The modern credit manager’s toolkit

Solution Guide

Learn from Billtrust how AR and collections and credit managers are re-assessing their OC2 toolbox with digital transformation.

Billtrust offers an integrated end-to-end solution for credit and collections managers looking to assess the new risk in their portfolio and make sound business decisions that keep cash flowing. 

Replace paper and email attachments with a fully digital credit application

Billtrust Credit Application creates smart, highly configurable forms that can be tailored to specific credit processes across multiple brands, divisions and terms. The solution allows remote teams to continue reviewing and approving credit so that sales and commerce can keep flowing. It removes the need for downloading PDFs and sending these back via regular mail or by scanning them.

Customers don’t need to be in the office to respond to your information requests because bank and trade reference requests can be automatically routed via email, with periodic reminders sent. For extra nimble service, set parameters that, when met, lead to auto-approvals and allow customers to start purchasing. Precious time is saved so that you can focus on investigative risk assessment. 

Fast growing apparel manufacturer Ansell goes digital

Ansell, an Australian manufacturer of medical and safety apparel, recently made the switch from a manual to automated credit approval process. Their business is growing rapidly and their legacy paper credit application process could not keep up. It was highly manual and relied on a long chain of separate steps for trade references, bank references, credit reports and other financial information. Because of this, their application process was hard to manage and could take weeks to complete. Billtrust Credit Application has made the application process much easier for applicants to share and upload the necessary information. For example, it has automated the collection of trade references for 92% of their applicants. Prior to this, very few of Ansell’s applicants were providing financial data in the paper form, but now 76% are uploading information into the online application. It’s helped reduce the average days from submission to approval from seven to one.

Get better data quality with timely trade alerts & comprehensive portfolio monitoring

We know that a common challenge for credit managers is working with outdated data. Billtrust allows customers to monitor their portfolio and receive timely alerts on bankruptcies, out-of-business updates, and other relevant trade alerts. With the economic landscape uncertain and certain industries at risk, having insight into business performance and the ability to quickly review risk is as critical as ever. 

Access over 30 million references from a digital peer-to-peer trade network

Our customers believe the most accurate insights on a customer’s credit worthiness are derived from the trade experiences, credit systems and personal knowledge of the common suppliers to that customer.

Billtrust facilitates an online peer-to-peer network where suppliers can make secure connections with other trade creditors globally to view common customer trade experiences and share peer alerts in real time. Over 30+ million references are shared on our peer-to-peer credit communities annually. 

New Balance widens its reach

Keith Reitman, Senior Credit Analyst at New Balance, explains the benefits of leveraging this online community, “The community allows me to connect with multiple networks and individuals with shared customers that I either had no idea did business with these companies or I had no way of connecting with before joining. By growing our connections we get our information quicker and it is of higher quality because it is from those directly doing business with the customer in question.”  

Leverage AI to optimize your credit limits and long-term risk portfolio

Billtrust’s credit solution ingests your trade information and our predictive scoring and recommends a credit limit based on your unique history of extending credit. This makes the limit more in line with your business practices and more relevant to your company’s credit granting behavior. 

Additionally, Billtrust Credit customers have access to our own Credit Analysts, who provide comprehensive customer and financial analysis via a qualitative report. The report typically includes company history, recent events, extensive trade experiences provided by individual vendors and third-party agencies, full financials and public data (such as bankruptcies, liens, judgments, and other critical information). This service is meant to provide everything the credit professional needs to make a quick and effective credit decision. 

Predictive scoring: short-term payment behavior & long-term business viability 

Because of the anticipated economic landscape, credit managers are asking themselves, “Where is the risk? Is this the right time to extend credit? ” Our credit solution can predict long term business viability (how likely a customer will go out of business) and near term payment risk (how likely a customer will pay on time) by analyzing large volumes of data  from a variety of sources. 

Download Solution Guide

Learn from Billtrust how AR and collections and credit managers are re-assessing their OC2 toolbox with digital transformation. Access the solution guide.