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Five reasons to get an online credit application

It can be difficult, time consuming and stressful to process paper based credit applications on a daily basis.

An online credit application can improve your credit management process efficiency to ensure you tick all the right boxes from a credit reporting point of view. You can collect important supporting documentation and automate trade references to further assist your decision making but most importantly, improve your customer experience.

Allowing new customers to apply for credit online can eliminate days’ worth of administration and manual data entry each month, reducing your application turnaround and thereby shortening your sales cycle. Here’s how it can benefit your business:

It’s easy to set up

Powered by CreditorWatch, ApplyEasy can set up an online credit application that’s customised with your company’s branding, URL, colour scheme, contact details and terms and conditions within 48 hours. All potential customers have to do is simply click on a link via your website to apply for an account directly.

It eliminates errors

Illegible handwriting on paper applications can lead to mistakes in reading or transcribing the information into your own systems. It’s also not uncommon for a customer to provide you with an incorrect ABN/ACN or business name. As a customer completes an online application, ApplyEasy will verify their details in real time such as their business name, address and directors against data held within CreditorWatch.

It improves your decision making

The CreditorWatch integration allows you to automate the ordering of a credit report or credit score, which will bring to your attention any negative information that could impact the customer’s ability to pay their bills. You will also receive a CreditorWatch trading recommendation such as ‘approve’ or ‘reject’ as soon as applications are received. 

It improves customer satisfaction

As soon as a potential customer submits their application, you’ll receive an email notifying you to review the information. As you process the application through to a decision, your customer will be informed of your assessment via email. Customers love that they can apply for credit with ease at any time, they don’t have to deal with paperwork, fax machines and scanners. It’s all done online. 

It further protects your business from bad debt

Whilst performing upfront credit check helps you to avoid high risk customers, keeping an eye on them for changes to their credit report can help you further reduce credit risk. When you approve new customers for credit, you can automatically select them for monitoring in CreditorWatch to receive email alerts when important changes occur in the future such as court actions, payment defaults and insolvencies.