ALLENTOWN, Pa., March 3, 2015 (GLOBE NEWSWIRE) -- Credit reports – long a staple in the finance departments of large companies – are now being used more frequently by small businesses. That's due to more competitive pricing and a growing sophistication by small business owners concerned about protecting themselves from getting stiffed by customers.
Half of the new customers of Creditsafe, Inc. – many of them small businesses – have never used a credit report before. For as little as $100 a month, small business owners can access critical business credit information to protect themselves from non-paying customers.
"Our goal is to make vital credit information widely accessible to small and mid-sized businesses," said Matthew Debbage, president of Creditsafe's U.S. operations. "For too long, small businesses have not had affordable access to this very basic and important financial tool."
Credit reports can confirm that a company is who it says it is, provide information on how quickly a company pays its bills, recommend how much credit it should be extended, and indicate whether there are legal proceedings against the company, along with a host of other critical data that can help a small business avoid bad debt.
"Often, the first sign of trouble that a small business sees is when an invoice goes unpaid," Debbage said. "If they had accessed a credit report first, they would have seen that their customer had begun taking longer to pay bills or had been hit with a legal judgment. Having that type of information allows a small business to take steps before a slow-paying customer has morphed into a non-paying customer."
Creditsafe's business model is designed to keep costs low. It sells to its small business companies by phone and delivers its reports over the Internet. Unlike competitors, Creditsafe does not charge per credit report. It provides its subscription small-business customers with freedom to access as many reports as they want for a flat rate. The company also allows every potential small business customer to access one credit report for free so it can evaluate the service before making a decision.
About Creditsafe
Founded in Norway in 1997, Creditsafe, Inc. is the world's most-used supplier of online company credit reports. Nearly 5,000 companies in the U.S. use its credit reports, ranging from small businesses to large, global concerns like Staples, Ryder and Nestle. Its U.S. operations are headquartered in Allentown, Pa.