Role of CreditQ in Payment Settlement Process

CreditQ, a leading credit information bureau, has been changing the outlook of the credit market with its relevant offerings since its inception. Its services include issuing business credit reports, settling payments, and listing payment defaulters. The new business credit management feature helps businesses trade with transparency. You can get digital receiving of the transaction made. 

Payment settlement has often been an issue with both creditor and debtor. Since the trade market works on a credit basis mostly, taking note of every transaction is crucial. If you miss out on few invoices, you may end up juggling payment issues and cash crunch. 

The CreditQ team was proactive enough to realize the need for a formalized payment settlement process. During the research and development stage, it undertook a few case studies and spoke to industry experts at lengths about the need for a channelized payment settlement process.  

Once a client approaches the CreditQ team to report the settlement, the CreditQ specialists initiate the follow-up process and ensure that clients do not face any kind of inconvenience at any stage. Its streamlined follow-up process is effective and does not consume time.

CreditQ acts as a middleman between the client and the payment defaulter. The team believes in resolving its client's problems timely and taking stern measures to come closer to a solution. It takes a client less time to settle payment through CreditQ compared to a client that opts for a legal way to do so. 

In the business landscape, delayed or missed payments are often considered a sign of weakness. Business owners who don't pay their associates on time are called payment defaulters. There could be several reasons for delaying payments: missing invoices, cash crunch, bankruptcy, or payment disputes. It can impact your business credit score and report negatively. Besides, you lose credibility in the market. With that said, a business needs money to run its daily operations, and timely payments assure financial stability.

CreditQ aims at helping businessmen and MSMEs use their potential in doing business the right way. It promotes standard ethical practices of doing business and considers them the way forward.

About CreditQ Inc. 

CreditQ is the first app and web-based platform in India that works with MSMEs and businesses to help settle payments with business credit defaulters and protect their businesses against financial fraud. 

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