It’s the most wonderful time of the year; Q4 for businesses around the world. The office is filled with holiday cheer, seasonal treats, and overtime hours spent crunching numbers. It’s a busy time for chasing new business and locking in contract renewals. Before you sign on for another year, here are 4 questions you should be asking your business credit data provider.
Are There Any Hidden Costs?
Asking about hidden costs includes determining for how long your rate will be locked in. Some companies are known for tacking on additional fees as time goes on. What you pay now shouldn’t be landslides away from what you’ll pay in the future. If your credit data provider has intentions of upping your rate with hidden costs and fees, make yourself aware of what those numbers will look like up front. A big mistake that many small and mid-sized companies make is getting tied into an auto-renew contract that is more costly than what they bargained for. Find out about hidden costs ahead of time to keep your business out of a financial rut. Any provider should be transparent in pricing if they have your best interests in mind.
Is Unlimited Really Unlimited?
Some business credit data providers are notorious for their “unlimited” plans that aren’t really unlimited. Customers get swindled with hidden fees found only in the fine print. As a credit manager, you need to protect your business from getting burned. Keep in mind how many customers you have, how many new customers are in your sales pipeline, and how many business credit reports, realistically, you plan to buy next year. In the B2B space, credit reports and scorecards play a critical role in on-boarding and new customer acquisition. Paying individually for every one that you pull can really add up. If you’re buying into an unlimited contract, make sure you’re getting what you pay for. You don’t want to get tied up with unexpected costs every time you’re investigating another company.
Is This the Best Solution for Me?
Your business credit data provider should be recommending products and solutions that work best for you. Just like when buying a new car, you want to make sure that your specific needs are being met. While one option may look intriguing from the outside, it’s not necessarily practical. As long as your account executive is an expert in your market, they will be able to provide you with valuable insight and industry best practices. You should be exploring all options available to find the best fit for you.
Do You Have References?
These days, sales people get a bad rep. While everything they’re saying may be true, they can sometimes come off as overly pushy or desperate to close a deal. There’s no more authentic source of information than a current or former customer. They can provide you with an accurate and detailed opinion on their experience. Ask your representative for references, and take the time to get the information you need. Investing in a little time spent will go a long way.
For many reading this, it’s contract renewal time! If you haven’t taken the opportunity to see what Cortera can do for you, spend a few minutes with us. We’d be happy to walk you through our systems and provide you with completely transparent and highly affordable pricing options. Fill out this form to get a free demonstration today.