Mayer Electric

"Cortera offers unique benefits that no other credit management solutions provider could present." David Morgan, Chief Financial Officer

Challenge

• Replace an existing manual process with an automated one that would create centralized credit application processing and apply a consistent credit policy
• Reduce credit application turnaround time – potential buyers walked away rather than wait three days to have their account approved
• Lower sales abandonment rates
• Rapid business growth through acquisitions was putting a strain on customer service levels

Solution

• Implement a web-based, real-time credit automation system from Cortera
• Automate routine decisions based on Mayer’s credit policy through scoring and workflow
• Accounts that require in-depth reviews are routed to analysts automatically

Results

• “With eCredit our customers are not forced to wait for credit approval, and we expect our sales to increase due to the quick turnaround” – Brenda Lovell, Corporate Credit Manager, Mayer Electric
• Credit application turnaround time was reduced from 2-3 days to 30 seconds
• 98 percent of applications are automatically processed through Cortera’s eCredit software
• “Since we have been live on eCredit, we have seen considerable gains in credit application turnaround time and in the quality and consistency of the decisions issued by our department.” – Brenda Lovell, Corporate Credit Manager, Mayer Electric