New Service Allows Retailers To Outsource In-House Credit

Furniture World Magazine

American Software, the developer of CreditStar consumer finance management software, announced that their strategic partner, Central Credit Company (a forty year old consumer credit company) is now offering a Finance Management Outsourcing service. The new outsourcing service allows smaller businesses to enjoy the benefits of financing their own customers without the customary expense and hassle. The service accepts small businesses’ internally financed accounts and takes over their day-to-day management, including processing payments, mailing statements, and normal collection activities including credit bureau reporting, letters, and phone calls. Central Credit charges a small monthly fee for each account, with no additional transaction fees. In the event that the company elects to manage these accounts internally again, they can purchase a copy of CreditStar 7.3 consumer finance management software, and the data will be installed at no additional cost. (CreditStar has been developed with small and medium-sized businesses in mind, and allows a single staff member to easily manage up to 2000 accounts.) The outsourcing service allows businesses to retain the earned interest and late fees, and communicate with their customers via advertising placed into monthly statement envelopes all the while saving money, time, and labor. Powered by American Software’s CreditStar software, Central Credit manages customers’ accounts with a personal approach to financing and collecting, helping these businesses to develop a loyal customer base and repeat business. The system allows businesses to offer a variety of payment and interest plans, including no interest or reduced interest periods, and a choice of installment or revolving payment plans. Consumer account activity can be automatically reported to the credit bureaus. Complete activity reports can be mailed or emailed to the client businesses daily or weekly. Company President Richard Hadad says this service offers a powerful way to ensure a steady profit and cash flow for small and medium-sized businesses: “In today’s retail world, having your own finance department or service can increase your profits significantly.”