Equifax and Thinking Capital have partnered to launch BillMarket, a payment platform aimed at helping Canadian small businesses receive payments and understand their credit profiles.
BillMarket leverages Equifax’s Small Business Grade solution to allow businesses to access their free credit grades and available credit, determine their credit limits, and extend their payment terms with suppliers by checking their certification reports.
“BillMarket creates a new language of credit for small business in Canada.”
– Jeff Mitelman, CEO and co-founder of Thinking Capital
“BillMarket creates a new language of credit for small business in Canada. For the first time, there is a practical way to talk about and put a dollar value on small business credit in Canada,” said Jeff Mitelman, CEO and co-founder of Thinking Capital. “BillMarket expands the purchasing power for Canadian SMBs and eliminates friction in the supply chain. Through BillMarket, small businesses can translate their credit grade to real-time available credit that they can use to extend payments with suppliers by up to 120 days. BillMarket represents a cash flow revolution for the Canadian small business market.”
According to Equifax, BillMarkets can benefit Canadian small businesses by freeing up their working capital by extending supplier payments for up to 120 days, provide suppliers with real-time credit insights, and enable on-time payments. For suppliers, the platform can identify potential risks of late payments, allow suppliers to be paid on time, and provide suppliers with more customers.
“We created a grade for small businesses so they can better understand the quality of their business credit and clearly communicate it to suppliers and other interested parties,” said Lisa Nelson, president of Equifax Canada. “This enables suppliers to more easily and confidently assess small businesses as potential partners, and at the same time drives down their DSO (Days Sales Outstanding).”
Thinking Capital was acquired by Purpose Financial in March. In the past, the company has established partnerships with other startups, including Naborly, Everlink, and TouchBistro.