Construction
Online Trade Credit Application Speeds Up Customer Onboarding From Days To Hours
“Their Approve product gives us an organised paperless process which brings together everything we need in one place. It has helped us speed up the time taken to approve applications pleasing customers, our sales team and our finance team.”
Business Summary
ABC Building Products supplies and transports an array of building materials including bricks, blocks, paving, retaining walls, and cladding. They sell to a range of end users including building contractors. Part of their trade offer is the convenience of a 30-day credit account.
The Challenge
ABC Building Products was using a paper-based trade credit application form to gather the information needed to process and open accounts. This wasn’t providing a great customer experience and was inefficient for processing. Delays in opening an account were common.
They wanted an online solution that ticked:
- Automatic verification of the customer
- The necessary credit checks and assessments completed in the same place
- Customised approval workflows automated to suit their risk profile
Their finance team approached Access Intell to evaluate the Access Approve software.
The Solution
Access Approve receives, assesses, approves and stores trade credit applications, all online. It is customisable to unique processes, information requirements, delivery methods and business risk profiles.
It ticked all the ABC Building Products team’s boxes, plus they loved these additional features:
- Building license validation at the time of application (and through ongoing monitoring, with notifications alerting to any change – saving time and managing risk)
- As a member of the Building Industry Credit Bureau (BICB), they could automatically generate industry-specific BICB credit reports upon application submission, ready for review.
The application is easily accessible on their website, linking to their branded application. Application steps, questions and naming conventions have been customised and terms & conditions included, with data pre-filled from other sources to automate as much as possible. This minimises applicant time, removes data entry errors and reduces risk of fraud.
An alert notifies the ABC Building Products finance team as soon as an application is received. A summary that aggregates all the information needed for assessment is instantly presented for a quick and easy decision. The team can click to view the detail and information source as needed for verification.
After seeing how Access Approve could be integrated with our Access PPSR and Access Monitor products, these were also implemented to:
- Process PPSR registrations directly from approved applications
- Add new customers to ongoing monitoring and be alerted to changes that may affect risk
The Result
Utilising Access Approve for customer onboarding has been beneficial to both their business and customers.
It now takes only a few minutes for the applicant to complete, with the minimum number of steps and questions for speed and accuracy.
The automated approval workflows and aggregated assessment profile have created an efficient process for the finance team, saving valuable time. They now receive the full risk picture in one place, with customised approval rules speeding up the process. Account approvals now typically take hours instead of days.
ABC Building Products are thrilled with their efficient, cost-effective credit management solution that suits their unique risk profile and business requirements. Their customers have received a fast, seamless onboarding experience.
"We love how friendly, helpful and approachable the Access Intell team is. They are easy to deal with and always seem to come up with great solutions that suit how we work. Their Approve product gives us an organised paperless process which brings together everything we need in one place. It has helped us speed up the time taken to approve applications pleasing customers, our sales team and our finance team. The platform makes my day much more efficient and has really improved our credit management function."
Jane Turner
Accounts Receivable, ABC Building Products
Ready to get started?
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