PurplePatch launches mid-term contract renegotiation service as data usage drops amid Covid-19

As the credit risk market continues to deal with extraordinary changes, credit information consultancy PurplePatch, has launched a new service to aid the renegotiation of credit risk information agreements mid-term.

Today’s credit providers are finding it more and more difficult to negotiate “static” agreements that withstand the pressure of change. Despite good intentions, unexpected difficulties do arise once contracts are underway. Deals done in the good times might not be appropriate when the climate takes a turn for the worse.

PurplePatch Co-Founder, Nick Frazer said: “Although the main purpose of entering into a business deal is to make a profit, frequently contracts turn out to be unprofitable. Covid-19 has particularly impacted credit data usage, leaving lenders often overpaying for data. That’s why credit providers need strategic insight on credit information. With an up-to-date view of the current landscape of credit information, products, and infrastructure – benchmarked against customers using the same Bureau, as well as other suppliers – we can provide complete pricing transparency.”

“Contract negotiation doesn’t have to be a one-time event. Unless the agreement is considered profitable and mutually beneficial by both sides, one party is likely to lose out. But a smooth re-negotiation can result in a successful “win-win” outcome for both parties.”

Nick Green, Co-Founder, PurplePatch adds: “It is all too easy to let contracts just roll on due to the relentless pressure credit professionals face with ‘business as usual’. But nobody wants to be operating under the terms of a contract that’s not fit for purpose. There are always options available to improve on your current provider’s agreement, cost, performance, or service. Renegotiation of a contract, with expert assistance, can provide an opportunity to improve and enhance aspects that have proved less than effective, and revisit key areas, such as duration, delivery, management, solutions, technologies, and cost.”

With a mission to give credit providers better insight and transparency when it comes to the supply of credit information, PurplePatch is transforming the contract negotiation relationship.

Impartial and unbiased, PurplePatch has worked with a wide range of customers and suppliers and negotiated hundreds of agreements. By overcoming many of the pitfalls that credit professionals have had to face, PurplePatch ensures relationships are underpinned by clear mutual benefit on both sides. PurplePatch are so confident that they will be able to save money, services are provided on a shared-savings approach.