"CREDITQ" Is Enhancing Entrepreneurial Dreams With Its Credit Management Solutions

2024-04-24 01:07:02 Business

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CreditQ launches the Business Credit Management feature that integrates Tally with CreditQ, which helps startups and MSMEs monitor credit defaulters and track down unpaid invoices. It makes managing business extremely easy. The platform has been helping small businesses and MSMEs since 2019.

The post-pandemic struggle is genuine for startups in the country, over 40% of startups were negatively impacted, and about 15% of startups had to discontinue operations due to COVID.

The significant problems small businesses faced were disruption of the supply chain, increasing late payments, economic recession, and inflation. The financial pressure created by all these factors led to the fall of many entrepreneurial dreams in the country.

CREDITQ is a unique credit information bureau that collects financial information and compiles it into a valuable Credit Information Report (CIR) for its members to help them strengthen their finances. Businesses can report any payment defaults on the portal for free. A CIR helps a company identify reliable creditors and pay invoices on time.

A small business can benefit from being a part of the CREDITQ system, which helps them enhance their financial standing ad fulfill their dream of being a successful startup.

With CREDITQ's credit management solutions, businesses can now optimize their workflow without late payments. CreditQ Provides a platform for MSMEs to report their defaulters to monitor their delayed invoices and also helps them to settle the invoices. CreditQ's credit management platform is also beneficial for suppliers and vendors as it allows them to improve their business credit scores.

As a supplier, you can see your credit score, like an individual's CIBIL score that tells about your business's creditworthiness.

By paying off any late invoices, your business improves its chances of getting a more excellent credit score that can significantly improve its financial position when looking for lenders such as banks and financial institutions to provide loans and mortgages.
Around 15 trillion rupees of MSMEs are stuck as receivables in India as bad debts and payment defaults. Even after the launch of various other credit management portals by CIMSME India, such defaults are not reduced.

The primary reason behind the ineffectiveness of such portals is that they have delayed responses and no real-time tracking or payment mechanism.

"With CREDITQ's B2B credit management services and CIR reports, companies have a solution for these problems. Our services help you get online dispute resolution for your business to settle the payments easily and quickly, so your defaults reduce. Plus, the debtors fear ruined reputations in the market, making it difficult to get further credit if they have poor CIR scores. So they try their best to pay the invoices on time, making our vision of no defaulters for businesses in India an achievable goal." States Founder and Managing Director of CreditQ Mukta Mittal.

With such innovative credit management solutions and an easily accessible platform for everyone, CREDITQ is changing the financial face of the country. It gives young entrepreneurs a path to have the financial security to chase their dreams without worry.