If I am providing service. How do I decide to extend $20,000 credit and pay in 45-60 days. I want to know if there are any 3rd party companies that I can run credit on my vendors
Typically I use Dun & Bradstreet (https://www.dnb.com/) for vendor or customer credit lookup. They have good customer service and very accurate information.
I have never used 3rd party credit check since they don’t take any responsibility. At the end, of your vendor doesn’t pay, you’ll get the financial hit.
Instead, why don’t you use AR insurance to spend your money on? It’s an insurance that covers your AR if they don’t pay. (Of course, depending on conditions)
Let me know if this helps.