesses and track and control digital transactions between businesses.
CreditQ specialists create credit and delinquency reports and interface with accounting software to provide accurate credit, non-payer and delinquency information. In addition, automatic payment reminders are sent to buyers, reminding them of payment deadlines.
Based in Jaipur, India, the company works in B2B credit management, supporting both suppliers and buyers in digital tracking of material and payment process. By integrating and tracking the accounting software that provides the transaction information, it “ensures there is no refund from either party.”
The company’s credit management techniques have a number of benefits, including achieving a default rate by minimizing the number of late or missed payments. CreditQ said its services also increase cash inflow and outflow ratios, allowing businesses to generate invoices and financial accounts on time.
The company’s B2B credit management services will also help organizations review their performance against cash flow and strategically plan their next budgets, per the press release.
PYMNTS wrote that as more businesses are fed up with old-school manual, paper-based payments, newer digital alternatives are being pursued faster.
See also: 53% of check-based businesses are putting digital payments on the fast track
According to a PYMNTS report, 53% of businesses that use checks have made or received fewer check payments since they began paying more attention to digital payments. When companies use cash, 87% are less likely to do so.
Statistics have previously shown that businesses are open to new payment and payment methods, with one study finding that 93% of businesses would try at least one new payment method over the next year. Additionally, 63% had tried a new payment since March 2020.