Run Credit Screenings on New Clients

by Thom Tracy

0 min read

You should verify your customers’ credit, particularly when you have new clients. A client that you have not previously done business with lacks the established relationship and history your business has with its long-standing customers. Doing a credit check allows you to avoid a collection problem, which could impact your cash flow in the future. It also allows you to escape the headache of trying to collect overdue bills, which takes time and effort, when your resources could be put to better use. You can check your potential customers’ credit by requiring an application, scouring information on social media and news reports, and checking credit scores from Equifax Canada and TransUnion Canada.

References & Resources

Related Articles

4 Things You Need to Know About Small Business Credit Scores

Once you start a business, you have two credit scores to monitor:…

Read more

What’s Changed in the New QuickBooks

The new QuickBooks Online bookkeeping software has gone through quite a few changes. As…

Read more

Get Paid On Time The Complete Guide to Invoices

For freelancers and self-employed people, invoicing is an essential part of your…

Read more