Investing in automation is the key to reducing time spent on B2B credit approval without compromising your standards. Trade credit automation streamlines all steps for sellers and buyers by automatically completing the following steps:
- Collect information about customers
- Review and assess customer creditworthiness
- Determine underwriting risk
- Connects buyers to the merchant’s lender (unless the merchant is self-financing)
Companies can complete the credit review in minutes, allowing customers to use trade credit as a payment option at checkout or upon generation of the PO. Not only can merchants extend large credit lines and minimize fraud, but an automated system also tracks invoicing and payments. Trade credit automation with Apruve reduces time spent on credit approval while lowering payment risk.
By automating the credit approval process, you can implement an effective credit policy for B2B Credit, offer net terms conveniently to customers, and improve cash flows.