Credit Suite is a proprietary network, developed by Finance Suite, which is designed to assist small and medium-sized businesses (SMBs) obtain funding and build credit by taking advantage of various lines of credit. Via their Partner program, they provide the software on a free white label basis to B2B firms to assist with financing their clients. As it is an open source platform that allows access to customer data, they can provide comprehensive analytics, giving businesses an insight into customer behavior, credit history, and other relevant factors. This information can then be used to tailor the lending process to meet the requirements of each individual business.
Small and medium-sized businesses are more likely to have credit issues than larger corporations due to the fact that they typically do not own or control their own inventory. As they do not maintain physical assets, they do not have a bank account in which to keep their accounts and they do not have a credit history. However, due to the importance of credit in a market economy, most small and medium-sized businesses seek out professional help with credit management.
Traditional methods of managing credit include annual credit reports, which can be obtained from many different credit bureaus and financial institutions. These reports provide details on each company’s financial situation but do not provide insight into what the business’s current or future borrowing needs might be. As a result, the data contained within these reports is useless and the reporting cycle is a time consuming process. The end result is that a business is left to guess at how much credit it needs based on its current and future spending, without any clear idea of what it will actually need.
In addition to being inaccurate, reports such as this do not contain all of the information needed by small and medium-sized businesses to effectively manage their finances. They rely on a company’s current and projected spending to generate its reports. If an analysis of the company’s past spending patterns reveals that there are more spending opportunities now than there are in the future, this could be a red flag for a potential lender.
As a result, Finance Suite is designed to provide a complete and comprehensive picture of a company’s spending habits, and then create a unique and customized report to highlight the areas of greatest growth. to assist lenders in determining whether they should provide funding to a particular business. based on future projections.
With Credit Suite, a company has access to real time information about its spending habits, as well as historical data that can be examined to identify trends in its spending patterns. In addition to providing the analysis needed by lenders, a detailed overview of each company’s spending is available to ensure they can determine which areas may require more focus. The financial intelligence generated by the application can also be used to prepare a tailored spending plan, based on past performance, future trends, and projected future spending. This information can also be used to create a budget template so that the company’s financial future is able to take into consideration current and projected revenue trends.
Credit Suites offers many different services to businesses seeking ways to obtain financing, including a review of the company’s debt-to-income ratio, as well as a calculation of its ability to pay for capital investments in the event of a company sale. By developing a detailed profile of a company’s spending patterns, it helps to ascertain what type of financing it will require to obtain capital, and whether it needs a line of credit, a business loan or a secured business loan.
Once a business has been found eligible for funding, the process will then begin, and a number of credit applications will be sent out to various sources to obtain the amount of capital needed. At the time of the application, the business is presented with several different offers, and the company must choose the one that is most suitable. By applying for a loan with Credit Suite, a business can avoid the costly costs and delays associated with traditional borrowing methods.
