Your payment performance has an impact on your business credit score.
Positive impact:
A strong history of on-time payments is an effective way to build and maintain a good credit score. It signals to potential lenders and partners that your business is financially responsible and reliable.
Negative impact:
Late payments, defaults, and a history of slow payments can negatively impact your credit score.
This can make it more difficult and expensive to access financing, secure favourable supplier terms, and build trust with other businesses.
Maintaining strong payment performance is an effective way to protect and grow your business credit score. Pay on time, track due dates, and communicate with suppliers to avoid late payments.