Understanding Credit Check Features and Trade Credit Data in PencilPay

A PencilPay credit check is an automated tool for assessing the creditworthiness of customers applying for trade credit through the PencilPay portal.

When a customer submits an application, PencilPay rapidly verifies business details and runs a credit or cash flow check using data from agencies like Equifax. This streamlined approach helps suppliers decide whether to approve new accounts and set appropriate credit terms, making onboarding faster, managing credit risk easier, and ensuring secure financial transactions throughout the wholesale supply chain.

Credit Reference Checks via Equifax

PencilPay offers credit checks via Equifax:

Who is Equifax?

Equifax is a major credit reporting agency that provides detailed credit data for individuals and businesses worldwide.

When PencilPay runs an Equifax credit check, it uses Equifax’s reports to assess the creditworthiness of customers, helping businesses make informed decisions about account approvals, risk management, and payment terms. These credit checks are central to ensuring secure and reliable financial relationships within the PencilPay platform.

• • Credit Check Pricing as of 2025

    • • Company & Director Credit Check: $139.95.

      • Director Only Check: $109.95

        Important Note: These checks are not included with the monthly PencilPay subscription; they are separate paid add-ons.

  • Trade Credit Information for Existing Customers:

    • You can view a customer’s trade credit standing by searching for the customer in PencilPay and looking at the “Trade Credit with Other Suppliers” column, which shows total outstanding amounts (but not supplier names).

      • This data should supplement, not replace, a formal credit score.

  • Limitations of Trade Credit Scores:

    • Not all suppliers report missed or late payments, so scores may not fully reflect risk. Use these scores as references only.

  • Best Practices:

    • Use PencilPay’s internal credit data along with formal checks for a complete assessment.

    • Look at outstanding trade amounts for more actionable data.

    • Reach out to suppliers for more details on payment behavior if needed.

    • Credit scores are just one tool; always use all available data to assess risk.

• Resources & Support:

  • Links to related guides (like setting payment terms, resetting passwords, etc.) and instructions for contacting PencilPay Support for further help.

• Feedback/Contact:

  • Users are encouraged to give feedback and can contact PencilPay Support or book training sessions as needed.