Welcome to our Product Talks series, where Bectran's Platform Services experts discuss challenges in order-to-cash and how to use the platform to boost your operations.
Join us in this episode as Platform Services Corey Batz digs into Bectran’s credit review features. Learn how you can enhance efficiency in your workflow and tailor the process to your business.
Do you have a topic you want to hear our take on? Let us know by emailing us at producttalk@bectran.com.
Below are some highlights from the conversation.
Q: Based on what you’ve seen, what tips can you give listeners to optimize their credit review processes in Bectran?
I would say that you can easily start basic. It's very simple to start off [in] a basic realm because without automation, all the software is really doing is giving you notifications on when your customers should be reviewed. And then you are the one that is going in and executing those review tasks. You can grab additional reports that you need from any bureau. We integrate with all the major credit bureaus at this time. So you can have those as a part of your scoring model when you are evaluating and reevaluating your customers and their credit worthiness.
Q: What challenges do you hear current credit review users bring up, and what are some solutions you propose to remedy their challenges?
One challenge that I hear quite frequently is “I cannot manage the volume of customers that I have. I do not have the ability to have my team go in and check my entire list of tens of thousands, of hundreds of thousands, even millions of customers on a daily basis.”
The nice part about the Bectran process is we will take care of that for you. You tell us when you want [a] customer to be reviewed. You can establish that in the models that we have. Instead of it needing to come from a manual-based perspective, Bectran can notify you of that well in advance so that you can plan out your work accordingly and you don't have to swamp your entire team. I think that's one of the large pain points that we solution for on a daily basis, and it definitely helps with the realm of credit reviews.
Q: How often do users conduct credit reviews in Bectran? Does that number increase at certain times of the year?
It really depends on the industry. For example, I work with a lot of customers in the construction industry, and their busier times of the year are of course when the weather gets nicer out. People are executing their projects. People are gathering materials to do the projects that they've set out to do during the nicer weather, especially in the north region.
For example, in the food industry, there's not really a busy season because the busy season is all year round, so it really doesn't matter that much for them. It's normally all the time because that industry never really sleeps and never really stops. But other than that, that is really where the increases happen and it's also very much so by industry.
Q: What credit review trends have you noticed in the pool of clients you work with?
One large trend that I've noticed is the fact that not everybody is the same [in] how they want to increase their customers lines of credit and how they want to review their customers’ credit worthiness. For example, some people will come to Bectran with a bucket of 60,000, 70,000, [or] 80,000 customers that haven't been reviewed in years and say, “I need Bectran to help me with this. How can we do this?” If you want to just shoot it through a model and get it back to a point where you may run your credit checks on all of them and make sure that everything checks out on them, we can certainly do that for you.
If you want to see how Bectran’s Credit Review Module can help your business, schedule a demo today or contact us at info@bectran.com.