Third-party data
A comprehensive credit policy should outline how to use third-party credit data. Specify how it will be analyzed, key indicators, frequency of reference and data sources.
CRM integration
Integrate credit data into your CRM platform to gain a clear picture of every prospect and customer at the start of the selling journey. This allows you to identify risks upfront, avoid last-minute deal rejections by the finance team, and generate more long-term revenue. Efficient updates and robust decision-making reduce clerical errors and enhance accuracy.
Automated decision-making
Implement automation for straightforward credit decisions, such as likely approvals or rejections, to save time and ensure accuracy. By incorporating automation into your credit policy, the finance team can focus on analyzing more complex deals, saving significant time and money while reducing the likelihood of rejected deals.
Changes and alerts
Establish how to monitor existing customers for credit risk changes. Set up alerts for significant changes and assign responsibility for responses. Get these alerts in real time across various platforms, for example ERP, CRM, or the Salesforce app.
Creating a robust credit policy is key to protecting your business from late payments and bad debt. A clear policy sets risk criteria and credit rules, helping your team make smart credit decisions. By using third-party data, setting payment terms that fit your risk tolerance, and having clear internal processes, your business can run smoothly. CRM integration and automated decision-making further streamline operations and reduce errors. When everyone understands and follows the credit policy, you can confidently grow your business.