Chaser’s credit checking allows you to get an instant credit report on both your current or potential customers, directly in the Chaser app. Read on to find out how to get a credit report in Chaser.
What is a business credit check?
A business credit check is essentially your first line of defence when it comes to avoiding bad debtors. A business credit check looks into the financial history of your potential / current client and highlights any potential red flags in their credit history and payment behaviour.
Why should I use credit checking?
Every customer you take on represents a certain level of risk and that risk is compounded if you plan to offer them a line of credit. Thankfully, modern businesses now have more comprehensive business credit checks to call on that give them insight into a potential customer’s current and historical financial information.
Credit checking is an important first step before taking a customers' business and extending a line of credit. To add to this, ongoing credit monitoring can be an important part of continuous risk assessment, making sure that your customers are still credit worthy and that you aren't due any surprises later on.
How to get a credit report for current customers in Chaser?
1. Go get a credit report for a currently customer in Chaser, navigate to the receivables and select the customer
2. Select 'Credit Report'
3. Select 'Get credit report'
4. Where multiple results are available, you will be asked to select the appropriate customer
Once a report has been purchased for a customer, the report and credit score will be visible within the customer page.
How to get a credit report for a potential customer in Chaser?
- To get a credit report in Chaser, navigate to the 'Credit Check' tab in the Chaser application.
- From here, search for the company that you would like to credit check by either the Company name, postcode or both.
- Once you have identified the company that you would like to credit check, click 'Get credit report'.
- You will then have access immediately to a full credit report of that company. This includes a Summary (detailing the risk of the customer, the recommended credit limit and other important information), information on the Directors & Shareholders, the companies' Financials and an Event History.
What is included in a credit report?
A credit report gives your customer a credit score and highlights any potential business risk in doing business with them. It also usually contains the following information:
- A credit score with a recommended credit limit (see our guide on how to set credit limits).
- General information regarding the business, the directors and shareholders.
- The business's payment score.
- The business's credit event history.
- The business's directors and fillings information.
How many credit checks are included in my subscription?
When you sign up for a Standard or Enterprise account, you get 1 free Credit Check to use.
Additional Credit Checks can be purchased through the 'Credit Check' tab by clicking the button shown below. These cost 4 GBP per check and are billed alongside your next month's subscription.
If there are changes to your reports, Chaser will notify you with an event in Recent Events. You can also see the changes if you navigate to the Credit Checking page, under the “Monitoring” tab. Chaser checks for changes on a daily basis.
Note: You will only get updated on the reports that you have purchased.
Keeping up to date with any changes to your customers financial health is important to ensure that you protect your business and cashflow. These advanced warnings mean that you can make decisions and act quickly to protect your business.
If you have any feedback about this feature, if there is anything else you would like to see or if you have any more questions on credit checking in Chaser, please get in touch on firstname.lastname@example.org or message us on live chat, we would be happy to help.