American Software announces the release of version 7.2 of CreditStar credit management software for small business.

Albuquerque, NM – March 18, 2005 – Retail businesses can now increase their profits without making any additional sales simply by handling their own financing. Using American Software’s CreditStar 7.2, a company can easily finance their own sales instead of giving their profits away to the banks and finance companies. Company President Richard Hadad points out that “In today’s retail world it’s extremely hard to make a profit without having your own finance department. You already have the personnel, a desk and a computer. Add CreditStar financing software and a supply of stationery and you’re in business.”
The company says most finance organizations require at least a 10% discount to buy a contract, which is the equivalent of 120% APR. If a retailer finances $30,000 per month and discounts 10% to the finance company, that is $36,000 per year in discounts – lost profits. If that company carries 500 accounts with an average value of $750, at 21% APR with a $15 late charge fee, interest plus late charges could be $97,353. The total yearly income with the saved discounts would be $133,353. According to Hadad, there are other benefits of carrying your own accounts. One benefit is a steady cash flow since payments will be coming in daily. Another is an opportunity for regular communication with customers, with advertising placed into statement envelopes.
Hadad says CreditStar 7.2 has been developed with small and medium-sized businesses in mind. CreditStar is a modular system, with modules such as Revolving (open end) contracts, Installment contracts, Credit Bureau reporting, and Letter and Contract writing, that allow credit managers to oversee every aspect of the credit department. Modules can be added at any time, and are priced so that many companies can get started for as little as $6,500. Account entry is speeded up with default settings, and flexible finance plans such as “90 days same as cash” or “no payments or interest for 2 years” are simple to set up. CreditStar is fully supported for 90 days after purchase, and annual maintenance contracts, on-site training, and courses in financing and credit are available.