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Streamlining Credit Decisioning With An Online Approval Process

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The credit approval process is essential for onboarding buyers and reducing time-to-sale. The faster you guide buyers through onboarding and approval, the faster they can begin placing orders. 

With that in mind, a streamlined credit approval process ultimately drives bottom-line business improvement. Faster time-to-sale also increases cash flow and working capital, making it easier for businesses to grow and scale, invest in new solutions and continue to innovate. 

Our online credit approval process streamlines the buyer onboarding experience using a variety of APIs, third-party resources and proprietary credit scoring tools. 

Fraud Prevention

Online credit applications offer more than convenience. They also effectively identify fraudulent accounts. Unlike their paper-based counterparts, digital applications contain data points that act as “digital fingerprints.” For example, analysts can match IP addresses against a business’s locations to easily detect fraudulent activity originating from a foreign country.

That’s why the first step in our credit approval process screens online applications for fraud. We use a variety of tools, including and LexisNexis, as well as our own internal fraud protection tools. This tool utilizes and analyzes information from past fraud cases, aggregating location data, buyer name, email address and other critical data points. 

Using both third-party and in-house resources, we’ll score buyer data against known data and look for variances. Should we detect an issue, the buyer is removed from the automated process. The entire automated risk assessment is completed within a matter of seconds. When the system identifies an application as a potential fraud concern, a credit or fraud analyst intervenes, examining the data more closely to quickly assess and manage the application. 

Automated Credit Decisioning 

Once the buyer application is decisioned for fraud, the application migrates to the credit decisioning tools for credit approval. B2B sellers often rely solely on third-party data to make credit decisions, but TreviPay takes the process a step further. Although traditional data provides insight into past financial performance and creditworthiness to predict future fiscal health, it doesn’t paint a complete picture of the trajectory of a buyer’s financial performance. 

We use third-party data from a variety of sources (Experian, D&B, Transunion, CreditRiskMonitor, Equifax, CreditSafe and others), choosing the best credit data source for your business. Then we use that data to adjust the credit-decisioning scorecard to align with your requirements and the types of businesses you sell to. 

Powered by APIs, our proprietary  scorecards make credit decisions in a matter of seconds for credit lines up to $250,000. When financial concerns arise, we never auto-decline your buyers. However, we may require additional information to assist in making a decision. We want to give every buyer an opportunity for credit line approval at the limit they request and offer additional options, such as lower credit limits, cash deposits or letters of credit to achieve approval.   

Tracking Online Credit Applications

The credit approval process shouldn’t be a black box. We provide transparency at each step of the process, giving sellers real-time access to the status of every buyer’s application.  

Our online portal provides visibility into who each applicant is, whether their application is approved or pending, their line of credit, and any outstanding accounts receivable information. 

Credit Management Tools 

We’re proactive when it comes to managing your buyers’ credit lines. Our credit management tools adjust lines up or down based on creditworthiness and payment habits. 

Similar to the credit approval process, we work closely with your AR team after buyers are onboarded, holding monthly meetings to examine buyers’ payment habits, approved terms, average days paid, collections issues and more. We use the same third-party data sources to create alerts for any score changes. Our credit analysts then compare these changes to the account behavior and adjust the score accordingly. 

Our credit team also looks into your buyers’ credit utilization to make certain we are providing adequate purchasing power to support the buyers growth while managing to an appropriate level of risk. 

Partner With the Credit Experts at TreviPay to Streamline Credit Approval

Onboarding should never be a pain point for your buyers. With a streamlined credit approval process and online credit applications, you can focus on providing top-notch service to your buyers through automated credit decisions, while protecting your assets with extensive fraud prevention. 

A fast, frictionless onboarding experience sets your B2B business up for growth, allowing you to land new business prospects with automated, outsourced solutions, and encourage loyalty and repeat purchases through ease of use and personalization. An influx of supported buyers and repeat customers also helps increase working capital so you can continue to innovate and offer superior products and services. 

Contact us today and let our credit experts manage onboarding and credit approval for your business. Need another reason? Download our tip sheet to learn why credit cards don’t drive loyalty.

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