In the Trans.eu System our users conclude thousands transactions everyday. Usually a dozen of companies competes for the most attractive offer on the market. What influences the choice of this particular company with which the person submitting the offer decides to cooperate?
Ratings – the invaluable tool of a social company verification
The most important element of a preliminary assessment of a potential partner is the rating system. A study conducted on a group of hundreds of users indicate that the number of positive and negative ratings is the most important determinant. What matters is not only their number, which is a proof that the other party has adequate experience, but also the ratio of positive to negative ratings.
Next, the negative ratings are thoroughly analysed. Why was a given company assessed negatively? Were the problems one-off or repeated? Does the negatively assessed company have anything in their defence?
The client who wants to deepen their analysis can also check the TransRisk indicator and analyses the documents from the company profile (e.g. insurance policies).
To build the greatest possible credibility of your company, you should therefore take care of all the above elements.
While working with other companies it is important to conclude transactions on the exchange. Remember also to rate the counterparty – the evaluated company usually does the same. If you think that you have done your job well and still have not received an assessment – do not hesitate to ask for it. Many of our users, when asked when do they rate their counterparties, answer “when the company asks for it”.
There will be changes in the assessments on the stock exchange
There will be a great change soon which will positively influence the security of the Trans.eu System as a place to do business. The most important information, presented in many places, will be the amount of ratings collected by the company over the last 12 months of their activities on the exchange and not as it is now, over their whole activity. We talk to the Trans.eu Product Manager Paweł Marek on the reasons for such change.
Why is there a need for changes in the ratings system?
This need has been already reported to us by our users, with whom we are in contact in daily customer service, while doing research and during industry events. Our clients want to be sure that the assessments received by the company with which they want to conclude a transaction are up to date. If you begin cooperating with a company which only has positive evaluations but the last one has been received several months ago, it is difficult to assess its credibility. We understand these needs and we want our users to work in a safe business environment.
Our research shows that the user spends only a few seconds on a risk analysis before concluding a transaction. There are many reasons and the most common of them is haste and business. We want to help our clients by making them see what is the most important for them and what best describes the current situation of their counterparty in such a short time. If the company has not been assessed in the recent past – our clients should know about that and be able to decide whether they want to risk with such a cooperation.
What exactly will change?
We change what the user will see at a first glance, in the summary assessment of the company, visible for example in their exchange offers. The three most important numbers for the user – the number of positive, neutral and negative ratings, from now on will be informing about the assessments from the last year.
What about companies that received negative ratings in the past?
If a few years ago a company received negative ratings, there is a good chance that such company has been long since eliminated from the market by the competition. If such a company has solved their problems (for example by solving their payment backlog) and now has only the positive assessments – we believe that it deserves a second chance. Such assessments will not disappear from the system. Everyone will be able to check them through the tab with all the assessments of a given company.