Read or rate business payment practices
Make informed credit decisions on businesses you work with
For the
Payment Rating
Formsome helps people discover a business credit worthiness by empowering anyone to anonymously rate payment practices of registered entities.
Prevent Late Payments
Payment rating can highlight potential payment delays, prompting business managers to address them and make improvements to the accounts payable process. This prevents any party from being unfairly affected by payment delays.
What People Say
Costly relationships
Late payments have long been one of the biggest frustrations for small businesses. They cost jobs. They force healthy businesses to close.
Alex von Schirmeister - Managing DirectorXero UK & EMEADeter bad payment culture in traditional industries
Reporting on Formsome work wonders. Companies finally start paying on time. Its subtle yet more effective than writing a polite request for payment after an invoice is sent every single time.
Anonymous UserUnited KingdomBeing held accountable
Legislation requiring large businesses to disclose the time it takes to pay invoices has been passed into law and will take effect from 2024.
Robyn Walker - Tax PartnerDeloitte New ZealandLate Payment Pandemic
More than half of the commercial payments made by Singapore companies were late in the second quarter of 2021
Harry Suhartono - WriterReuters SingaporeReach a resolution
a new age of co-operation and mutual respect between businesses – big and small
Jennifer Westacott - CEOBusiness Council of AustraliaPayment delays are not free
It is big businesses using small business as a cheap bank
Kate Carnell - OmbudsmanAustralian Small Business and Family Enterprise OmbudsmanFacts & Figures
$7t
global impact of late payments
90k+
businesses liquidate each year
81%
monies originate from a debt
Towards Good Payment Pratices
Join the Prompt Payment Initiative for your business
takes just over a minuteFrequently Asked
What is Formsome?
Formsome is a payments rating platform for anyone to read or rate payment practice of businesses anonymously.
Why should I join the Prompt Payment Initiative as a signatory for my business?
By becoming a Signatory of the Prompt Payment Initiative, businesses can significantly enhance their payment reputation and credit standing. Demonstrating commitment to good payment practices is an utilitarian endeavor, that helps your suppliers, employees, customers or other counterparts avoid unnecessary financial hardships caused by missed or delayed repayments.
There are similarly named business, how do I identify a business correctly?
Do visit the profile of the business you are going to make a review on. To identify a business correctly, it is important that you have following details:
• business legal name,
• business registration number,
• business jurisdiction country.
Are the business names the official legal names of the entities?
The business names presented on Formsome are registered full names (official legal names) detailed by an a government registry within a country's jurisdiction. This names are also formally used in court proceedings.
Which are the countries or jurisdictions Formsome cover?
Business data coverage is currently only available in United Kingdom, Australia, New Zealand, and Singapore.
Can I know how a business is verified?
All businesses presented on Formsome are verified. You can know a business is verified with a blue tick badge at its profile page. This proves the existence and legitimacy of a business as it is officially registered under a country's jurisdiction.
How are payment reputation scores for businesses calculated?
A business's payment reputation score is determined using a parametric approach consisting of several variables such as age, operational status, payment ratings, media news mentions, and Prompt Payment Signatory status of the business.
Do I need to pay for the services offered?
Formsome is free with a fair use policy to prevent potential abuse.
Where is Formsome data sourced?
Our data is sourced from government business registers and public directories as well as user generated content.
Am I only able submit reviews on businesses available on Formsome?
You are only able to submit reviews on businesses that are currently on the platform. This is to ensure that the existence and legitimacy of the business verified. If you would like to to get your business on our platform, please reach out to us here.
What should I do if cannot find a business name?
It usually means two things,
1. the the business name or registration number does not exist because it is not a legally registered business in the jurisdiction country or,
2. the business is has ceased operations and no longer maintained on Formsome.
If you believe a business should be made available, please let us know here.
Using a business legal name instead of brand name
It is essential to use a business' legal name rather than its brand name when dealing with money transactions. Brand names are informal representations of a product or entity, which can be interpreted differently and not a unique identifer for legal purposes. On the other hand, a business' legal name is an atomic, indisputable point of reference. It can be used to verify a business existence with local authorities, preventing bad actors in financial crime and protecting genuine businesses.