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loveandhate

Running a Personal Branding/ Design Firm. How would I go about issuing credit and reporting client credit accounts to CRA's?

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We'd really like to raise our prices and land more clients outside of the entertainment space and to do that we'd need to give clients a way to pay over 6-12 months. If we do this, we'd be accepting a pretty high amount of risk. I think that we can mitigate some of this risk through reporting.

 

Is anyone familiar with the process? I don't need handholding as I know you have better things to do than help me out (lol) but are there any threads, websites or other trusted resources that could help me understand the process? Thanks in advance!

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havent heard of this but interested to know what solutions are out there for something like this

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On 5/21/2019 at 3:37 PM, loveandhate said:

We'd really like to raise our prices and land more clients outside of the entertainment space and to do that we'd need to give clients a way to pay over 6-12 months. If we do this, we'd be accepting a pretty high amount of risk. I think that we can mitigate some of this risk through reporting.

 

Is anyone familiar with the process? I don't need handholding as I know you have better things to do than help me out (lol) but are there any threads, websites or other trusted resources that could help me understand the process? Thanks in advance!

The best information I recommend is to check out is cbx.credit and email address is bcd@cbx.credit.

They use to have on their site not long ago before site updated about reporting b2b transactions and relationships. Start there.

From what I understand they have Law Firms that Draft Agreements, Escrow Payments and a network to get the transactions reporting quickly per month.

Best!

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is this a fiduciary responsibility and liability you are willing to undertake as a small business? moreover, there are advantages for loans/credit lines that do not report.

 

 

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Posted (edited)

Agree with Hege, there may be a lot of risks your taking on with a lot of unknown upside (are you SURE this will lead to more clients), and does the upside outweigh that risk.  I would suggest seeing if there is a way to partner with a 3rd party to provide the lending side and let them manage all the details, something like a relationship that would be similar to a store credit card or BillMeLater/Klarna where they have a LoC usable for your services which is backed/serviced by a lender who does this for a business.

 

As far as the reference Act1 provided, be sure to do proper due diligence before engaging any service provider.

Edited by CTSoxFan

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Most CRA's have certain requirements for you to report. As mentioned its risky thing to even do, even though business debt doesn't have the same laws as personal there are many liabilities involved. To do it right would cost you a bunch of money just to setup and keep yourself safe. You a B2B business?

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