Festo Ltd Partners with Dun and Bradstreet to Make Smarter Credit Decisions
When opening new credit accounts Festo Ltd relied on a business to provide the company with a credit reference. Festo Ltd found this to be a biased way of obtaining feedback, the company needed a tool to evaluate a customer’s financial strength at a glance and needed a platform to monitor customers that may have financial concerns about.
D&B provided an easy site to use to look up customers and see their financial performance at a glance. Festo Ltd could see how they rated in the marketplace and if there was any risk with them. This allowed the company to evaluate if they would offer credit and how much, to potential customers. The fact the business can monitor changes in customers was a great feature.
Festo Ltd no longer ask customers for credit references, as naturally they will nominate other businesses that do pay on time. The business now looks up a credit rating quickly, allowing them to make better judgements on customer credit.