SAN FRANCISCO--(BUSINESS WIRE)--Nuvo, the fastest trade credit management platform for B2B sellers, has partnered with Creditsafe, the world's most used supplier of online business credit reports. Through this partnership, businesses can access Creditsafe's comprehensive credit risk data through Nuvo’s credit management platform.
With $4.5 trillion of outstanding trade credit in the U.S. alone, businesses are often reluctant to extend credit to customers because late payments have become such a common occurrence. According to data from Creditsafe, American companies paid their invoices at least 16 days past the agreed payment terms in 2022.
The partnership between Nuvo and Creditsafe addresses this challenge by giving finance teams the full picture of buyer creditworthiness where they need it most: within their credit application and workflow solution. By doing so, Nuvo and Creditsafe are working to lessen the risks that come with offering trade credit and turn it into a competitive advantage for B2B sellers.
Nuvo helps companies onboard trade credit customers through a branded, digital credit app that collects and verifies customer information, and streamlines credit decision workflows with insights from bureaus, banks, and trade references. With connected data sources, Nuvo continuously monitors accounts for changing cash balances, and shifting credit scores to help finance teams protect their company’s margins.
Creditsafe's business credit reports provide up-to-date and accurate information on over 365 million companies, including credit scores, credit limits, DBT (days beyond terms), the total number of past due payments and amount owed, legal filings and more. Nuvo’s users can use Creditsafe’s data to make more informed credit decisions and protect themselves from legal, financial and compliance risks, while also positioning their business for long-term growth.
"Partnering with Creditsafe is a major step forward for Nuvo," said Nuvo's CTO, Rameez Remsudeen. "With Creditsafe's comprehensive credit data integrated into our platform, finance teams can make more informed credit decisions as they streamline their credit approval process. This enables businesses to extend credit to their buyers with even more confidence, fueling growth and driving profitability."
"We are thrilled to be partnering with Nuvo," said Jon Keneally, Director of Marketing, North America at Creditsafe. "The current economic downturn is only going to make things more difficult for businesses. So, being able to minimize that risk by sharing our credit risk data with Nuvo users makes perfect sense. The more Nuvo users know about their customers, the less likely they are to get stuck with unreliable, late paying customers. That’s the kind of insight and assurance that businesses need right now.”
For more information about Nuvo and its credit management network, please visit https://nuvo.credit.