How to check the entrepreneur with whom you want to start cooperation?

Establishing business cooperation with a new contractor is always fraught with risk. Thanks to modern tools available online, you can effectively minimize them. How to do it? We suggest.

Making more business contacts is one of the necessary elements of company development. Without them, the company not only "stands still", but often also loses the position and competitive advantage developed over the years. When acquiring new contracts, however, it is worth acting responsibly, with the utmost care for your own business. Such an approach will significantly reduce the risk accompanying cooperation with a new counterparty and effectively protect the interests of the company. It will also help prevent payment bottlenecks that can result in massive financial problems. According to data provided by the BIG InfoMonitor Debtor Register , in 2020 almost 70% of the. companies had liquidity problems, and companies' arrears to business partners and banks increased at the end of 2020. Up to 33.5 billion zlotys! As a result, more than a third of companies – mostly micro and small, and in the manufacturing and service industries – fear bankruptcy in 2021.

How to protect your company against loss of liquidity?

One of the most important measures to protect your company from losing financial liquidity is to check your future business partners meticulously, even before concluding a contract. Thanks to such actions, you will find out whether the prospective customer meets his financial obligations on time, or whether he… is a debtor. Knowing "what and how", you will effectively secure your interests, e.g. Through the relevant provisions of the contract. If the risk of insolvency proves too great, you will also be able to resign and sign a contract with another entity.

How to check the payment reliability of a future contractor?

Contrary to appearances, checking the credibility of a prospective contractor is not tedious, expensive or complicated. Thanks to the modern tools provided by BIG InfoMonitor, you will do it quickly and conveniently. Where to start?

The first step to check the future contractor should be to download a report about the contractor from the BIG database. Thanks to it, you will find out whether the company with which you want to cooperate has late payments disclosed in the Debtor Register. In the report you will find data from other contractors, from banks and from service providers. BIG InfoMonitor is the only BIG on the market that also offers the possibility to download credit data from the Credit Information Bureau and the Polish Bank Association, as well as information from the Przeswietl database.pl – containing capital and personal links, financial results and much more. By downloading the BIG report extended by additional sources, you can get a fairly complete picture of the financial credibility of the counterparty.

However, the counterparty report is not the only tool to avoid payment bottlenecks and protect the company's financial liquidity. BIG also provides other tools to prevent late payments also at the stage of cooperation, after the contract has already been signed. Among them are m.in.:

– contractor monitoring service. If there is a positive or negative post about your designated company, you will immediately receive an email notification. It will allow you to respond quickly, avoiding the long-term consequences of business partner insolvency;

– preventive seal. The Prevention Seal is an electronic symbol placed on invoices that informs customers that they are working with the Business Information Bureau and warns them of the consequences of late payment. By using the seal, you will send a clear signal to contractors that you take a professional approach to accounts receivable management and have found an effective way to deal with tardy payers.

You want to verify the contractor? Check out where to start

You want to start using BIG InfoMonitor's tools, downloading reports on potential clients and monitoring contractors? Sign a contract and take advantage of one of several subscription plans (starting from PLN 149 per month). As part of the subscription you will be able to m.in.:

– download reports on entrepreneurs,

– monitor business partners,

– recover debts using a summons for payment on the BIG template and with a warning about the possibility of an entry in the BIG debtors register,

– use a preventive seal in the form of an electronic or traditional stamp.

Regardless of the subscription you choose, you will also receive the support of an individual tutor and the ability to enter the debtor in the BIG InfoMonitor register, without restrictions.