All About CreditQ Payment Settlement – Guide for Merchants

Jaipur, India, 2021-Sep-28 — /EPR Network/ — CreditQ, a leading credit information bureau, has successfully captured the market’s attention with its thoughtful business solutions. The services include obtaining credit information reports, listing business credit defaulters, and settling payments with debtors, among others.

During its initial phase, the CreditQ team conducted extensive research about the credit market. It spoke to various creditors and debtors and understood what they expect from each other in terms of business and payment. The credit market lacked a channelized payment settlement process. Either you have to approach legal authorities or make a consistent effort to recover bad debts. Both ways prove to be lengthy and tiresome.

In a buyer-supplier relationship, trust is of the essence. However, due to unexpected circumstances, your supply chain can get hampered, leading to unfavorable business terms. One of the prime reasons could be the stuck payment. Here, the CreditQ team saw an opportunity to formalize a channel through which both creditors and debtors can benefit. Business owners lacked knowledge about business credit management. They were following redundant practices, which are no more suitable, given the current market dynamics.

After going through the research findings, CreditQ introduced the payment settlement process wherein the registered members holding a valid GSTIN number can avail of this service at a minimal fee.

Talking about the CreditQ follow-up process, clients who wish to recover payment from their business credit defaulters can report the settlement to CreditQ. The team then follows up with the defaulter party and helps in settling payments on behalf of the client. It’s easy and does not consume time. Take note that the CreditQ follow-up process is well streamlined so clients don’t experience any inconvenience.

The idea behind acting as a middleman between the client and the business credit defaulter is to ensure that the client can get help in payment settlement without trouble and saves their business from suspected fraud. We understand the consequences of late payments. It can hamper the cash flow cycle, and businesses may have to restructure themselves to stay profitable.

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.