CreditQ Debuts Business Credit Enhancements Through Tally Partnership

CreditQ, a business credit management web portal, announced Thursday (March 31) that it has integrated with Tally to launch a Business Credit Management function to support business growth and cash management.

Per the announcement, CreditQ’s integration will help roll out a business credit management function for smaller companies, tracking and controlling digital transactions between businesses.

CreditQ specialists make credit and defaulter reports, and interface with accounting software to provide accurate information regarding credit, nonpayers and defaulters. Additionally, automatic payment reminders are sent to buyers, reminding them of payment deadlines.

The Jaipur, India-based company works on B2B credit management, assisting both suppliers and buyers in digital tracking the material and payment transaction process. By integrating and tracking the accounting software that provides the transaction information, it “ensures that there will be no repayment from either party.”

The company’s credit management techniques have some benefits include achieving no defaulter rate, through minimizing the number of late or no payments. CreditQ said its services also increase the cash inflow and cash outflow ratio so businesses can produce bills and financial accounts on schedule.

The company’s B2B credit management services will also help organizations look into their performances through cash flow and strategically plan their next budgets, per the release.

PYMNTS wrote that more organizations have been tired of more manual, old-school paper-based payments, and there’s been more fast tracking of newer digital alternatives.

See also: 53% of Check-Based Firms Put Digital Payments on Fast Track

According to a PYMNTS report, 53% of businesses that use checks have been making or receiving fewer check payments since they started paying more attention to digital payments. When firms use cash, 87% do so less often.

The statistics have previously shown that businesses are open to new ways to pay and be paid, with a study indicating that 93% of businesses would try at least one new method to pay in the next year. Additionally, 63% had tried a new payment since March 2020.