Creating A Credit Application Form Template
Businesses that sell goods or services on credit terms are highly encouraged to develop a credit application form template that can be filled out by prospective customers. Information provided in the completed new client credit application can be checked against several other sources including:
- Credit References
- Bank Credit Checks
- Current Suppliers of Your Potential Customer
A credit application form template in Word format is desirable so you can make edits to the document and its terms and conditions as the need or markets dictate.
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What Your Credit Application Form Template Should Include
There are six primary components to an effective credit application template. They are:
- Name, address, and contact numbers of your new client
- Banking details including account number, name of the bank plus email or fax number of the account manager
- At least three current credit references
- A completed joint/several liability clause
- Valid personal guarantee
- Signed and dated by all authorized bank signing authorities
Format the new customer credit application template containing all the above-noted components, along with terms and conditions that are desirable for your industry. Leave room in the header and footer of the credit application for your company name and logo.
Convert the Form to PDF Before Sending to the Client
If you are emailing the form to your new customer or they are downloading the printable credit application form template from your website, be sure to lock the template using a PDF format.
For you to obtain a bank credit check, the completed credit application form will have to be presented to your customer’s bank. Be sure to get all authorized signing authorities at the bank to sign your credit application template. Banks are very circumspect about releasing data on their customers and will want to see a recently written consent.
Using the Completed Form for Debt Recovery
A completed business credit account application is critical when granting credit but also invaluable should you need to send your customer to collections or take them to court for debt recovery.
Many businesses download a free credit application sample from the Internet. While this may provide you with basic information, PCM Corp recommends first talking with one of our credit consultants. We can help you to better understand what to include and develop a credit application form template tailored to your industry and way you do business.
About PCM Corp
Priority Credit Management Corp helps creditors by providing the tools and support needed to responsibly improve cash flow and manage receivables.
To begin, contact us through the box below to receive a universal business credit application form template. Let us help ensure the ongoing health of your business and cash flow.