Commercial credit management professionals understand the push and pull between sales teams working to close deals and credit departments working to reduce risks involving less-than-perfect lines of credit. Owners of businesses large and small can relate to the struggle. That’s why the experts at Experian created a new mobile application, BusinessIQ Mobile, to address this constant give and take.1
The app allows sales and credit team members to log in and quickly use the information provided to make on-the-spot decisions about whether to extend lines of credit. While they could previously take care of these functions from their desktops or laptops with BusinessIQ, BusinessIQ Mobile allows them the freedom to access information wherever they are. Users can easily look up business prospects to view informative data about their business and credit history with a few taps.
Users can employ this app to reduce credit application turnaround time, lessen risk, and achieve better access to real-time data on the go.2 Key features of the Experian BusinessIQ Mobile app include:
- Prospect locator — With the app, users can search a potential business customer by simply entering the business name and location. A list of matched businesses will appear, and users can easily select the desired business from the list the search criteria generates.
- Mobile reporting — Based on the business selected in the first step, users can view a snapshot report of the business with more information about the business and an overview of its credit history. Depending on your company’s needs, you can customize these mobile reports to include key criteria to help you decide whether to extend credit.
- Compatibility — Multiple team members can access and use the app, and they can also sync it with BusinessIQ software on fellow employees’ and managers’ desktop computers to ensure seamless transactions, transparency, and the best customer service.
- Manual overrides — Override capabilities built into the mobile app allow for a human touch. Managers can reduce or expand credit limits and ignore system warnings if there is good reason to do so.
- Reporting — The app allows for individual and companywide reporting on application details as well as company sales and credit information. This can enhance valuable real-time access to information so teams can make solid low-risk decisions.
While you can use the app to search and report on other businesses, if you engage in any business-to-consumer transactions, you cannot utilize this app in its current form to evaluate consumer prospects. But don’t use the app in isolation: If business professionals become too dependent on the app, traditional means of solid credit practices may fall by the wayside. Using the app in conjunction with other best practices is recommended. Ready to see if it’s right for you? Experian offers a free 14-day BusinessIQ trial, and you can find the app by searching “BusinessIQ Mobile.”