What Exactly is a D-U-N-S Number?
Simply put, the D-U-N-S or Data Universal Numbering System is a unique nine-digit identifier for businesses. Created and copyrighted by Dun & Bradstreet in 1962, this nine-digit number can identify business entities based on their location. This number is mainly of importance because governments can use it to check the identity and legal entity status of your organization.
Moreover, lenders, suppliers, and other potential business partners can also use it to understand the economic stability of a business which can open up doors to new ventures and partnerships.
Why Do I Need a D-U-N-S Number?
If you are looking for a sure-shot way to kickstart the process of establishing credibility for your company, getting a D-U-N-S number is the best way to start on this path. When a business is initially set up, it does not have a credit file. Therefore, getting this nine-digit number for your company can help beat the competition and stand out by starting the process of maintaining a business credit file.
That is not all; when you have a D-U-N-S number, your business portrays itself as a credible entity which in turn helps you foster key business relations with companies across the globe. Additionally, even if you want to take a loan or credit from the bank, this nine-digit number eases the entire process.
Here are some of the main advantages that you can avail of after registering for a D-U-N-S number:
Helps you prevent bad debt
The worst fear of any business is perhaps trying to resolve or get out of bad debt. While there are several techniques that can help you get out of it, preventing it from happening in the first place is the ideal solution. And so, at difficult times, a D-U-N-S number can prove to be extremely beneficial. It provides you with the business credit files of potential customers, helping you avoid risky partnerships.
Allows business with companies and governments outside the United States
When you start a venture or send a proposal for a new partnership, many companies, as well as governments across the world, use the D-U-N-S Number to verify the business’s legitimacy. Also, once your vendors and suppliers recognize you as a creditworthy entity, chances are that they would be more likely to offer you better trade terms.
How Do You Get a D-U-N-S Number?
Given the cut-throat competitive nature of the business marketplace, having a D-U-N-S number is one of the sure-shot ways of standing apart in the crowd. You can easily get listed on the Dun & Bradstreet Data Cloud, the most comprehensive database in the world, and make sure that your company is visible to millions of potential customers and partners around the globe.
Registering your business for a D-U-N-S number is a simple process, which takes a total of 30 days to complete. However, if you want to expedite the process, you can pay an additional fee for the same.
So, register your business right away and unlock new business possibilities.
