Avoid These Common Pitfalls When Trying To Grow Your Business

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Cash flow is an integral part of any business, particularly for small and medium-sized enterprises (SMEs). For a small business, undertaking thousands of dollars’ worth of work and not being paid, or providing stock to a company that becomes insolvent, can mean the difference between success and failure.

3 Ways To Predict a Company is in Trouble

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3 Ways To Predict a Company is in Trouble

The failure of any company can have a ripple effect on its customers and supply chain. It’s a troubling prospect for small businesses to consider, but it rarely happens without warning. We share our insights so you too can look for the distress signs.

Overview

Minimise the impact for at-risk customers

Equifax Protect is a subscription service designed to help you safeguard customers against fraud and loss in the event of a data breach. Purchase Equifax Protect on behalf of your customers and give them access to our credit and identity monitoring service. By proactively monitoring their position, your customers can reduce the risk that any breach results in identity theft or financial loss. 

An Equifax Protect subscription allows at-risk customers to:

  • Access to 12 Equifax Credit Reports per year (one each month) 
  • Track credit scores over time with monthly credit reports.
  • Receive alerts for certain changes in their credit report.
  • Receive Identity Protection powered by Norton™ - Dark web and social media monitoring of personal information^
  • Up to $15,000 insurance with Identity Guard*
  • Take control with tips on how to improve and maintain a good credit score.  
     

^Identity Protection powered by Norton™ monitors Driver’s licence number, monitor 4 passports, 10 bank accounts, 10 credit cards, 10 gamer tags, 5 email addresses, 5 phone numbers, 5 physical addresses, 5 insurance ID numbers and Mother’s maiden name. 

*Terms, conditions, exclusions and limitations apply. Click here to view the Identity Guard Insurance Policy Information Booklet. 

 

Put your customers first with Equifax

The key to managing the potential harm of a data breach lies in the speed and quality of your response. With Equifax Protect, you can put your customers first by offering an industry-leading service from the largest consumer credit reporting bureau in Australia. 

Choose to respond with Equifax Protect and you’ll receive:

  • Fast turnaround with access for each person impacted within days. 
  • Individual activation codes, valid for 12 or 24 months.
  • Option to include your logo and company-specific information on the activation site. 
  • Ready-made communication templates to help you respond fast.
  • Dedicated support from your account manager. 

Has your personal information been compromised in a data breach?

Protect your credit profile and identity, compare our plans here.

 

Managing Credit History for Small Businesses

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Managing Credit History for Small Businesses

Small business owners have a lot on their minds, especially when they are in the crucial first stages of establishment, and again when they start to think about expanding. The attraction of starting up or taking over a small business is the ability to bring a novel idea to the market and be responsible for the direction of your own career.

4 Warning Signs a Business May Be in Financial Distress

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The reality of running a business is that, from time to time, a venture is not as successful as initially planned or hoped for. Failure is an unfortunate predicament that many businesses find themselves in and one that can trigger a domino effect of consequences for suppliers and customers alike.

Business owners should familiarise themselves with the warning signs of business failure to ensure that they’re adequately prepared if a customer becomes insolvent.

Digital Transformation News

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Welcome My Credit Alert customers

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Overview

Verifying income and expenses for business loan approval doesn’t have to be time-consuming for you and tiresome for your prospective customers. The Equifax Commercial Affordability Report provides a summarised view of business cash flow and affordability using bank transaction data and insights.

Your customers follow a link that enables the secure extraction of income and expenses from a broad range of financial institutions across Australia and New Zealand. Within minutes you receive the data and intelligence to help you to make a fast, informed decision about their financial strength and future cash flow risk.

Speed up your acquisition process

Loan processing bottlenecks can cause inefficiencies, customer friction and drop-offs. Small business borrowers expect fast approvals, but this isn’t always possible using time-consuming manual checks. 

With the Commercial Affordability Report, this financial verification process occurs in real-time, without paperwork-heavy processes. Monthly income and expenses from the potential customer’s disclosed bank accounts is captured and analysed, presenting you with data-driven evidence of creditworthiness based on their spending habits, cash flow history and trend predictions. Plus, you can Export transaction data as a CSV file to create your own profit and loss projections.

Our technology supports both in-office and remote working, eliminating the need for document handling or in-person contact. Data is delivered directly to your existing applications via our rapid API connection.

Read this SME instant verification article to find out more.

ZipID permanently closed on 30th June 2023

ZipID stopped trading on the 15th June 2023 and closed permanently on the 30th June 2023 - we are no longer accepting any new bookings or enquiries.

If you need to verify your identity, please contact the party that referred you to ZipID for an alternative method of identity verification.

Alternative solutions for business

Lenders & Conveyancing:
Equifax Biometrics

Mortgage Brokers:
Fact Finder Broker Tool
Use biometrics to verify your customer's identity remotely while improving your customer onboarding experience, supporting your compliance requirements and helping to mitigate your fraud risk. Gathering information required for your mortgage pre-qualification assessment doesn't have to be time-consuming or disjointed.
Learn more Learn more

 

FAQs

When did ZipID close?

ZipID accepted its last booking on the 31st May 2023 and closed operations permanently on the 30th June 2023.

 

Why did ZipID close?

As remote biometric verification solutions become more widely adopted, fit for purpose and cost effective, we are responding to that market demand and changing the way that we service our customers by moving from a face-to-face verification model to a remote digital solution.

 

Why can’t I access the ZipID portal anymore?

As part of the closure of ZipID, access to the ZipID portal was removed.

 

What happened to the reports stored in my ZipID portal?

Businesses storing data in the ZipID portal were asked to extract any information or data you require from the ZipID by 19th June 2023 and find an alternative storage solution. ZipID will continue to securely store the data until Q1 2024 when all data will be purged. If you have any privacy related queries please see our privacy policy: https://www.equifax.com.au/privacy.

 

What solution can I use to replace ZipID?

Lenders & Conveyancing:
Equifax Biometrics

Mortgage Brokers:
Fact Finder Broker Tool
Use biometrics to verify your customer's identity remotely while improving your customer onboarding experience, supporting your compliance requirements and helping to mitigate your fraud risk. Gathering information required for your mortgage pre-qualification assessment doesn't have to be time-consuming or disjointed.
Learn more Learn more

IDENTITY THEFT Landing Page

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