Last week we rolled out additional features to achieve what is referred to as an 'Enforceability Opinion' from our lawyers Kensington Swan. Essentially our mission has been to ensure that a 1Centre digital application is far superior for our Suppliers by way of enforceability if the unforeseen was to happen and a customer had to go to court. We have achieved this by implementing Electronic ID Verification, legal acknowledgement features, a print application function for all parties (Supplier, Applicant & Guarantors), and a lot of other smaller amends down to individual words - so no one has any doubt about what they are electronically signing or doing. All whilst maintaining a simple user experience.
"Digitising our Trade Credit Application Processes has enabled us to have instant visibility of customer prospects. Everyone involved can see exactly what's going on, creating efficiencies right across the business especially in the admin team. We've gone from a laborious process, to one that is faster and easier to manage, especially now that I have full visibility of the application prospects my sales team are generating" - Paul Baker
"As a Supplier this is very simple easy to follow. Such a basic process that saves our sales reps on the road paperwork, time and hassle. With the technology we all use every day its crazy that companies still use paper based old school applications and make the customer do all the work”
"We rate 1centre as the best in the business. It is a intuitive straight forward system and simple to implement. A great example of working smarter not harder. NED Collections feels extremely confident moving forward setting up or altering Trade Accounts. I have no issues recommending, you would be a fool not to get on board."
1Centre is bringing the ever increasing trend of digitization to the credit application world. With 1Centre, organizations can manage the entire lifecycle of credit applications digitally – information is updated from the relevant places (companies registers, for example) and the workflow around applications becomes completely visible. A supplier simply sends a prospective customer a link, and that customer can fill in the required forms online – with much of the data automatically being populated into the form.
No matter how big or small you are you’re not immune to debtors not paying what they owe you. Surprisingly, some businesses choose not to protect themselves when trading on credit, or don’t have the correct documentation or supporting Terms & Conditions. Not surprisingly these businesses tend to be smaller where resources are limited and or their customer base isn’t dynamic – or growing at a rapid pace. Here are some of the reasons why, that we’ve uncovered:
Firstly - What is Trade Credit? The general consensus - trade credit is an agreement where a customer can purchase goods on account (without paying cash), paying the supplier at a later date. Usually when the goods are delivered, a trade credit is given for a specific number of days – 30, 60 or 90. Managing trade credit account processes believe it or not comes with an array of different risks outside of credit. These include lost opportunities due to Sales Reps dropping off trade applications never to be seen again and poor customer experience due to time delay in processing applications – some accounts can take months to open depending on the supplier.
Research shows that it can cost up to 30 times as much to get a new customer as it does to keep an existing one. It pays to stay very close to your customers, so you know their exact needs, today and tomorrow. Your aim is to be irreplaceable as their supplier.