pbVerify Bank Code Update gives added assurance

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bank code update2For absolute assuredness around credit risk, complete your business credit report with a bank code update.

As a business striving for problem-free, profitable dealings with customers, you know how important complete, accurate and up-to-date credit information is, and you will want to leave no stone unturned when it comes to assessing creditworthiness.

As South Africa’s leading credit bureau, pbVerify provides you with all the products you as a business need, to guarantee sound commercial transactions – including a Bank Code Update service to round off business credit reports.

Complementing pbVerify’s recently launched XDS Business Credit Report, is our commercial bank code update service – also provided by XDS – that allows you to acquire an up-to-date bank code from any listed South African bank.

Bank codes are critical when it comes to assessing the credit limits and creditworthiness of potential customers. Before extending credit to any business, request a Bank Code Update on the pbVerify system to the value of credit you are considering.

In a nutshell, this is how it works: After you have submitted the required information, pbVerify’s Bank Code Update service makes contact with the customer in question’s bank, and requests the latest bank code against the desired Rand value. The return bank report is kept in your pvVerify account and can be retrieved any time after it is received.

What is a Bank Code?

A bank code is essentially a code provided by a bank on the company in question’s account, representing how good the company is for the amount of credit it is applying for. This is an investigation report that takes 24 hours.

As the business looking into a company as a potential customer, you are required to enter the company’s bank details (bank name, branch, account number) and the terms of the enquiry. For example, if the company in question signed a credit agreement of R10 000 for 12 months. The terms would then be R10 000 at 30 days over 12 months.

Below are the possible bank codes pbVerify’s Bank Code Update service could return:

A = Undoubted for the amount of your enquiry

B = Good for the amount of your enquiry

C = Good for the amount quoted if strictly in the way of business

D = Fairtrade risk for the amount of your enquiry

E = Figures considered too high

F = Financial Position Unknown

G = Paper occasionally dishonoured

H = Paper frequently dishonoured

Bank Code Update is a standard feature within the pbVerify system and is also available to third-party integrators via an API.

Please note:

  • Before requesting a bank code, businesses need to ensure that the company registration number matches that associated with their bank account.
  • It takes 24 hours from the time of enquiry for a bank code to be returned to the business enquiring.
  • This product is only available for companies – a bank code cannot be requested for an individual.

MYpbVerify personal credit check website launches!

Your trusted name in credit bureau data systems, pbVerify is proud to launch the new online personal credit check website, MYpbVerify™ for private consumer credit reports. If you live in South Africa and want a secure, discreet and fast way to get your credit report, this is it!

MYpbVerify Girl

pbVerify and MypbVerify – Personal and Business Credit check

As the local leader in customer communication technologies, Pitney Bowes is excited to be able to launch this newly developed tool to the market.

Here’s what you need to know:

Your credit information is gathered by credit bureaus on a regular basis from various sources that have extended you credit. Retailers, banks, lenders, employers, landlords, and other credit providers have access to your credit records to assist them with credit risk management in deciding whether to grant you further credit, a loan, a credit card, new employment, housing, or to offer you new products and services.

As a consumer it is critical for you to know your credit status and always have a complete picture of your credit history and credit score.

The MYpbVerify™ premium credit report considers all possible influences that may exist on your credit rating and combines it into one, easy to read credit check report that gives you a full picture of your credit history and credit status in the market.

Basic, Standard and Premium Reports:

MYpbVerify™ not only gives you instant online access to your personal CREDIT REPORT, it allows you to customise your credit report with variable information and pricing options to choose from.

Depending on your status and credit history, you have the option to choose from a Basic credit report to more advanced options in the Standard and Premium reports that will include Directorship information, Deeds (properties owned) data, your personal Compuscore rating and more…

The most versatile personal credit check on the Net!

Contact our support line on 011 516 9400 or visit MYpbVerify today!

What customers are saying about Pitney Bowes’ pbVerify…

Customers across South Africa have been ecstatic about the quick, accurate solutions that pbVerify offers. If you need an online tracing, consumer or ID check solution, we’ve got the all-in-one tool for you.

pbVerify Customer Testimonials

What customers are saying about Pitney Bowes’ pbVerify

Here are a few testimonials from our clients;

Heilke Van Loon, Financial Manager at Borwa Financial Solutions, says that pbVerify definitely delivered on their promise about delivering quick and accurate online tracing solutions. Any business can sell a promise, but only service providers sell the performance of the promise. Pitney Bowes definitely belong to the latter bracket. All of the four managers who use this service in our company have been satisfied with the level of service; this including both turnaround times in attending to any issues, and pro-active support and product development initiatives,” says Heilke.

Kaajal Mackerduth from Genissis Cash Car Rental says that their company has found the online credit check system particularly useful.  “Thank you, Pitney Bowes, for the fantastic services received by our company on the pbVerify system,” commented Kaajal from Genissis Cash Car Rental.

“We are very happy with the service that our company has received from the pbVerify support team,” agreed Laurie Liebenberg from Liebenberg Opspoorders.

“The pbVerify system works very well. It helps us to determine if an ID book is valid,” said Vanessa from Convert Cash regarding pbVerify’s online identification check solutions.

Nicky Jardim-Mostert from Metal Industries Benefit Funds Administrators says they have been using the pbVerify ID verification tool for almost two years and they are still very satisfied with the ease-of-use and customer support that pbVerify offers. “pbVerify is very user friendly, accurate and all in real-time, which other databases cannot always offer! I would recommend this facility to any company – Metal Industries Benefit Funds Administrators,” says Nicky.

Interested in learning more about how our online consumer tracing tool has helped companies across South Africa do business? Then give us a call today on 011 516 9400 or visit www.pbverify.co.za.

Consumer Trace: 3 Easy steps to find customers that have defaulted

In South Africa today, virtually any business needs to implement a sound consumer tracing system to find consumers that have defaulted on payments. Not only is this necessary in order to minimize risk and losses, but also to ensure the growth and prosperity of your business.

The problem that many businesses – as well as professional tracing companies – have is that a single consumer trace can be an expensive, complex process. Not only do you need subscriptions to all the major credit check bureaus (such as Transunion and XDS) to find various bits and pieces of information, but these subscriptions can also become expensive if it’s not something that you use on a continuous, regular basis.

It is for this reason that pbVerify has launched a comprehensive South African consumer tracing system that combines all the information that you are looking for into one easy-to-use platform. Besides being able to get all the info you need in one place, it’s also more cost-effective (for small companies as well as professional tracers) because there’s no pricey monthly subscription – you simply pay for each  consumer trace search you do.

Here’s how to do a consumer trace in THREE EASY STEPS with pbVerify:

Consumer Trace Step 1:

Register an obligation-free account at pbVerify. This gives you access to all the main credit and consumer bureaus in South Africa. The membership is completely free and you will only be billed per transaction when you use our consumer tracing system.

Consumer Trace Step 2:

Enter any of the following data on hand to initiate the trace:

  • ID Number
  • Passport number
  • Surname, Initial and Date of Birth
  • Telephone number (historic or current); Land line      (work or other)
  • Mobile number (historic or current)

Consumer Trace Step 3:

The following information will pop up on your screen:

  • Identity      information: Verified Names, Surname and ID number
  • Address/es:      Current and previous Physical and Postal
  • Telephone:      Land line/s and Mobile number/s
  • Employment Information and contact details

It’s really as simple as that. One of the reasons why many small businesses and tracing companies have switched to the pbVerify system is because the information we provide current and accurate. Any time a customer opens an account, the details are updated so that you have instant access to the most recent details of your customers.

Sign up for FREE and check out our consumer trace reports to see how quick and easy our consumer tracing system system works!

CREDIT CHECK

BE A SME, BUT THINK LIKE A CORPORATE

How a SME business can manage CREDIT RISK like a Corporate

Credit Check is an extremely helpful tool that allows businesses across South Africa to find out exactly what they are financially getting involved with before entering into any type of credit agreement. You don’t want to end up chasing around your debtors; the Consumer credit check system saves you time and money by preventing you from getting involved with individuals and the Business credit check with companies that have a history of defaulting on payments. It is your right to demand financial transparency whether it’s in relation to an individual credit check or a business credit check and it’s recommended to review all the information you can find before entering into any agreements or deals.

The Credit Check systems are designed with you in mind, as more and more businesses fall victim to scams and scam artists every year. In order to protect yourself and your financial well-being, it’s necessary to know the complete financial history of whomever you are doing business with. In the past it was easier for scam artists to cleverly erase or cover up their dodgy financial history, but with online credit check systems, businesses can be proactive in protecting themselves by ensuring they aren’t dealing with financially irresponsible parties.

How Credit check systems works

Start by digging into the individual or businesses’ financial background reports. Credit bureau data from TRANSUNION, XDS and EXPERIEN combined with data from CIPRO, SARS and the DEEDS OFFICE will prove to be very useful in uncovering any financial defaults and fraudulent information on credit applications and contracts. With these reports you will have access to business registrar and consumer identification information, which you should compare to the potential client’s credit application information to be sure that all the information matches up. You will also be able to see directors details, history, trade and bank history, business default information, listings and judgements containing all information recorded against that business or consumer.

Once you have all the necessary records in your possession and you’ve read and understood the information, you’ll be able to make an informed decision regarding how to move forward. Being proactive and protecting yourself and your business is the best way to defend against a likely defaulter.

For one the most comprehensive online SME Credit Check solutions in South Africa, visit www.PBVerify.co.za

Three easy steps to protect your business against bad debt

Three easy steps to protect your business against bad debt

All facts considdered.

– By Leon van der Merwe – Snr. Consultant at pbVerify

 

The Business Credit Report explained in 3 easy steps
Doing business in the SME (Small to Medium Enterprise) sector has become more complex and more “corporate” than ever before when it comes to protecting your piggy bank. A few years ago it was almost the norm to extend credit to clients on a mere handshake and the pressure to do sales sometimes lead to remarkably bad decisions to extend credit to the wrong people or businesses, but then the opposite has also proved its worth. Let’s take a moment to look at what can proactively be done to prevent bad debt, rather than chasing and tracing the ever illusive defaulters.

1 – Do some digging
Take the time to do some digging into potential customers’ personal and business credit reports. PBVerify provides a world of CREDIT BUREAU, CIPRO, SARS and DEEDS data that empowers you with information to make better decisions. Get the facts and figures required to make confident business decisions and protect your money, reduce liability and prevent fraud.

2 – Understand the information
There is no point in drawing a credit report if you do not understand the information you are looking at, or more importantly what you are looking for. Let’s focus today on the TransUnion Business Credit Profile obtainable to registered clients of pbVerify which will contain the following information:

Business identification information
Details of the registration of a particular business, including registration number, address, date of registration and any previous names that the business may have been registered under.

  • – Carefully examine this information and compare it to the client’s credit application information pertaining to the business name, registration number, address etc. Any differences in the comparison should be noted and further investigated.
  • – You can go one step further and do a CIPRO (Company and Intellectual Property Commission) Company and/or Director search to obtain real-time data direct from the registrar.

Bank history
Details of previous and current bankers and bank codes obtained on the business by TransUnion (ITC).

  • – Check for the appropriate bank codes related to previous amounts enquired for.

Bank Codes explained:
A = Undoubted for the amount of enquiry
B = Good for the amount of enquiry
C = Good for the amount quoted if strictly in the way of business
D = Fair trade risk for the amount of your enquiry
E = Figures considered too high
G = Paper occasionally dishonoured
H = Paper frequently dishonoured

Business default information
Negative information (non-payment of accounts information) recorded against a business by other subscribers held on the TransUnion database.

  • – It is important to realise that a credit report is much like a “criminal record”, meaning only negatives are recorded, a clear report in terms of Listings, Defaults and Judgements means the client has a clean credit record.

Principal details
Information on the principals of a business such as name, surname, ID number, as well as an indicator of adverse information (e.g. civil court record – ‘Y’or ‘N’).

  • – If a red (pbVerify report only) “Y” appears next to the principal’s (Directors and Members) detail, it means that there is a negative record recorded against this person in their personal capacity. It is highly recommended that you then draw a Consumer Credit Profile on this person to determine the extent and value of the adverse information.

Trade information
Business Payment information on the way a business pays its debts with other creditors.

Enquiry history
A history of enquiries that has been made on the business by other businesses over the past three years.

3 – Make an informed decision
Institute measures that specifically suits your organisation and resembles your organisation’s approach to acceptable risk. As impossible as it is to predict the future, the last thing you want to do is reject a potentially good client’s credit request because your measures are set without considering all facts. Even in today’s unemotional world of business, I believe personal relations should still count for something. Knowing your client is key, so by all means take the time to do some digging and gather facts, but also make time to get to know your clients, their business, goals and objectives; – and make an informed decision based on all facts considered. Accepting or rejecting a client’s request for credit is a simple denial or approval for doing business, taking into consideration the possible risks associated in doing so.

 No one can predict the future, but those with all-embracing information at hand – combined with some good business sense dramatically increases the odds of a successful future.

For more information on pbVerify, please contact 011 516 9400 or send an Email to support@pbverify.co.za

Pitney Bowes SA launches pbVerify

On the 1st January 2013, Pitney Bowes SA launched pbVerify – Online Credit, Trace and Deeds search services for small to medium sized enterprises (SME) on www.pbverify.co.za

pbVerify is a web-based system that was also designed to cater for Pitney Bowes’ pbSecure anti-fraud document security solution and is extremely feature-rich, providing businesses with instant access to various Credit check, Consumer trace and registrar information. The system was originally designed as an online credit vetting tool for businesses to do background credit checks and analysis of their debtors and prospective credit clients. Today the system features so much more, with added functionalities that include:

  • Business registration verification through CIPRO
  • Business Director verification through CIPRO
  • Business VAT number verification through SARS
  • Consumer ID verification through Home Affairs
  • Deeds Search (seven different types)

The system offers credit bureau reports from three of South Africa’s largest credit bureaus, namely:

The credit bureau searches include:

  • ID Verification
  • Consumer Trace
  • Consumer Credit Check
  • Business Credit Check

pbVerify also boast with one of the most comprehensive Consumer Trace systems on the South African market, used by tracing agents and businesses to locate Consumers and Directors whom have defaulted.

Part of the pbVerify offering also includes an Application Programming Interface (API) access to ID verification data on the Pitney Bowes Information System (PBIS) SOAP server that can integrate with any application. This allows system integrators instant live access to XML ID verification data.

For more information on pbVerify or pbSecure, please contact Leon van der Merwe, Senior Solutions Consultant at Pitney Bowes South Africa on 011 516 9400