The Importance of Your PayEx Score: Unlocking Business Credit
What is a PayEx Score?
- A PayEx score is a rating that goes from 0 to 100.
- A score between 80 and 100 indicates that you pay your bills on time or even sooner than the due date.
- If you pay your bills later than the due date, your PayEx score will drop from 79 down to 0.
Generating a PayEx Score
- You can generate a PayEx score by working with 4-5 vendors who provide supplies or services on credit.
- These vendors will report your payment history to Dun & Bradstreet, a data collection company that determines your PayEx score.
- Your PayEx score is focused on trade credit or vendor credit, not capital funding.
The Importance of Maintaining a Strong PayEx Score
A high PayEx score demonstrates your ability to manage your business finances responsibly, which can be crucial when seeking funding or establishing relationships with suppliers and partners. By understanding and maintaining a strong PayEx score, you can unlock new opportunities for your business to grow and thrive.
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