A supplier or a vendor is a company that a business uses to secure raw materials. A business cannot efficiently produce both the raw materials it needs and the final products it sells to customers, so businesses secure materials from a supplier or vendor. However, before working with a new supplier, you will need to do some research to make sure they are a real, in good standing and a trustworthy company.
The process of choosing the right suppliers to work with can be challenging for business owners and managers. Not only do you need to find suppliers with the capacity to produce the materials you need, but you must also confirm that these suppliers are who they say they are, meaning you must verify them. You can learn more about why this is important in this blog: https://markaaz.com/5-reasons-your-company-needs-supplier-verification/
Because there are many risks related to suppliers such as fraudulent suppliers, unpleasant surprises when existing suppliers go out of business, suppliers that are unable to keep up with your level of demand and suppliers that do not comply with safety or cyber standards or other regulatory requirements. You can learn more about why this is important in this blog: https://markaaz.com/5-reasons-your-company-needs-supplier-verification/
Supplier verification, also known as vendor validation, is the process of confirming that a supplier your businesses wishes to contract with is both legitimate and reliable. You can learn more about supplier verification in this blog: https://markaaz.com/supplier-verification-what-it-is-and-why-it-matters-for-your-business/
Some industries may require other forms of verification to be considered real and legitimate businesses. If your business is subject to regulatory requirements or other standards, you will need to verify that the suppliers you work with abide these rules as well.
Markaaz verifies that the user is who they say they are, that the business is rightfully incorporated, real, and in good standing (not involved in any bad action), and Markaaz makes sure that the authorized person (the ultimate beneficial owner of a business owning at least 25%) claims their business.
We use bank verification as a method to confirm that you are the owner of the business and authorized to claim your business on Markaaz. By applying this same standard to every business on Markaaz, you can be sure that you are in a trusted, verified community. This information is solely used for the purpose of business verification. If you have any questions or concerns, feel free to reach out to our customer service team: firstname.lastname@example.org
No, supplier verification doesn’t eliminate the potential problems that can occur (fraud, non-delivery, late payment, out of business etc.). However, it can help you to reduce your risk exposure significantly.
Unfortunately, supplier verification doesn’t eliminate the potential problems that can occur. Some examples of other potential risks include fraud, non-delivery, late payment, out of business, etc. However, using Markaaz to monitor and verify your suppliers can help you to significantly reduce your risk exposure.
The need to verify suppliers does not end once you establish an initial relationship. Instead, supplier verification and monitoring should be an ongoing process for as long as you work with another company. That’s why Markaaz makes it easy for you to manage your supplier and vendor lifecycle through the platform.
If a supplier you contract with undergoes changes in ownership, personnel, location, or other factors, it could have a significant impact on your supply chain. You can learn more about preventing supply chain disruption in this blog: https://markaaz.com/how-to-prevent-and-survive-supply-chain-disruption/
Markaaz helps your business with your ongoing supplier verification needs. You can use Markaaz to monitor a list of suppliers and be notified automatically and real-time of any changes in status. This can help you stay on top of any potential impact on your supply chain, allowing you to always be one step ahead and mitigate risk.
The Business Credit Risk Score™, powered by Equifax, offers reliable insight into general creditworthiness of a company without reviewing a business credit report manually. It predicts the likelihood that a business will become severely delinquent (91 or more days past due, charged off, or bankrupt) on a non-financial account over the next 12 months. The score is built on multiple data points and allows you to make intelligent, efficient decisions for your business.
The Business Credit Risk Score™ helps you answer critical questions for effective risk management, such as:
– Will I be paid?
– When will I be paid?
– Is my supplier facing financial difficulty?
You find the Business Credit Risk Score™, powered by Equifax, in the business profile of a business on Markaaz. You can get to the business profile by searching for a business or clicking on a business that you are already monitoring.
There are always risks when involving another company with your business’s essential needs. Monitoring your suppliers and vendors will help you answer questions such as when will I get paid, is my supplier at risk for going out of business, and other essential factors that could disrupt your business. Monitoring your suppliers is especially useful during a time when the COVID-19 pandemic and economic uncertainty places a heavier burden on businesses worldwide and accelerates their move towards digital.
Yes, you can monitor businesses with the free version of Markaaz.
No, you can monitor any business on Markaaz.
You can invite your supplier to meet you on Markaaz.