4 Things to Look Forward to Now That YayPay Advanced Credit is Live
YayPay Advanced Credit is LIVE! Let's explore four key benefits organizations can expect from the technology.
If you’re tired of being left in the lurch because of late payments, you are far from alone — this month, PYMNTS’ research found that 93% of companies are challenged by customers not paying on time.
The impending dread of having to collect from slow or non-paying customers is arguably the greatest accounts receivable trial. And in an unpredictable economy, it’s a prevalent challenge.
Finance teams can’t control market conditions, but they can choose the customers they extend credit to. A surefire way to avoid being stung by a late payer is by not doing business with them in the first place.
Easier Said Than Done
Sure, we’d all like to only work with the most reliable customers. But it’s very hard to guarantee. Traditional credit management is incredibly time-consuming and manual — from qualifying credit risk, allocating payment terms and making credit decisions. Not to mention the ongoing task of monitoring active customers.
Today, organizations need an intelligent, automated way to accurately assess customers’ creditworthiness. This will enable them to make quick and data-driven decisions. And that’s exactly what YayPay Advanced Credit helps finance teams achieve.
"In 2022, credit management is a critical focus for all businesses. For optimum impact, firms need solutions that are simple to use and highly automated to determine the correlation between credit decisions and revenue growth."
Kevin Permenter, Research Director, Financial Applications, IDC
Credit Control at Your Fingertips
YayPay Advanced Credit equips finance teams with comprehensive, real-time credit data. This enables companies to grow their bottom lines more intelligently by accelerating sales while mitigating risk. Let’s explore four key benefits organizations can expect from the technology.
Customizable Scorecards for Every Customer
YayPay removes the need to run external credit checks. Data from agencies such as Dun & Bradstreet and Creditsafe is automatically pulled into the platform and combined with YayPay’s detailed payor history. This is presented on customizable scorecards, enabling finance professionals to immediately gauge customer reliability.
The platform provides flexible payment policies which organizations can choose from based on customer creditworthiness. For those that typically pay late, an auto-payment plan can be selected which will automatically process payment for invoices on a predetermined date. YayPay also offers additional options such as early pay or a pre-pay deposit. This helps businesses further mitigate risk and stay in control of cash flow.
Credit scorecards composed of data from external agencies and YayPay’s payor history provide insight into customer creditworthiness
"By using real-time credit data from external sources compiled on an easy to use dashboard, YayPay's Advanced Credit module empowers AR teams to expedite customer application, onboarding and management, ultimately delivering a more efficient and streamlined process."
Anthony Venus, Chief Strategy and Product Officer, Accounts Receivable Automation, Quadient
Instant Access to Information
With comprehensive insights, businesses can form a tailored approach for each buyer, based on their propensity to pay. Approvals, refusals and management of credit limits can all be handled flexibly. By not having to rely on a one-size-fits-all approach, companies can flex credit limits based on risk management strategies and upcoming goals. This willingness to adapt helps foster better customer relationships, while also allowing companies to protect revenue when required.
YayPay Advanced Credit offers instant and comprehensive insights into customer behavior. See how!
Improved Company-Wide Communication
All of this essential data is organized and presented on YayPay’s intuitive, cloud-based dashboards. Finance teams can access it at any time, from anywhere, and they can also make it available to other teams across the business. For sales, this means they can accelerate onboarding while feeling confident about the customers they choose to work with. The centralized dashboards also improve cash flow forecasting, as finance teams have complete visibility into their portfolio and the payments they can expect to receive.
Faster Customer Onboarding
Improved functionality further accelerates onboarding. All relevant documents — such as tax exemption certificates — can be added at the point of customer record creation. This creates a speedy sales process where all information is on hand right from the start.
YayPay Advanced Credit accelerates onboarding by adding relevant documents at the point of customer record creation
The Evolution of Credit Management
YayPay Advanced Credit makes it easy for finance professionals to effectively mitigate credit risk and drive more reliable sales. By delivering instant access to credit information at any time, teams can accurately forecast payor behavior, streamline new customer onboarding, and carry out better business planning.
“Our former credit process was so time-consuming and manual. Now our customers can click on the credit application link and get it to us immediately. The documents are stored in the customer YayPay file, and we can get the customer set up with a credit line much faster.”
Director of Credit, Medical Device Manufacturer, USA