What is the ideal time to do a credit analysis?

[jisansorkar8990]

Do you already know the ideal time to perform a credit analysis on a new customer in your store?

It is important to keep in mind that all companies need to invest in and understand the importance of credit analysis. This is essential to ensure the smooth functioning of your business' cash flow. After all, when this step is ignored, the risk of default can become much higher, affecting both the company's cash flow and its relationship with customers.

So, if you work with credit and want to prepare yourself to understand vnpay database when is the ideal time to analyze your customers' credit, keep reading. This article is for you.

Follow all the steps and enjoy reading!

HOW IMPORTANT IS CREDIT ANALYSIS?
Before anything else, I need to emphasize that knowing the importance of how to correctly analyze credit granting is essential for the financial health of any retailer who sells on credit. This is the step that can free you from default rates.

Remember that high sales can often hide a disaster waiting to happen if they are based solely on evaluations made with ineffective criteria.

Therefore, the importance of credit analysis represents the financial security of your business. In other words, it is a very important point to take into account, isn't it?
Learn more about good practices for conducting a safe credit analysis by checking out another article I wrote.

When is the ideal time to do a credit analysis? Check out this video!
YouTube video
WHAT IS THE IDEAL TIME TO DO A CREDIT ANALYSIS?
Before we talk about this, I need to emphasize that there is no ideal credit analysis model . It is up to the store to evaluate what is most appropriate for its model. For example, some stores work on the model where the customer arrives at the store and there is already a cashier or an area of ​​the store reserved for credit. And there are other stores that wait for the customer to choose the products so that the salesperson can suggest the credit plan and then do the analysis.

In fact, the objective we need to seek in these models is to build a consistent model with your salespeople so that the chosen model becomes a habit in the store.

After all, the goal is to always seek out the best customer experience in your store . And only you and your sales staff can evaluate this based on your consumers' profile.

Therefore, it is important that you build a solution to be able to perform credit analysis quickly , so that the customer experience is, once again, the best possible. One tip for talking about credit that I have already mentioned here is to calculate how much the product that the customer is interested in would cost in installments on credit.

Personally, I think it's interesting for the salesperson to try to do a quick analysis right from the start, so that the customer already has an idea of ​​what their credit limit is. This is necessary because the customer's experience is very unpleasant when they first choose the products and then have their credit denied. Have you ever stopped to think about this point?