TreviPay Acquires Apruve

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What’s the Purpose of a Trade Reference for New Businesses?

The purpose of a trade reference for new businesses is to support a credit application. Trade references for new businesses report payment history between a customer and its suppliers. A good trade reference includes on-time payments from previous purchases of goods and services. Trade references may be available verbally or through commercial credit reporting agencies like Equifax, Experian, and Dun & Bradstreet.

A new or growing business may struggle to get financing through a bank. Instead, businesses may try to purchase goods and services from sellers on credit. Trade references for new businesses help sellers decide whether to extend credit to their business customers. These references give third parties an insight into a company’s financial health and demonstrate creditworthiness. Trade references and open banking are increasingly helping suppliers be able to more confidently extend trade credit to their smaller business buyers.

With trade credit automation, buyers can be pre-qualified and onboarded in as little as 3 minutes. 


Trade Credit on Autopilot

Talk to our specialists to learn how Apruve can reduce fixed credit & A/R costs and team effort by over 50%.