Essential B2B credit solutions your business should be using

Essential B2B credit solutions your business should be using

Essential B2B credit solutions your business should be using Worldwide, the B2B payments market is approximately worth a colossal £191 trillion and is only set to grow. With digital payments […]

Essential B2B credit solutions your business should be using

Worldwide, the B2B payments market is approximately worth a colossal £191 trillion and is only set to grow. With digital payments comprising the vast majority of B2B transactions – a number that is continually increasing with at least 80% of businesses focusing on digitising their systems – the competition for lenders, brokers and other B2B finance professionals is stronger than ever.

To stay ahead of the curve and ensure you’re set for the ever-evolving digital future of business, it’s important to be aware of the array of technology available to B2B businesses today. In this article, we’ll examine some of the most powerful B2B credit solutions, software and tools available to businesses today.

From automating your credit checks and onboarding, to examining credit scoring solutions that integrate with your existing CRM, you’ll be able to stay ahead of the technological curve in no time. 

Automated credit scoring

With so many B2B finance businesses operating in a primarily online environment, you’re likely to be dealing with more inbound leads than ever. If your business relies on customers having a good business credit score to have access to your products and services; such as brokerage or lending, being able to handle large volumes of credit checks is essential.

Credit scoring is an essential part of the onboarding process for many businesses, but when performed manually, it can take far more time and resources than necessary. This is especially the case if you only have a small team and are trying to build your business elsewhere. In a worst-case scenario, you may find your business stagnating as you flounder trying to juggle inbound credit checks just to keep your business afloat.

Automated B2B credit scoring software may be the answer to your business’ prayers. An automated business credit scoring system allows you to process any inbound or outbound credit checks automatically within seconds. The software will scan the potential customers credit documentation, analysing and assessing different data points such as payment history, past bankruptcies or outstanding debts to provide you with a quality score based on your requirements. 

This data is accessed through APIs from major credit checking companies. For instance, our business credit checking software uses data from CreditSafe, one of the world’s leading business credit agencies to ensure that any data used is highly accurate and up to date.

The score you will be provided with is usually generated in a matter of seconds. This means you’ll be able to process a huge number of business credit checks when compared to your output with manual processing. Plus, due to the way modern automation software works, you’ll eliminate the possibility of human error in the scoring process. Overall, you’ll be able to more accurately process and score the creditworthiness of potential customers at a far faster rate than you would be able to without a B2B credit automation system in place.

Companies House automation

Along with business credit scoring, assessing Companies House data can also prove invaluable to the customer onboarding process for business operating in the B2B finance space. Companies House is a UK government body that holds detailed information about every limited company in the country, including data on a company’s incorporation date, key figures and any past CCJs or other legal injunctions.

With the information held by Companies House, you’ll be able to bolster your ability to effectively and accurately score a company’s creditworthiness. This allows you to further enhance your B2B credit assessments and work with even better customers. However, assessing Companies House data can be extremely time and resource intensive when performed manually, leading to you sifting through reams of Companies House information in order to make accurate assessments of your inbound leads.

As with automated B2B credit scoring software, businesses now also have access to Companies House automations. If you work with UK-based companies, integrating a Companies House automation application into your pre-qualification and lead scoring systems can be extremely beneficial, allowing you to equip your overall scoring process with a raft of extremely valuable data without having to lift a finger. For many businesses today, Companies House automation is an essential B2B credit solution, enhancing reports with far more accurate data that goes more in-depth into a company’s structure and legal history than credit reports alone are able to.

Automated onboarding

Both credit scoring and Companies House automations are incredibly valuable tools to incorporate into your B2B customer scoring process. Not only will they enhance your data with accurate and valuable information, but they can also automate the process of actually bringing potential customers onboard. Due to the high accuracy of these automation systems, once you set the criteria you require customers to meet, these kinds of systems can fully automate the entire onboarding process.

Automated onboarding is an incredibly powerful solution for B2B finance businesses. Whether you are a lender, broker or another financial institution working with other businesses, when you utilise high quality, highly accurate automation software, you can be confident that any of the rules-based decisions made by your automations are accurate.

Every business’ needs are unique, so being able to fully customise your automations is essential. For our SalesTech software, we ensure this customisation through an easy-to-use dashboard that allows you to create bespoke criteria for your business. Other applications may require you to talk with the provider directly to set up this custom criteria, or you may need to build the solution around a pre-set bank of questions. 

Whatever you choose, once your automations are set up and running to your specifications, you can make them as autonomous as you desire. This may involve full automation of the pre-qualification, scoring and onboarding process, utilising all of the above data to ensure your customers fit perfectly into your business model.

CRM Integration

For businesses wanting to fully embrace automation for their B2B finance systems, some softwares will link directly into any existing CRM systems you use. When you use a credit automation solution that integrates with your CRM, the entire onboarding process can be automated from beginning to end without you having to lift a finger.

Once the automated credit scoring systems have done their work and an applicant’s data has met or exceeded your requirements, they can be automatically loaded into your CRM. You’ll then have access to all of the information required for you to take the next steps in turning the lead into a customer. With the ability to automate the entire process and automatically add customer data into your existing CRM, you’ll have freed up the time and resources necessary to focus on growing your business.

SalesTech: The all-in-one B2B automation software

Have you started your automation journey yet?

Our SalesTech automation and decision engine is built with B2B lenders, brokers and other finance professionals in mind. We utilise all of the automation tools covered in this article to enhance the onboarding process for businesses across the UK.

Our fully customisable automation and decisioning software integrates into your existing processes to increase the accuracy and efficiency of your onboarding process, ensuring you only work with the customers suited to you. With SalesTech you have the time and peace of mind to work comfortably with your customers and more time to spend scaling your business.

To find out more about how SalesTech can benefit your business, get in touch with us today and our product specialists will be happy to give you a walkthrough.

Check Company Directors

Enter a company name and get a free detailed business report
including directors data.