Taking the Leap to an Electronic Business Credit Application

In an era when digital solutions have permeated almost every aspect of business, the credit department is a notable exception. For decades, companies have steadfastly clung to paper credit applications and related processes, even as other stages of the customer-to-cash cycle have embraced electronic systems. In fact, according to a recent survey, more than 75% of trade vendors still use paper credit applications. This approach is cumbersome for customers and vendors and introduces delays and potential human error at every step of the credit application and evaluation process. 

The benefits of an electronic business credit application are apparent, but many credit departments have yet to take the leap. Transitioning to an electronic business credit application system can revolutionize a company’s operations, facilitating faster decisions, improved accuracy, and greater efficiency – but the transition doesn’t have to be painful. This Credit Workbench® white paper presents eight Pro Tips to help guide a smooth transition to an electronic business credit application process.