Credit risk in South Africa in this current economic market.
Credit risk in South Africa in this current economic market is very real. Nowadays businesses need to be aware of the impact that cash strapped consumers can have on your companies credit risk and the solutions available to prevent further harm to your bottom line!
South Africa is currently finding itself in a tough economic climate that is a result of the turbulent time that emerging markets find themselves in at present. More and more, you will no doubt have come into contact with people who earn salaries or run their own businesses and heard the moans that cash is tight and things just keep getting more expensive. The cost of living is something that is affecting all walks of South African life and many South Africans are really struggling to keep their heads above water and the credit risks to businesses are very real.
According to the latest data related to Consumer Credit Index (CCI), consumer credit health deteriorated at a slower pace in the fourth quarter of 2013 than in the previous four quarters, but it is still under pressure. This, coupled with rising food and petrol prices (as well as the hike in interest rates that was announced towards the end of January), means it’s not surprising that people are struggling to pay their bills.
With this current economic environment, its vital that business owners and consumers need to know exactly who they are dealing with before entering into transactions or extending a line of credit as failing to conduct the right background checks can be a huge credit risk!
I-Check Data Solutions will help you to better understand your customer with our affordable and easy to use online credit check, consumer trace and ID verification tool.
I-Check knows that getting money out of your clients is vital to your businesses success. If you or your company company relies on payments from South African consumers, you should seriously consider using a ID verification and online credit check tool so that you or your employees can make sure informed decisions about the customers they are dealing with, and what is the credit health situation of either the consumer or business that would like credit, I-Check’s fool proof systems will help you to determine whether they will be able to honor their commitment of repaying any outstanding debt owed to your company, thereby minimizing your credit risk!
I-Check Data Solutions has developed a smart online credit check system that allows you to know your customer by giving you round the clock access to current Consumer and Business credit information. Whether you need to verify the identities of consumers, do background credit checks on consumers and/or businesses, verify company and director registration detail, verify VAT registrations, verify Deeds information on properties or need to do pre-employment and academic background verification’s, I-Check Data Solutions does it all!! I-Check Data Solutions prides itself on being the most affordable verification agency in South Africa and gives users the freedom to pay simply for the checks you require, no hidden administration fees or monthly subscriptions. Even though I-Check Data Solutions was created to help small businesses thrive, we have systems that also assist large companies. We are flexible on our pricing and welcome the opportunity to engage with clients who will make bulk use of our services, we also promise to beat any existing suppliers pricing!!
If you would like to know more about the various services we offer, please don’t hesitate to contact one of our friendly sales teams.