Manage Customer Financing with Ease
Finally… small and medium company financing software with big-company features at an affordable price! CreditStar software was designed to give small and medium companies the competitive advantages that the major companies have without paying the big price for software. With CreditStar, you’ll be able to manage your financed customers and transactions with ease. In fact, you’ll be able to manage their financing better than most other finance sources.
Let’s take a tour of some of the features and benefits of CreditStar.
Credit Bureau Reporting
- Report to one, two, or all three credit bureaus
- Send by e-port or by disk
- Just two clicks of the mouse
CreditStar’s Credit Bureau Reporting gives you advanced features not available in most finance software programs. The system can report your consumer credit data to the three major credit bureaus, and meets the strict standards required for credit bureau reporting.
CreditStar generates credit report information as required in the Metro II format, and is verified by the credit bureaus’ receiving process. Reports are generated for each bureau that you use, along with an additional copy for your records. Their credit bureau report will show the condition and status of your account.
You can generate a report with just two clicks of the mouse, and then send the information to the bureaus by e-port or on a disk. CreditStar even reminds you when to generate the reports.
- Open-Ended Credit means more flexible financing
- New charges may be added at any time
- Interest terms can be as flexible as you want:
- 90 days same as cash
- Introductory rate
- Variable interest up-rates
- Automatic Interest & Fees
- Interest is charged monthly on outstanding balance
- Custom default settings save time and improve accuracy when adding a new account
- Just add the entering amount, and your account is ready to post
CreditStar’s Revolving Accounts feature is very flexible. It has an introductory interest rate system for any period of time you select, and will automatically adjust the interest rate after the specified time period has elapsed.
Interest grace periods and variable default interest rate systems, or permanent interest rates are also available. Late payment fees and grace days are flexible, and can be customized for each account.
CreditStar generates your monthly statements—an invaluable aid in helping you to maintain a clear and professional channel of communication with your customers.
- Fixed payment, fixed interest, and fixed term.
- Variety of payment terms
- Interest is added at the opening of the account.
- Interest grace period
- Credit Insurance management features included
- CreditStar generates monthly statements
Just as with the Revolving Accounts feature, CreditStar gives you advanced flexibility in managing your Installment Accounts. These accounts can have an interest free period, and CreditStar offers your choice of three interest rebate methods if the account is paid prior to its expiration date. CreditStar also offers a variety of payment frequency times. Additionally, the system can charge interest on a remaining balance after the account term has expired—an exclusive feature.
CreditStar generates monthly statements on your installment accounts, providing monthly communications with your clients. You can also send advertising out with your statements.
Letters and Contracts
- Build customer loyalty
- Improved collections
- Improved payment response
- Variety of communication letters
- Variety of collection letters for all stages of delinquencies
- Open-end and other types of collection agreements
Constant communications and monitoring of your accounts are a critical part of building a successful finance business. CreditStar provides you with a strong collection advantage over other creditors with its built in communications tools.
The better your communications, the better your collections results will be.
- Flexible customer entry
- Built-in Credit Score Analysis
- Built-in Cash Flow Analysis
- Automatic Quality Performance Analysis
Buying an account is a very important step in achieving success in the financing business. CreditStar’s Risk Management system makes it simple to consistently purchase accounts while reducing your exposure to risky accounts. Three primary factors determine the credit worthiness of a borrower: Stability (Credit Scoring System), Ability to Pay (Cash Flow Analysis), and Willingness to Pay (Credit Bureau Consumer Report). You can also fine-tune your account purchases by regularly reviewing CreditStar’s performance reports. After three months, CreditStar will rate the performance of each account. Regular checking on the performance level of the database helps in the purchasing requirements.
- Must have personal user name and password security codes to log in to the system
- Administrator selects user permissions within the program
- Identifies person responsible for changes
- Date and Time Stamp feature
CreditStar features a comprehensive set of security features designed to give you control and confidence regarding administrators of your credit accounts, and to meet credit bureau reporting requirements.
CreditStar lets you restrict User access to various parts of the program, such as system defaults or credit bureaus. When a User performs a task such as receiving a payment, CreditStar will associate that transaction with that User’s name.
When a communication log entry is made, CreditStar will not only identify the User, but will also time and date stamp it.
- Document communications on borrower’s log file
- Track Promise Dates
- Adjust payment amounts for easy payments
Regularity and professionalism in your communications with borrowers gives you an edge in collecting the accounts. CreditStar’s collections features help you to maintain and optimize your cash flow by improving your collection rate and keeping your accounts current for additional future sales.
CreditStar lets you document all conversations in the borrowers communications log for other Users to see. You can record various items such as payment promise tracking dates in this log.
When statements or letters are generated by CreditStar, they will automatically be documented, and time and date stamped on the log.
Variable Interest Up-Rate Module
The Default Interest Up-Rate System is a separate Module and works only with the Revolving Account Solution.
The Interest Up-Rate system is designed for the zero or low interest rates credit offerings. When activated, and an account defaults, the Up-Rate system will begin to increase interest rates according to the number of days late and the corresponding interest rate set by the administrator. The more delinquent an account becomes, the higher the interest rate. If an account has zero interest and becomes delinquent, and if the Up-Rate system is enabled, interest rates will be charged.
You must have Administrator permission to set the defaults for the Interest Up-Rate system. The manager or administrator can change a single account to the permanent interest system and disconnect the Up-Rate system on the account screen. If the Interest Up-Rate System is activated and an account that is on an introductory interest rate or a permanent Interest rate system becomes delinquent, the Up-Rate will automatically change to the various levels of delinquency. If the Interest Up-Rate System is not activated, the terms of the introductory interest rate, or the permanent interest rate, will remain constant.
There are two parts to the system:
- Delinquency Days
- Interest Rate
Delinquency drives this system. If an account becomes delinquent for the number of days in the first tier, the Up-Rate interest will take effect at posting time and CreditStar will automatically document and time stamp this increase. There are 5 tiers of delinquencies and corresponding interest for each level of delinquency. Set the number of days to be delinquent before the interest up-rate will take effect and the APR rate for each level. You may use as many of the tiers as needed. As an account drops in delinquency, the interest will automatically drop, however, it will not drop lower than the first tier settings. Interest rates systems may be changed manually.
See for Yourself
Ready to learn more about CreditStar’s features? Contact us today for a free web conferencing demonstration of CreditStar’s powerful, flexible and easy to use finance management software.