CHICAGO, Jan. 16, 2025 (GLOBE NEWSWIRE) — Trade references play a critical role in business transactions, yet managing them places a significant strain on B2B credit teams. Collecting the right customer information, analyzing it and compiling it into clear, actionable reports is a manual, time consuming process — one that is not only inefficient but susceptible to errors.
Bectran, Inc., the platform dedicated to accelerating credit, collections and accounts receivable management, has redefined how businesses handle references. As pioneers behind credit process digitization and automation, Bectran’s Trade Reference Network offers an instant and nearly effortless way for organizations to compile and share references.
“We aim to continuously elevate the credit management experience overall,” says Louis Ifeguni, Bectran’s CEO. “By implementing the Trade Reference Network, Bectran offers a new, streamlined approach to references, making the collection and analysis of customer account information instant and automatic.”
Automatic Information Exchange
Credit departments frequently request customer references from other companies to get a snapshot of the customer’s credit worthiness. Putting that reference information together, however, has largely remained a slow and arduous manual process. Credit managers have to collect and organize all the customer’s information, calculate payment histories and compile past due summaries, and package the reference for sending — usually by mail or fax.
Each customer reference interrupts a credit manager’s other operations, and departments receiving multiple simultaneous reference requests a day see significant impacts to their overall efficiency.
Bectran has developed the Trade Reference Network to cut out the manual effort and operational slowdowns. The platform’s latest solution automates the collection, compilation and delivery of customer references, saving departments time and helping to keep their operations on track, no matter how many reference requests they get.
How It Works
What once took an average of 120 minutes to process manually — not including delays from physical delivery — now takes a credit department only 5 minutes with Bectran.
Companies leveraging Bectran for their credit and accounts receivable management, can seamlessly share trade reference information within the platform. When a reference is requested, credit managers can choose between two workflows: automated and manual.
- Automated approval workflows enable reference data to be calculated, compiled and sent instantly without additional officer review.
- Manual approvals: Credit managers retain more control over the data shared, with the option to review and approve summaries while still benefiting from automated data compilation.
When a company requests a trade reference outside the network, Bectran validates the company and verifies customer authorization. Credit managers can access completed authorization forms and approve them directly from their Bectran dashboard with one click.
Bectran’s Trade Reference System instantly gathers all relevant customer information, creating concise, easy-to-read summary reports for streamlined sharing. An audit log provides a detailed history of every trade reference transaction including approving officers, date of reference, vendor information and what summary information was shared, ensuring transparency and effective risk management.
“This Trade Reference Network will save businesses immense amounts of time,” says Ali Kidwai, Director of Product & Implementation at Bectran. “Organizations run more smoothly when the tedious process of finding and compiling customer information for references is taken care of automatically. The reference network ensures credit managers can focus more time on critical credit operations.”
About Bectran
Bectran is the premier SaaS platform for Finance Departments, akin to CRM for Sales. Trusted by diverse organizations, from SMEs to Fortune 500 companies, we streamline credit processing by over 98%, reducing credit defaults and collection costs. Many businesses rely on Bectran for efficient Accounts Receivable and Collections management, achieving up to 95% cost savings. With rapid onboarding in days, our platform is hailed by credit professionals as the future of credit management. Visit Bectran.com to learn more about financial solutions for your industry.
Contact
Lilly Filippov
Director of Product Marketing
Bectran, Inc.
PR@Bectran.com
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