There is absolutely nothing worse than an archaic credit and collections process. Chasing outstanding payments is time-consuming, expensive, and carries a great deal of risk. Manual processes eat up valuable time and obscure financial metrics, so business leaders lose confidence in their business analytics and forecasting. Collection agencies can help settle outstanding payments on your behalf, but they’ll keep 25-50% of the payout for themselves. No wonder SMBs are turning towards automation to increase productivity and minimize risk.
Whether you are a start up or a mid-size business about to scale up, credit and collections software promises to streamline your overall risk management process, increase productivity, and reduce risk. In this blog, let’s discover the main benefits of a best-in-class suite of credit and collections software.
Collections software allows businesses of all sizes to view, store, and act upon centralized data to streamline their collection processes. Instead of relying on manual processes, this software accelerates collections management through automated workflows, strategies and customer correspondences. CreditPoint’s credit collection software can save your analysts 60% of their time and increase their productivity by 10x all while improving cash flow.
Minimize Credit Risk
When you choose the right solution, credit decisioning software provides your team with increased transparency and the critical insight they need to minimize risk. CreditPoint allows businesses to automate their data gathering and create configurable scoring models to increase data accuracy and reduce bad debt by 15-25%. Best-in-class solutions such as ours will also provide you with in-depth business intelligence reporting tools so you can analyze trends, track portfolio risk, sell more to your best customers and price risk into the customers that may not score as well.
Increased Customer Satisfaction
The customer experience and satisfaction is one of the largest benefits associated with credit and collections software. After all the effort you put into closing the new customer, the onboarding of this new customer needs to be seamless and efficient. Credit and collections software reduces the need for manual processes , allows for a shorter order to cash cycle, and sets you up for increased visibility of the shortest DSO possible from the start.
Businesses large and small can leverage the increased efficiency and improved productivity that comes from using a credit and collections software. CreditPoint Software’s solution is easily implemented into your current processes and technology stack to save your analysts time and help reach 10x in ROI. Schedule a consultation with CreditPoint Software to learn more.