"Graydon gives us a good foundation in our dealings with customers and suppliers."
Elize Stiemer, manufacturer and supplier of pipework systems and parts
Before Dyka does business with a new customer, it likes to know what this customer’s financial position is. What is the company’s credit rating, what is their PD rating? Based on this information, Dyka may choose to give individual payment terms, or perhaps decide not to do business with them at all because the company is in trouble. The purchasing department, too, increasingly needs to know what suppliers they are dealing with.
Dyka gets this financial information from Graydon’s credit reports. Stiemer: ‘Credit reports give you a clear indication of what kind of customer or supplier it is that you are dealing with. What have previous payment experiences been like with this company? Does this company pay its bills on time? And how much money can be safely exposed in dealings this customer? For us, this information is the basis of doing business.
Dyka has noticed that it is becoming increasingly important to use credit information. They’re adjusting their business practices accordingly. Whereas they used to have fixed payment terms, now they assess each customer to see which payment terms can be arranged. This may be way more complex, but it is necessary. The end result: the number of businesses that could no longer meet their payment obligations has dropped considerably.