The best way to learn about how companies pay and don't pay their bills

Posted on : Wed, 16 Sep App: Cortera

The use of good credit information on existing and potential customers has always been a prudent approach to business and in these tough economic times it’s even more relevant.

Cortera.com is a site where you can not only get the heads up about the payment habits of thousands of companies but you can also contribute to the wider knowledge base through your own experiences and help other businesses in their credit decisions.

It would be a disservice to Cortera to give the impression that they are just a payment monitoring outfit when they do so much more. It would be fairer to say that they provide a complete credit reference and business monitoring service akin to the more well- known providers who charge premium prices.

You can search a company for free and depending on its nature get a brief overview of its activities and a feel for the size of the business. Pay $5 and you’ll get a comprehensive credit report with all you’ll need to know about its financial health, public records and payment history.

The jewel in the crown is no doubt the Cortera Pulse feature where for $99 a month you can get all of your customers monitored. It’s simple to set up and upload all of your A/R data to the site. The system will then send you daily email alerts of key changes to any of your customers and a monthly CFO portfolio report highlighting potential danger or conversely where evidence of growth has occurred.

The report is a useful tool for credit teams as it lists the top 10 customers and their associated risk and also the top 20 highest risk customers. The fact that Cortera are using the real A/R data of a whole heap of client’s means that they can see if a company is paying some suppliers faster than they’re paying you and alert you to the fact. This community angle on collecting credit intelligence is the key to the power of Pulse.

There are a lot of features on this site and far too many to mention in a review. Suffice to say the credit information provided is comprehensive and should help avoid any nasty shocks and guide you to where your collection efforts should be concentrated.

ConclusionThis is a serious credit intelligence site with some great features. Businesses will have to weigh up the economies of course but the potential savings to be had by avoiding bad debts should be an item on the agenda for any discussion.

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