YOUR GUT INSTINCT: TRUST, BUT VERIFY
EIGHT REASONS WHY A DECISIONING POLICY MAKES SENSE
Maybe you've been in your business for years and you have a pretty good feel for whom to approve, what offer to make and under what terms. Maybe you're fortunate enough to have a sales team that's equally seasoned. Even so, an automated decisioning policy offers protection and advantages that are critical to any business. Here are eight reasons why implementing an automated decisioning policy will help you achieve your business goals.
Consistency
An automated decision policy sets a standard regardless of who makes the sale. Now your most experienced and least experienced sales people are working with the same standards, which reduces the chance of error.
Save Money
An auto-decisioning table will prescreen applicants first to confirm they meet the basic standards of your decision policy and to confirm their identity. This is before accruing costs associated with pulling a credit report. You stand to save money by not pulling credit reports on candidates who do not pass the screening process.
Efficiency
With an automated decisioning policy you can process applications much faster, extending credit to your customers on the spot. It may even save you personnel.
Added Revenue Opportunities
Experienced as you are, it's possible you're declining credit to someone who might be an acceptable candidate. In this sense, you’re missing a revenue opportunity. An automated policy captures all the applicants that fall within the standards you set.
Fraud Protection
With an automated decisioning policy you'll also be verifying your customer's identity, credit, financial history and standing, along with other information, which will help confirm they are who they say they are.
Easy Administration & Total Control
You determine your credit policy and threshold. The automated policy is easily installed and can be modified at any time. Which means you can review your policy periodically and make changes when you feel they're necessary.
An Online Opportunity
With a web-based automated decisioning policy you can make an offer securely online. That means a customer online at 3am on a Sunday can be serviced and transactions completed.
Legal Protection
Going by gut is fine, until you decline someone who thinks you did it for reasons other than financial. It opens the door to litigation and headaches you don’t need. An automated policy is cut and dry and legally almost impossible to challenge.
Ultimately an automated decisioning system takes the guesswork, and a lot of the administrative work, out of reviewing credit applications. And it does it all while protecting your business, saving you some money and possibly even creating some new revenue opportunities.
This frees up your time – and that well-refined gut instinct – to do other things like discover new markets, review new products and services, continue to grow your business, and even – dare we say it - grab a cup of coffee and enjoy a moment's peace of mind.
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