Trades References

However, the process to obtain good trade reference is time consuming and there are other more efficient and immediate steps you can take to improve your business credit score. Businesses must be able to determine the risks they’re taking when extending credit or net terms payment options to a customer. Floating net terms (i.e. waiting 30 days to get paid) impacts their cash flow. There are different ways to determine if a customer is creditworthy and if you should offer them trade credit.

As a result, you can save yourself the time and headaches of taking on new clients whose accounts have a high chance of going into collections. This is like the old expression, ‘robbing Peter to pay Paul’. By using their cash flow to pay any bank loans and larger suppliers, they might also be putting off smaller creditors.

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If you apply for a bank loan, you may be asked for trade references. This helps the bank understand how long you have had this credit account, whether you’ve ever paid late, and how much credit you have available. Trade references are unlikely to be checked when applying for business credit cards. Credit card applications are evaluated based on the owner’s personal credit scores.

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