How the debt crisis is affecting SME’s and retailers

Debt Crisis looming for SME businesses in SA

Debt Crisis looming for SME businesses in SA

When it comes to mitigating risks, SME’s need to invest in a credit check and ID verification tool that can help them determine whether they are investing in a mutually beneficial partnership with potential customers and business partners. As any business owner knows, time are tough – but new research shows that things might get worse before they start getting better.

A recent debt survey done by Fin24 has shown that a mere 2.06% (647) of over 32 000 respondents have no debt. Over two thousand people participated in the survey, which also showed that almost 42% (12 522) respondents spend 80% of their income on repaying debt. Almost 2 800 people spend their whole income on debt, while 2 500 people have debt repayments which exceed their income.

These are significant stats and figures for anyone who’s trying to run a business in South Africa. Credit checks and ID verifications are beneficial for SME’s for a number of reasons, says Leon van der Merwe, Business Development Manager and Anti-Fraud specialist at pbVerify.

“Besides the high number of South African consumers who can’t actually afford to take on more debt, there’s also a risk of ID fraud,” explains van der Merwe before adding that the Fin24 survey also revealed that many people were turning to micro lenders and using their retail accounts and credit cards to simply survive.

“Over 50% of the respondents of this survey earn between R10 000 and R30 000 per month, which shows that it’s not necessarily low LSM groups who are dealing with unmanageable debts,” says van der Merwe.

Managing risk starts with doing research about new business partners and consumers. If you want a credit check and ID verification tool that will help you manage your risks, learn more about pbVerify today.

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Bulk consumer tracing – get all the info you need here

csv256Are you interested in high volume consumer tracing? Many small to medium sized businesses – whether you’re a retail chain or a professional tracing company – need more than one consumer trace at a time.

Here at pbVerify, we understand the nature of your business and your need for accurate, quick and streamlined information, which is why we offer bulk consumer tracing solutions. If you’ve got a high volume of information that needs to be traced, you need to partner with us. Here’s why:

Five reasons to use our system for high volume consumer tracing

  1. 1.   When we say “high volume tracing”, we mean it

Our technologically advanced tracing tool can process up to 20 000 people’s information in a single trace. This means you don’t waste hours for all the data to be processed.

  1. 2.   We’re flexible

We understand that bulk tracing means different things to different companies, which is why we classify anything from 1000 – 20 0000 traces as “high volume tracing”.

  1. 3.   Reduced rates

Bulk tracing is one of our core service offerings, which is why we offer this service at a discounted rate. While you will pay (approximately) R13 for a single trace, this number drops exponentially when you submit over 5000 traces at once (it will work out to roughly R2 per trace, which is a 600% reduction in cost!)

  1. 4.   Ease of use

All you have to do is upload your data in a .csv file and get your data with the click of a button!

  1. 5.   Accurate results

We use all the major credit tracing bureaus to collect data for your bulk consumer traces.

Need more information about our high volume tracing solutions? Then contact us today!

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