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Knowing your customers is important, particularly if you're giving or extending credit, as their cash flow problems can quickly become your cash flow problems. Whether you're just starting a relationship with a new customer, or have been dealing with them for a number of years, it is vital to have a thorough understanding of their situation. Here are some simple, free ways of finding out more about who you're doing business with. Checking out a new customer You wouldn't give cash to a total stranger, so why should you be expected to extend credit to a company you don't know?