Ormsby Street, a Software-as-a-Service business providing financial data services for SMEs, has launched its new product, CreditHQ.
The new offering, which was developed from the company’s work with 18,000 SMEs through Barclays bank, enables small businesses to check their customers’ and suppliers’ financial stability, and monitor their credit and payment performance.
Working with major credit data supplier Dun & Bradstreet, CreditHQ offers two different packages to choose from. Every customer gains free access to over seven million company records, all explained in a comprehensible way: the higher the number, the more favourable the company’s finances.
CreditHQ also offers details such as the company number, trading and registered addresses, whilst the simple credit and payment indicators allow users to easily understand the financial risks of working with individual companies, and provide an initial insight into their financial stability. Users are able to search for specific companies either through their registered name or company number.
The subscription package, costing £25 per month, provides users with more detailed credit and payment indicators. This includes up-to-date financial information such as net worth, assets, liabilities, sales, and details of adverse credit events for every trading partner. Small businesses are provided with invaluable financial information that gives insight into their real cash-flow position and awareness of potential upcoming problems for businesses that they deal with. The package also delivers regular alerts informing customers of financial changes.
CreditHQ can be accessed from anywhere – desktop, laptop, tablet or mobile, via a fully responsive website.
On the launch, Martin Campbell, Managing Director at Ormsby Street, commented:
“One of the major problems small business owners cite when questioned about running their own business is ‘cash-flow’ and knowing who they should be doing business with.
”In the UK, a huge number of SMEs are plagued by bad debt when partners fail to pay invoices within the agreed period, with 38% of small businesses having experienced cash-flow problems often threatening to put them out of business. This lack of funds in a business can be responsible for stunted growth and slow company development. CreditHQ aims to make this a thing of the past, offering free, easy advice, allowing companies the ability to understand the financial patterns of trading partners, ensuring adequate funds are always available.”