Emerge from global recession, increase information, and reduce your manual intervention

Eddie StanleyEmerge from global recession, increase information, and reduce your manual intervention

The recent global recession has produced a turbulent economic environment, affecting individuals and corporations in equal measure. The nonstop growth of the credit culture has had significant impact on individuals, leading to mortgage defaults, reduced spending on the high street and a general tightening of the belt.  Business is no different. Banks are unwilling to provide loans to invest in new opportunities, and also not extending overdrafts.

Credit rating and data providers are set to play an increasing role in helping businesses to stay abreast of their client’s financial health. Activities to do so involve managing their client’s debtor situation, and being aware of any impending customer insolvency.  Many suppliers of such data now provide an ongoing service to alert clients of any activities that are likely to affect the credit worthiness of their customers and suppliers. These could include county court judgements (CCJs) issued, new accounts filed, risk or delinquency scores, and offering recommended credit limits. This supplements the traditional credit check and report process, which still plays a major role in checking process of new or prospective client customers.

Given the recession, you would expect the popularity of credit insurance to have increased, however, the cost of this service has also increased and hence its take up has remained static. In the case of credit rating and insurance solutions, the manual effort involved in acquiring and processing the data is significant. The information gleaned from this process is, more often than not, disparate to the commercial business solutions in place.  By easing the manual processes required and integrating such solutions with the finance systems, there is an opportunity to increase efficiency, reduce costs and drive down poor credit performance. Safe Credit Control reduces these manual processes, and could help your business, so get in touch to find out more.

Eddie Stanley

 

 

 

 

Eddie Stanley, Commercial Director for Financials and Credit Control

 

 

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