Obtaining a signed credit application should be an integral part of the process of extending credit to a customer. The application provides information necessary to determining the risk of not being paid in a timely manner and helps to establish a credit limit. Without a credit application, you won’t have explicit permission to contact the applicant’s bank or trade credit references. With such an important document, it is important that you include every necessary detail.The following elements should be included in your business credit application. Without them, you could be missing important information about your potential customer.
Legal name of business
Business phone, fax and email
Incorporation date and length of time in business
CUSTOMER FINANCIAL INFORMATION
Amount of credit requested
Most recent full year financials or tax returns available
Bank name and branch address
Bank contact name, phone, email and fax
Name, address, phone and email address
Signature block and legal notice
Owner or authorized party must sign
LANGUAGE TO CERTIFY SIGNER
Declares information provided is correct
Authorizes contact of references
Accepts any terms and conditions pertaining to sales such as late charges
You need to independently verify the existence of the customer. A completed application could still contain fraudulent or misleading information and references are chosen with intent. Google is your friend. Search for and confirm the customers address and phone number. Call the number if you have any concerns and tell the person who answers that you are calling to verify the billing address for a new customer.
Invoice Factoring is a commonly used method of accelerating cash receipts from accounts receivable in some industries. It has traditionally been used by suppliers to retailers and other B2B seasonal industries, who need to keep a steady flow of cash to finance their operations. Invoice factoring is also sometimes used by companies that do not […]
Investing in invoice automation is as close as can you get to a sure thing in business. The ROI of using invoice automation is high because the returns are large and the investment can be relatively, small especially when you use a cloud-based software subscription. Most invoicing is still done manually even though the cost […]
WHAT WE DO
Anytime Collect is a leading CLOUD-BASED accounts receivable software. Made specifically for businesses selling on credit terms, Anytime Collect AUTOMATES invoice dispute management, cash forecasting, customer communications, invoice presentment, online bill pay and credit management. The entire collections process becomes QUICKER AND EASIER.
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