ROI For Automated Credit Application Systems

Our industry-leading clients, including Danone in foods and Melissa & Doug in toys, will attest that Credit2B ECOS™ , our advanced Cloud Customer Onboarding and Credit Application System can reduce the credit cycle time from more than 5 days to under 1 day. This includes the bank and trade credit references, tax certificates, credit bureau reports, and other documentation including guarantees, financials, terms, etc.

Once the customer hits “submit”, the system instantaneously obtains and integrates all references, credit bureau data, public information, and Credit2B  industry trade to generate a financial risk score with a credit line recommendation.  All of this is electronically completed, signed and combined in a digital folder called the Virtual Credit File, which includes powerful workflow to complete the process.

  • 80% faster approvals without errors
  • Increase your sales
  • Redeploy staff
  • All reports and documents you need to open the account
  • Complete decision file
  • Risk Score and Credit Recommendation
  • Customized, and your brand
  • Delight your customers

Here’s how we accomplish these game-changing metrics.

Workflow Automation is the single most impactful technology you can introduce to accomplish more with less., controlled, fast, predictable results – we even have apps and devices that help us with information feeds, reminders and warnings in our personal lives.

Now think about your current credit processes: new orders received, ledger and file reviews, ordering reports, phone tag with customers and salespeople, references, email chains, letters, faxes, files, ticklers, over and over again.  ECOS controlled, efficient, intelligently automated processes help you achieve maximum results in accelerated time, without manual labor.

Intelligent Automation. What we have designed is a smart, configurable system where all you have to do is identify the new account and then “submit”,  and the application package, which includes all your corporate paperwork and terms, is pushed to the customer, who can complete and execute it on any device.  As an example, applicant’s bank and trade references are instantly pushed to the references.

With our proprietary methods for this, the average completion, including the banks,  is under 24 hours.  All these different feeds update your customer profiles and scores in real time.

Complete File. A fully completed Virtual Credit File, with all the documents, references, and credit bureau reports, is pushed by workflow to the credit department for review and approval. All customers are tracked in a real-time dashboard which shows you the status of all customers and applications.

Portfolio Risk Monitoring. As a national credit agency, we give you an aggregate portfolio risk score based on all the applications received, so you can track performance over time.

Transform Credit Management Operations

Credit2B ECOS™ will quite literally transform your credit operations, and let you focus on what’s important instead of wasting labor and time with routine tasks.

  • End-to-End. We provide a complete digital file with guidance for a decision and you can accept or over-write.
  • Accelerate Business – go from a week to a day. Traditional credit processes, even most so-called “automated” application systems, take from 5 days or longer  to completion. Our clients have seen reductions of 80%, with completion in less than one day.
  • Make Your Month (Revenues). When you pick up five business days, you are adding 2% per year more sales for these customers. This has real impact on your company’s success, especially at month-end; your CFO and sales department will appreciate it.
  • Cut Lost and Wasteful Time. As a major plus, you save the expense of many hours of manual routine credit work because you have at the same time eliminated all the labor, hassle, and back and forth associated with processing a new customer. The benefits are obvious.  Whether you have thousands of new accounts every year, or just two a week, you will find the improvement in results, and the reduction in manual work, is incredible. Deploy your FTEs to  other duties.
  • Fastest-ever Reference Checking. With our proprietary process, we achieve a higher rate of automated reference completion, and even 50% with bank references, on the first try, and the system will continue pursuing the laggards.
  • Better Private Company Financials. We achieve a significant completion rate on private customer financial information on the first try. We receive one in three without a follow-up.
  • Completion of all Documents, all in one folder in a snap. We achieve 100% executed acceptance of terms of business, compliance, guarantees where required, etc., and other documents, along with the credit application, in enforceable legal form.
  • Delight Your Customers. Your customers have the same  hassles,  frustrations as you do in dealing with the calls, emails, and faxes, even more because they often do not have the staff to deal with it. Your smaller customers will appreciate they can complete the process on all devices, even on their mobile devices.

Credit2B ECOS™ is changing the way credit operations happen. No more telephone tag, faxes, email chains, document followups, report ordering. we’ve tied it together in one great, seamless system.

Find out more by contacting us today. Have it up and running in a week.