Credit Management Software: The Definitive Guide

What is Credit Management Software?

Credit management software is a powerful tool to streamline the operations of your company’s credit, sales, and IT departments. It digitizes and automates elements of the O2C process, such as credit applications, trade/bank references, and risk analysis. These platforms can also be set up to integrate with major ERP and CRM systems, as well as access data from a variety of credit bureaus.

Why is Credit Management Software Important?

For Businesses

Credit management software is proven to massively boost KPIs. For example, NetNow’s customers have seen up to 10x return on investment within their first year, noting improvements in revenue growth, credit processing efficiency, and customer satisfaction. With credit management automation, employees can redirect their attention from simple, routine tasks to ones where their focus brings greater value. To determine exactly how your company can benefit from using credit management software, try an ROI calculator.

To further protect your company from risk, some credit application platforms have built-in fraud detection. While assessing an applicant’s creditworthiness, these fraud detection algorithms can flag applications that seem illegitimate.

For Clients

Once you adopt credit management software, your clients can apply and get approved for trade credit more efficiently. Choosing a credit management platform with good security also reassures clients that their data will be kept safe.

Depending on your software provider, you may also be able to offer your clients additional conveniences, such as the option to translate forms into their native language.

Which credit management software is the best?

There are several good options for credit management software, but the “best” one depends heavily on your company’s needs. Since the leading credit management softwares are often customizable, you may need to book a demo with several companies to accurately compare their offerings.

We recommend that you consider the following questions during demos:

• What credit goals and challenges is your company facing? What product features can help you with them? 

• How long does it take to set up the software? Will your IT team have setup support?

• How easy is it for sales reps and credit analysts to learn the software? Will you be provided with training materials?

• Does the software support your ERP, CRM and credit bureau?

• How is the software priced? Do you prefer to pay by feature, or for a complete product suite?

• How easily can you scale the software? What’s the limiting factor, and is your business likely to outgrow it?

• How convenient is the software for your customers? How can causes of friction be resolved?

Our Recommendation: Netnow

NetNow is the leading developer of service-oriented credit management software. It is the ideal choice for medium size companies looking to digitize their credit application process, implement robust fraud detection, and conduct real-time risk monitoring for liens and bankruptcies.

Compared to competitors, NetNow offers a wider range of features with stronger customer support. Specialized versions of the platform also exist for companies in the following fields: manufacturing, distribution, transportation, lumber and building materials, chemicals, and food service and hospitality.

Book a demo today to see how we can help you streamline credit applications.