Thinking Capital and Equifax go to BillMarket for Canadian SMEs
Equifax Canada and Thinking Capital have launched a new solution, BillMarket, designed specifically to enable Canadian small businesses to leverage their credit profile to extend payment terms in their supply chain, reports David Penn at Finovate.
“BillMarket creates a new language of credit for small business in Canada,” Thinking Capital CEO and co-founder Jeff Mitelman says. “For the first time, there is a practical way to talk about and put a dollar value on small business credit in Canada.”
The new solution works by using Equifax’s Small Business Grade to establish a credit limit businesses can use to extend payments. Businesses can learn how much credit they are eligible to access by registering with BillMarket and reviewing their certification report.
According to the firms, financing via BillMarket gives small businesses more time to pay suppliers, increased purchasing power, and the ability to deepen relationships with business partners thanks to greater potential spending and consistently prompt payment.
Headquartered in Montreal, Thinking Capital was founded in 2006. Since inception, the company has facilitated business financing for more than 14,000 Canadian SMEs. Financing from $5,000 to $300,000 is available to small businesses through Thinking Capital’s fixed and flexible payment solutions.
SMEs must be based in Canada, in operation for at least six months, and have average monthly sales of at least $7,000. Thinking Capital was acquired by Purpose Investments in May in a deal reportedly valued at more than $200 million.
Earlier this month, Equifax – with operations in 24 countries in North America, Central and South America, Europe, and the Asia Pacific – announced a partnership with account information service provider Consents Online. In June, Equifax hired former IBM Watson and Cloud Platform CTO Bryson Koehler as its new CTO.
Equifax is publicly owned and trades on the New York Stock Exchange. It has a market capitalisation of $15 billion.
