One of the easiest ways to avoid late payments is to make better decisions on who you are extending credit to and how much risk (credit limits) you are willing to take on new accounts. It’s amazing that most businesses don’t take the time to do reference checks and even fewer utilize business credit reports as a means to evaluating new accounts.
Some of the considerations you should make in respect to developing a business credit application template were covered in a previous article. In summary, a good business credit application template should include the following general items:
- Business Information
- Sales Information
- Contact Information
- Bank Information
- Trade References
We’ve produced some business credit application templates that you can download to use as examples for your business. Click here to request the business credit application templates.