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calendar    Sep 17, 2021

How to Move Your Credit Management Online

Online credit management is better

Some things are just better online. And we think credit management is one of those things! Whether you’re a small business getting ready to scale, or you’re a large business looking to save time and money, moving your credit processes online is an excellent way to streamline and simplify your B2B credit risk management.

Having online credit management means that all of your revolving lines of credit programs will be easy to track, easy to follow up with, and far more accurate. You’ll say goodbye to missed communications, confusing account management policies and procedures, and looking like a dinosaur to your customers.

What’s not to love? Maybe you like the idea of online credit management, but you’re worried about the process. Fortunately, the trustworthy credit risk management solutionsthat offer online credit management tend to have very easy onboarding processes and low barriers to entry. And once you’re online, your accounts team will spend far less time managing your accounts receivables.

How Resolve makes online credit management easier

Resolve is a complete B2B net terms and credit management system. We streamline your credit and Accounts Receivable tasks including business credit checking, credit line decisioning, advancing net terms invoices, payment reminders, payment processing, and collections. This means we help manage every aspect of offering net terms to your customers.

For every business customer you want to offer net terms to, we provide a ‘quiet’ credit check - only the business name and business address is needed. We’ll advise on the credit line and invoice advance rate they’re approved for with Resolve. On the AR side of things, we provide a payment portal under your business’ name that allows these customers to make payments online through the payment method of their choice.

Resolve acts as your credit team enhancer. We make credit checking, credit decisions, and credit line management fast and simple. Everything you need is at your fingertips! And you’re able to set up every customer under this system, or just those you choose.

One of the challenges of extending credit terms to customers is the lack of cash flow until you get paid. So, Resolve will pay up to 90% of each invoice for approved customers within one day of issuing the invoice.

We give you the freedom to spend your time running your business, not stressing over credit management!

Barriers to online credit management

With all the advantages to moving your credit management online, you might wonder why some people are still using old systems.

Sometimes, change—even good change—is hard to get on board with. Resolve understands this. We’ve made the system as easy as possible. We also empower you to choose whether to move all your clients to the online system, or only a few. And we’re here to support you every step of the way.

Another concern is that online credit management will impact customer relations. By the numbers, we see a 20% increase in average order size when customers are approved for credit through Resolve, and a 90% faster sales cycle time. Customers love having access to net terms and being able to quickly and easily make payments online. Plus, everything they see is from your business, so there’s no interference in the credit and payment transactions.

The Better Business Bureau receives many complaints about companies with sketchy collection practices, or, on the other side, those who rack up bad debts, hide behind bankruptcies, and consistently end up with their account numbers under collection accounts. Using online credit management, you can quickly rule out any company that's likely to turn into a debt recovery while highlighting the companies you want to extend credit to.

You don't need to figure out nmls, ste, planos, or fdcpa to use credit management online. Just click and get started.

businessman handshake after negotiations

Time for less paperwork

One of the great things about online credit management is the big drop in physical paperwork! This is one of the main reasons your team should not be managing credit checks in-house. Your sales teams have access to credit applications right on their devices rather than conducting manual business credit checks. They can often receive credit approval for a new customer during their visit, and they can confidently extend terms.

End-of-month statements, invoices, and reminders all get shifted to the cloud where you can securely access them from anywhere—and you don’t need to keep walls of filing cabinets anymore.

Would you like to see an update of your Accounts Receivable? Done. You have everything you need to keep track of your overall credit programs as well as individual accounts. And you can say goodbye to setting up manual reminders to track down payments. That’s all automated when you switch to online credit management.

And, with effective credit checks that empower you to offer the right terms for each customer, you can stop acting like a collection agency, pursuing debt collections from customers who were given unreasonable lines of credit. No more phone calls to try to collect on late payments and bad debts.

Tired of high DSO (Days Sales Outstanding)?

Prompt and secure payment of up to 90% of approved customer’s invoices within one day means DSOs become a thing of the past. After all, wouldn’t you rather look at your daily sales numbers increasing than your DSOs?

It's not uncommon for high DSOs to be a result of companies with poor credit reports, a history of past-due accounts, and even bankruptcies because companies didn't have the tools to check their customer's credit effectively. Resolve helps to establish the credit-worthiness of customers and saves you from needing a credit management lp, pursuing debt recovery, and facing low recovery rates on funds you desperately need.

If a customer's business is too new to determine whether they are a good candidate for credit terms or even have a credit score, we'll let you know in real-time. And you'll still be able to offer them the option of paying immediately and easily with a credit card.

You can stop acting like a bank, a debt collector, or a collection agency.Find the right B2B credit management systemthat can help you offer the right terms to your customers-while managing all the processes for you online.

With online credit management, your sales teams have the validation they need to close bigger sales, your accounts receivable and credit management are streamlined and current, and your consistent cash flow allows you to negotiate with suppliers, confidently expand, and know exactly where you stand financially.

Interested in moving your credit management online? Try Resolve's "quiet business credit checks" for free and find out how safe your net terms really are.

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