SMEs with Sage200 will be able to take out Credit & Surety insurance

The digital revolution is paving the way for fintech to encompass the services of companies in the financial sector, new technologies to create innovative financial products. This is the case of the Sage Financial Services Platform (FSP), an application that allows direct interaction with the financial services available in the Sage Marketplace, and access to the services offered by these services in a way that is integrated into the daily operations of a company.

Sage and Crédito y Caución, two reference partners for small and medium-sized Spanish companies, have integrated their platforms so that their clients can automatically manage their credit insurance. Organizations using Sage 200, Sage 50 and Sage Despachos ERP will be able to activate the Crédito y Caución CyCred portal to manage their insurance from within the business software.

The management of this credit insurance can be done in real time, in a process in which the data will be automatically synchronized with each invoice issued. In this way, the ERP of each insured will be integrated into Crédito y Caución's systems, and all client and potential client data will be updated.

In this way, the information that companies will have in their Sage ERP will be essential for decision-making, providing a qualitative leap in effectiveness, efficiency and profitability. Thanks to this integration, a process that is usually manual is eliminated. From now on, Sage ERP adds automatic management of each customer's risk and possible coverage for commercial lines of credit. In addition, by integrating invoicing, companies can automate the communication of notices of non-payment, reminders of payment and collection of invoices issued, the declaration of monthly sales or obtaining non-recourse factoring on their invoices through CyC Energy.

An innovative solution that will allow you to manage your company's credit insurance without having to leave your Sage system, maximizing your management capacity in a totally secure way.

Sage Financial Services Platform (FSP) and its linkage with the Credit and Surety portal CyCred

The Sage Financial Services Platform (FSP) can be integrated with any Sage solution the customer has: Sage 50, Sage 200 or Sage Dispatch Connected. Thanks to this platform, a solution is offered that allows interacting with the financial services that Sage has in the Marketplace and thus accessing these services in an integrated and operational way on a daily basis, easily and quickly, avoiding human errors.

It also makes it possible, by digitally connecting with Sage ERP, to have available services such as financing, collection, recovery, risk or advances. The Sage Financial Services Platform (FSP) is a living platform that will gradually add new platforms to facilitate the daily work of its customers, such as Crédito y Caución.

How the Sage Financial Services Platform (FSP) is linked to the Crédito y Caución CyCred portal

The CyCred Credit and Surety portal brings infinite potential to your Sage ERP, since it allows you to manage your credit insurance from the ERP, without complications and without leaving your system. As we have already mentioned, it is compatible with Sage 50, Sage 200 and Sage Despachos Connected.

Crédito y Caución is the most important of the four current operators in the national market that offer credit insurance to companies. Credit insurance is an insurance policy that covers the risk of non-payment that exists in any commercial transaction on credit between two companies. In other words, it covers the non-payment of an invoice once the product or service has been delivered. For this purpose, Crédito y Caución previously carries out a study of all clients to see their credit payment quality and financial strength, and based on this, it covers more or less any operation.

Risk Coverage

It is important that the credit insurance always has a classification or risk coverage for each of its clients. In this way an insured will be able to have a classification for each of its clients, and depending on this, will cover them with a determined amount.

For example, if Crédito y Caución determines that a client does not offer sufficient confidence to be able to pay the insured, he cannot be covered, since the risk of non-payment is too high. This is very valuable information for the policyholder, since thanks to this prior study he will be able to know the probability of non-payment of each of his clients.

Notification of incidents

The insured must always notify Crédito y Caución of the following three incidents:

Any payment incident that occurs, whether the client in question is covered or not. These communications are called "notices of non-payment" (AFP), which are necessary for the insured in order to begin the recovery or indemnity process.

If commercially an extension of payment has been agreed.

The claim or notice of provisional insolvency (AIP). This occurs when the client communicates that he is unable to pay. From this moment a firm management of the recovery of the unpaid debt or an indemnity to the insured begins in the event that the debt cannot be collected.

Relationship with the Sage module

All of the above process entails the performance by the insured of some mandatory administrative tasks, such as requesting a risk for each of its customers, communicating or notifying payment incidents, notifying extensions... In addition, to calculate the insured's premium, it must declare every month the total sales of its business, both of insured and uninsured customers. These obligations are administrative tasks that every policyholder must perform and that entail time, resources and possible human errors.

Thanks to the integration of both platforms, a credit insurance policy with Crédito y Caución can be managed from within Sage ERP without the need to use Sage and CyCred Link manually at the same time. It will be the system itself that transfers the information from one platform to the other in an automated way and in real time, being the systems themselves the ones that perform the administrative tasks of the insured.

Benefits of integrating the Sage Financial Services Platform (FSP) with the Credit and Surety portal CyCred

The integration module of both platforms has almost all the policy information and allows most of the policy management to be done through the Sage ERP.

Let's take a look at the most significant advantages of this new module:

Instantly consult the risk in force for each of your clients in your Sage ERP.

- No need to enter it by hand.

- Avoiding errors or forgetfulness.

- You will have the amount of risk granted online in your own system.

Check the Exceeded Risk for each of your customers in your Sage ERP. You will be able to compare your actual balance with the insurance coverage and consult those clients with Exceeded Risk in order to keep the risk updated according to your needs. Excess risk refers to when an insured does not know exactly how much risk is covered by the insurance and starts to oversell. There comes a time when he has a risk in excess of his sales with respect to the one he has covered. The module alerts us if we have to increase the risk of any client or on the contrary if we have classified him with a very high risk, so we will be overpaying in this coverage. The coverage has to be very level with what we actually sell.

Request or extend risk coverage from your Sage ERP.

- Request risk coverage for new customers or extend your existing coverage if your balance exceeds the coverage.

- Make the request through a button in the customer file of your Sage ERP.

Complete control of risk coverage changes in your Sage ERP.

- Receive the response online without having to access the Crédito y Caución CyCred portal to consult the result.

- Control all the daily risk changes that have occurred in your client portfolio on a single screen. Never lose the relevant information on risk changes.

Integrate with Crédito y Caución your invoicing and get new services. By integrating the automatic sending of your invoicing you could configure from your own CyCred many processes to save time and resources.

- Automate the communications of the Notices of Default (AFP) and extensions, generating tasks for the system to work for you. Decide if the system communicates the AFP without your intervention, or if it wants to receive alerts to give the final approval to the automatic communication.

- Automatically manage payment or collection reminders for the invoices you send to your customers or sales reps through e-mails. You will be able to improve your treasury by customizing the reminders with language and tone of communication per customer.

- Let CyCred declare monthly sales, both insurable and non-insurable. The system will catalog your sales so that you only have to confirm them and they will be communicated.

- Obtain non-recourse factoring (financing of certain invoices at a good interest rate) on any of your invoices. You will know immediately which invoices are viable to be financed with CyC Energy's service.

In Saqqara we improve the performance of your company to help you in the expansion of your business thanks to Sage ERP solutions to evolve as your company grows. We install the best customized Sage Business Management software for companies, consultancies and professional offices, as we are Sage Master Partner Platinum. In addition, we drive change by supporting collaborative work, unifying and simplifying the tasks of your departments within a single platform.