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. NetNow’s fully digitized platform enables suppliers, wholesalers, distributors and other B2B companies to better manage their credit and accounts receivable processes, enabling businesses to onboard customers faster while ensuring the creditworthiness of buyers.
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, this often indicates that it 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 strain their 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 their customers' financial strengths and weaknesses. Existing and new Creditsafe customers can access business credit reports directly from the NetNow platform with 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.)
“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 have sophisticated technology and a data-driven approach to credit management. We see great things coming from this partnership.”
About NetNow
NetNow is the leading technology vendor that supports businesses across key industries including lumber & building materials, electrical wholesale, HVAC, heavy equipment, roofing, general wholesale & distribution and many more.
The streamlined NetNow platform helps suppliers & distributors manage Trade Credit applications digitally. Credit teams can offer digital forms to buyers (no more PDFs), issue trade & bank references automatically, create automated workflows for faster approvals, access key business data sources (e.g. Creditsafe) and much more.
Learn more at: www.netnow.io
About Creditsafe
Creditsafe, the global expert in credit monitoring and risk management, is the world’s most used provider of business reports. Today, over 115,000 customers globally depend on Creditsafe to make critical business decisions. Using real-time data from over 9,000 sources across over 200 countries and territories, Creditsafe’s mission is to help businesses mitigate financial, legal and compliance risks, while also empowering them to make more informed decisions.
To learn more, visit the Creditsafe website.
Media Contact
Company Name: NetNow Financial Inc.
Contact Person: Nauman Hafeez
Email: Send Email
City: Toronto
State: Ontario
Country: Canada
Website: www.netnow.io
