Online Credit Application
HighRadius Online Credit Application streamlines the onboarding of new customers by replacing a paper-intensive application process with an online customer self-service portal, eliminating errors and redundant re-keying of credit data. A cloud-based solution available as Software-as-a-Service, Online Credit Application is easy and cost-effective to deploy and maintain and can be up and running in days.
HighRadius Online Credit Application provides an online platform for cross-department collaboration that is efficient and tracked, as well as the ability to distribute applications via email. Customers can apply for credit with greater ease, using a highly configurable online application portal that checks for incomplete data and enables a fully compliant digital signature. The solution leverages HighRadius’ powerful data aggregation technology to automatically pull credit bureau reports and financial information on applicants, eliminating the need to compile backup manually. Finally, a searchable document repository keeps applications organised and readily available for periodic reviews or in case of disputes. The result is a streamlined process that maximises sales by accelerating credit approvals.
- Self-service online application portal guides applicants through the application process and collects and validates all required entries and secondary forms (state tax exemption certificates, financial statements, etc.).
- Collaborative review workflow automatically routes applications for approval to standardise review processes and enable cross-departmental collaboration between sales, credit, and supporting teams while providing a full audit trail.
- Credit data aggregation automatically collects credit reports from leading agencies (D&B, Experian, etc.) and financial service portals (Google, Yahoo, etc.) with a robust engine.
- Correspondence automation automates the communication of decisions to customers and sales departments and automates the retrieval of necessary supporting documentation.
- Digital signature allows customers to sign the application with their mouse in a format that has been proven to stand up in court.
- Electronic storage and retrieval provides easy search and retrieval of credit files from a common repository.
- Reduce customer on-boarding cycle time by 90 %.
- Minimise data entry errors and incomplete credit applications.
- Free-up 20 % of credit analyst time to focus on higher value credit risk analysis.
- Improve audit compliance with a complete record of all activities between the customer, credit department, and sales department.