Credit Application Processing is a STORIS add-on module purchased separately. The process consists of three primary processes:
Request Credit Information/Credit Application Entry - request for credit.
Credit Request Review – credit request review & manual decision process.
Review Credit Requests on Hold – credit requests requiring additional information in order to make a manual decision.
Credit Application Entry allows you to enter information on the following participants in the credit application process:
primary applicant
co-applicant
co-signer
To process a credit application, 1) the Credit Application Module must be active in General System Control Settings, and 2) Credit Application Module Active field in the Warehouse/Store Location Settings must be selected for the selling location on the order.
Setting up the Credit Bureau Application Management feature involves the following routines:
General System Control Settings - the Licensing tab displays the status of the Credit Application Processing module.
Credit Application Control Settings - contains the parameters for credit bureaus and also for credit application, requests, and reports.
Credit Bureau Settings - contains the default settings for the available credit bureaus.
Credit Review Status Code Settings - contains the manual review credit review status codes you manually enter via the Review Pending Credit Requests routine.
Credit Bureau Code Settings - contains the message codes returned by the credit bureaus.
Warehouse/Store Location Settings - use Credit Bureau Module Active field to activate the feature for selected locations.
Reason Code Settings - identify the reason codes you want to use with the Credit Request Review process when making manual decisions on credit applications.
Credit Application Processing consists of the following:
Request Credit Information – This process prompts for generic information about the customer requesting credit. It is linked to the Credit Application Processor.
Credit Application Processor - This is the driving process for credit application entry, credit bureau transmission processing, and pending/history credit request updates.
Credit Application Entry – This process is the electronic data entry process that contains the information from the paper application.
Need Credit Report – This subroutine verifies whether a credit report needs to be pulled or not.
Credit Report Processor – This is the process that communicates with the credit bureau. It sends credit application information to the credit bureau and retrieves the credit report information from the credit bureau.
Review Pending Credit Requests – This process is used to review and manually decision credit requests.
Review Credit Requests on Hold – This process is used for credit requests that need additional consideration before making a decision.
Customer Cross Reference Update – This is the process that builds the customer cross references for the customer lookup feature.
View Credit Request Responses – This process provides a grid selection list of credit requests (active and history) for the criterion specified on the pre-selection screen.
View Completed Credit Requests – This process provides a grid selection list of approved / declined credit requests for a specific customer.
eSTORIS allows customers to enter credit applications online. When a customer accesses the Financing page, the screen prompts the customer to enter the following information:
social security number
first name
last name
street address
zip code
eSTORIS searches the STORIS database for information matching any of the data entered by the customer. If:
a customer record exists but the social security number does not match the social security number entered by the customer, the Credit Application Entry screen appears into which the customer can enter an application.
a customer record is found, the social security number matches, and a credit application exists on file that is older than the days specified at the Credit Application is Valid For field in the Credit Application Control Settings, the Credit Application Entry screen appears into which the customer can enter an application.
the social security number exists in the system but the name, address, or zip code associated with the social security number do not match the information entered by the customer, a message appears instructing the customer to contact the store.
all the information entered by the customer exists in the system, an application must already be on file. Thus, a message appears instructing the customer to contact the store.
none of the information entered by the customer exists in the system, the Credit Application Entry screen appears into which the customer can enter an application.