What is Vendors Background Check and how it Works?
Relationships are inevitable for successful operation of a company. This stands true whether you own a government agency, non-profit venture or business. However, these relationships must never be made with lack of information. When you plan to engage a new vendor or have to make certain acquisitions or want to hire employees, learning as much as you can about them definitely counts! This process of gathering optimal information is denoted as vendor background check.
For a vendor the background check is typically held in four independent phases namely: criminal history check, executive background check, credentials & license check and verifications. Thus performing vendor background screening can provide in-depth answers to common questions that often come to mind when the new relationship of a vendor begins with your company.
1. Who are the employees of the vendor?
When you start to work with a vendor then their workforce becomes your frontline staff- so are you aware who the employees of the vendor are? Netrika- one of the prestigious vendor background check companies of India helps you know about the hiring process of the vendor and if they have witnessed any problems in past. For example, if the vendor has been through costly penalties and fines due to its employees then the same will be revealed in the screening.
2. Is there any criminal history of the vendor?
Vendors always have things at the right place during RFP process and the service agreement. At the end of the day, their objective is to win the business. However, in the process the vendor never provides that key information that raises an alarming sign, such as executive or principal criminal records.
Proper comprehensive vendors criminal background check is able to reveal the criminal history including illegal activities or fraud. What's essential here is that the vendor background check provides information right at the moment when it turns out to be of utmost importance- before you work with them.
3. Is the vendor insured and licensed?
The baseline requirements of a vendor are proper license and appropriate form of insurance in order to offer the best of service at the designated place. The check confirms both the aspects and further generates a detailed insight of their license history too. Say if the vendor that you want to hire has lost their license for a specific period of time or is under probationary status, each and every piece of information will be delivered through the process by the dedicated investigators of Netrika.
4. Are there other names of the vendor?
DBA (Doing Business As) is a common practice adapted by vendors for establishing multiple businesses for marketing various services and products. Still, there are cases when vendor use this practice as a mask to hide issues of the past. Like the associated lawsuits, even multiple names of the same vendor must be discussed to understand their suitability. There cannot be a better time to extract every piece of information about the vendor than before you get into the service agreement.
Netrika features advance and customized vendor background screening at exceptional value which is a great way to capture authentic information that can be utilized for the benefit of your business. So get in touch with the company right now before it's too late!