As a result of a request from suppliers at the Supplier Focus Group, Sourcing City are to offer a service to assist industry suppliers in accessing the payment profiles of distributor companies. The ‘Payment Profile Service’ is being planned for launch at the end of January 2010 & more information will follow in the coming weeks.
We see the new service as being a benefit to Suppliers & Distributors alike. At present suppliers rely upon credit rating services which are usually out of date & more importantly are reports based upon historical submitted accounts. We will be the first industry service to indicate the current payment profiles of distributors, which in turn will install confidence in suppliers to extend credit terms. Suppliers have clearly indicated that they have tightened all lines of credit, which of course has negative effects on distributor’s cash flow. This new service will enable suppliers to increase credit terms to distributor with solid payment profiles. The new service is currently being developed under the working title of ‘Credit City’, which was the inspiration of one of the group.

Published on: November 15th, 2009