You probably know it well - manually entering customer information. Yes, it doesn't sound fun or exciting, but let's be honest: bringing new customers into the store is what we're all passionate about, so it's a natural part of it.

However, many companies often find that their account and user creation is lagging a little behind. Maybe the system is slow, maybe too many fields have to be filled in manually, and have we remembered to include all the information?

We continuously bring you new insights and information about services that can make your everyday life a little easier. In this article, we highlight 5 reasons why you should be interested in a digital account and user creation process

Time is money, as we all know. Manual, slow and cumbersome creation procedures and processes are not something we as a company want to spend our time on. Just a few minutes of manual work creating a user several times a day can quickly add up to several hours of wasted work per month - and that costs money.

With digital account creation, for example, you can create a user based solely on their CPR or CVR number - saving time instead of having to enter full names and addresses manually.

Let's be honest, manual data entry is both outdated and time consuming. Free up your employees' time for more valuable tasks than manually entering customer information.

Who hasn't been faced with a customer database where the information is incorrect, out of date or incomplete?

With digital account creation, for example with integration to the CPR or CVR register, you ensure that you have the customer's exact address and exact and full name.

The correct address can be of great importance, especially when delivering goods or similar, where it matters whether the customer lives at no. 8, st. tv. or 8, st. th.

If your business occasionally extends credit or performs work before the invoice is sent, credit scoring may be relevant.

With digital account creation from Qatchr, there's a wealth of possibilities, such as instant credit scoring of your customers as soon as they are created in your system.

With digital account creation from Qatchr, it's possible to get digital signatures and digital signatures on your contracts, documents and other agreements.

With MitID, you get a legally valid signature, just as you know it when signing important documents at the bank or elsewhere.

Furthermore, digital account creation also ensures a smoother experience for both businesses and customers. There's no risk of important documents getting lost in the mail or disappearing in a cluttered inbox, and everything can be tracked and stored securely in electronic format, increasing data security and making it easy to find and organize documentation in the future.

Qatchr can offer digital account creation in any system.

This means you can easily and quickly create customers, users, suppliers and the like - directly in the system you use on a daily basis, such as your ERP system, customer system, CRM system or similar.

At Qatchr, we are part of the leading Nordic debt collection company, Collectia, so correct and accurate customer and user information is an integral part of our DNA. We are passionate about delivering solutions that improve users' everyday lives - and we know that digital account creation is one of them.

That's why we'd love to offer you a free, no-obligation demo of how Qatchr handles customer creation and how we can help you.

Contact us today at 77 30 14 14and let us help boost your business efficiency.

KYC stands for "Know Your Customer".

KYC is all about knowing who your customers are and making sure that they are who they say they are. In addition to establishing the customer's true identity, KYC is equally focused on investigating the customer's financial circumstances, the source of their liquid assets, etc.

The purpose of KYC is to protect financial companies from money laundering, corruption, terrorist financing and other forms of fraud.

In Denmark, KYC is a requirement for home purchases, loans, money transfers and the like. This means that real estate agents, banks, mortgage institutions, pension funds and other lenders are covered by the Money Laundering Act - and thus also KYC.

When talking about classic KYC, three basic principles are often referred to: customer identification, customer due diligence and continuous monitoring.

To understand the customer, it is necessary to assess their activities and sources of funds and make decisions based on this information. What activities does the customer perform? Where do the customer's funds come from? Who does the customer receive money from and what types of transactions are performed? These are just some of the areas that need to be investigated.

Based on this information, banks, lenders and other parties can assess the risks of terrorist financing, money laundering and similar activities possibly associated with the customer.

When you have to show your passport or driver's license at the bank, real estate agent, accountant and the like, it's to ensure that you are the person you claim to be. This is a legal requirement. But while many other businesses are not subject to the stricter KYC rules, many private companies could still learn some of the basic principles.

Many companies often rarely know who they are actually doing business with: what is the customer's full name, where do they live and what are their financial circumstances.

For most businesses that have a lot of cash sales, for example, this information is rarely very interesting. But for businesses that occasionally have credit sales, it is relevant to know all information about the customer - especially if the customer at some point chooses not to pay your invoice. Because if you don't have the customer's full name, address, etc. it can be very difficult to collect your money - and thus, for example, get a debt collection agency to collect it.

For example, a debt collection company can't find an "Anders Andersen" in Brøndby.

In contrast, most debt collectors can find a person if you have a previously known address or the full current address. With Qatchr, you can look up a customer by social security number and validate if the customer actually lives at the address provided, as well as subscribe to the customer if they choose to move.

While most companies may not immediately see the need to know the customer's financial situation, it's actually a good idea. If you extend credit to your customers, it's relevant to know if the customer has any known defaults, large debts, properties, etc.

With Qatchr, you get the opportunity to assess credit, i.e. gain insight into the financial situation of both private individuals and companies, including credit reports, financial statements, properties and the like.

If you have an ongoing financial relationship with your customer, such as ongoing sales or credit, it's also beneficial to be able to subscribe to your customers.

By subscribing to and monitoring your customers, you will be notified when there are important updates regarding a customer, such as payment remarks, new debts, change of address, published financial statements, etc.

Even if your business is not currently subject to KYC requirements, you can already start applying some of the principles behind KYC using Qatchr. There are several good reasons for this: 

1. Risk management: By knowing your customers better, you can better assess risks, including the risk of fraud, loss and other adverse events. This contributes to more robust and secure business practices.
2. Improved customer relationships: By understanding your customers' needs, activities and financial situation, you can create a more personalized and targeted customer experience. This can increase customer satisfaction and strengthen loyalty.
3. Fraud prevention: A proactive approach to investigating and validating the identity and financial circumstances of customers can help reduce the risk of fraud and financial crime. This can protect your business from loss and damage to its reputation.
4. Efficiency improvements: Implementing KYC principles can also help to optimize internal processes and workflows. This can result in increased efficiency and cost savings in the long run.

Overall, adopting KYC principles can help strengthen your company's position in the market, ensure its long-term sustainability and minimize the risk of unwanted consequences.

Protect your business from money laundering and terrorist financing today. All you need to do is fill out the contact form at the bottom of the page or give us a call, and we'll help you get started.

Few people think about the importance of having good onboarding processes when creating new customers. Good creation processes also include good and valid data.

Accurate customer data has never been more important than now, because who are your customers? Should you even be doing business with them? And how do you get in touch with them if problems or doubts arise? 

Many companies are good at it, but there are just as many that struggle with getting enough information on their customers and even getting the right information.

Here are 5 tips on how to create the best conditions for an efficient account creation and customer onboarding process.

The information that is important to each company is very different. Often it can also differ depending on whether it's a B2B or B2C relationship.

As a minimum, you should always collect the following for a business customer:

• The company's CVR no.
• Company name
• Company address
• Full name of the contact person
• Contact person's phone number

It's essential that you get a contact person for the company listed right away. If you're sending an invoice to a larger company, it can often be difficult for the company to identify what the job is and who needs to approve it.

When it comes to private individuals, you should at least collect:

• Full name of the person
• The person's full address
• The person's phone number

If you don't have the above information, it can be difficult to maintain a claim if, for example, the case has to go to debt collection. The information is often also enough when you need to assess a customer's creditworthiness.

Once you have identified what information is important to you, it is important that you always get this information. It is important that you never ship a product or perform a job before this information is obtained.

If you only have a minimum of information about the customer, you run the risk that if the customer does not pay, you will not be able to collect money from the customer.

Make sure that your invoicing program or ERP system is set up so that the system will have all general information about a customer.

How well do you really know your customers and do you know if the information they give you is correct?

If you only deal with businesses, it will often be easier to verify whether the customer's information is correct, and you will have ample opportunity to check the customer's background, including through public accounts and the like.

But what about private customers? Here the information is often not as easily accessible and most customers are not found on KRAK or other search engines.

With an address validation solution such as Qatchr, you can verify and credit score the customer.

Many companies - large and small - have embraced credit ratings and are now rating both their private and business customers much more than they did just a few years ago.

However, we have the impression that very few have established fixed routines for credit assessment of their new creations.

If you use a credit assessment tool or are considering getting one, make it a regular routine to credit assess your customers when they are created. This way you have a more complete picture of your customers and what payment requirements you should have towards them.

In most businesses, the journey from the first phone call to the order being delivered or the work being done is often not very long. The same is true for customer creation.

More and more companies today use everything from CRM systems, invoicing systems, field service solutions and much more, where the complexity of customer creation is often not just boiled down to generalities.

No matter how complex your customer creation is, make sure you train your staff to create your customers so that missing information or missing credit ratings don't ruin your customer datasets.

If you need to verify and credit score your customers, Qatchr can help you! 

Qatchr is owned by Collectia A/S, and is among Denmark's cheapest online credit rating systems.

At Qatchr, you can credit check private and business customers based on various parameters such as name, address, key figures, ownership changes, credit score and much more.

Try a free, no-obligation demo of Qatchr now.