Not all credit programs work for a retailer. This list helps you evaluate options with concrete criteria before choosing.
Choosing credit software is a decision that affects the whole team's daily work for years. A bad choice forces you to migrate again, with the cost and risk that entails. The best way to avoid this is to be clear about the features the software should have and evaluate the options against a list of concrete criteria and test them with real cases from your business, rather than being swayed by the longest feature list.
Summary: evaluate eight areas: portfolio management, payments, collections, security, reports, integrations, support and data portability. Test each candidate with real cases and ask in writing about whatever you cannot verify.
1. Portfolio management
- A single customer record with documents, contracts and history.
- Contracts with a configurable installment schedule: frequency, dates, amounts.
- Automatic statuses and aging buckets.
- Quick search by name, ID document or contract number.
- Rescheduling and agreements that keep the history of the original schedule.
2. Payments
- Recording with date, amount, method and receipt.
- A configurable, consistent application rule, for example to the oldest installment.
- Partial and early payments.
- Voiding with a reason, never deleting.
- Cash reconciliation by user and by branch.
The importance of these rules is explained in how to control contracts, installments, due dates and balances.
3. Collections
- A daily work list per agent.
- Recording of interactions and promises with follow-up.
- Portfolio assignment to agents and collectors.
- Routes for field collections.
- Reminders and automations with exit conditions.
4. Security
- Individual users with two-step authentication.
- Configurable roles and permissions.
- An audit log that cannot be altered.
- Protection of documents and sensitive data.
More in security best practices for collections systems.
5. Reports
- Total, current and overdue portfolio.
- Delinquency by aging bucket and by vintage.
- Recovery and promises kept.
- Breakdown by branch, agent and product.
- Export for your own analyses.
6. Integrations
- MDM, if you finance devices: link between contract and device, policies and unlock on payment. See the advantages of connecting your CRM to your MDM.
- Messaging for reminders.
- Electronic payment methods, if you use them.
7. Support and vendor
- Support channels and hours.
- Help with implementation and migration.
- Training for the team.
- Frequency of improvements and communication of changes.
8. Data portability
- Can you export all your data in a standard format?
- Where is it stored and with what guarantees?
How to evaluate in practice
- Define your test cases: a standard credit, a partial payment, a rescheduling, a broken promise, a customer with two contracts.
- Ask for a demo using those cases, not the vendor's examples.
- Ask for a trial account if possible, and have the people who will work with it use it.
- Score each area in a table common to all candidates.
- Ask in writing about whatever you cannot verify.
Evaluation table
| Area | Weight for your business | Candidate A | Candidate B |
|---|---|---|---|
| Portfolio | High | ||
| Payments | High | ||
| Collections | High | ||
| Security | High | ||
| Reports | Medium | ||
| Integrations | Depends on your operation | ||
| Support | Medium | ||
| Portability | High |
Fill it in with a simple scale, for example from 1 to 5, and adjust the weights to your situation.
Questions worth asking the vendor
Some things do not show up in a demo. Ask about them in writing and keep the answers:
- How is a partial payment applied and can that rule be configured?
- What happens if a payment is recorded by mistake? Is it voided with a reason or deleted?
- How many users and branches does each plan include, and how much does it cost to add more?
- What data can be exported and in what format?
- Where is the data stored and what security measures apply?
- What support is available during implementation and afterward?
- How often is the system updated and how are changes communicated?
Vague answers are as informative as precise ones. A vendor who cannot clearly explain how your data is exported or how a partial payment is applied is giving you a signal worth considering before you sign.
Common mistakes
- Choosing by the longest feature list.
- Seeing only the sales demo, without your own cases.
- Not asking about data export.
- Ignoring the opinion of those who will use the system every day.
- Underestimating support during implementation.
Frequently asked questions
Is a custom system better?
It can be for very particular operations, but it means more cost, more time and dependence on whoever develops it. For most retailers, configurable specialized software is more practical.
How much time should I spend on the evaluation?
A few weeks are usually enough if your test cases are clear from the start.
How Shalom Trust solves it
Shalom Trust brings customers, contracts, installments, payments, promises, collectors and devices together on a platform with users, roles and permissions, two-step authentication and an audit log, connected to device management. You can evaluate it with your own cases in a demo and compare options in plans.
Conclusion
Good credit software is chosen with criteria, not impressions. Evaluating the portfolio, payments, collections, security, reports, integrations, support and portability, and testing with your own cases, is the way to get it right the first time.
