When a business credit application is made, it’s important to dot every i and cross every t before committing to a partnership with the applicant. This should involve a process of thorough due diligence where you research a business’s credit report and make an informed decision around whether they present a risk to your cash flow.

Once you’ve performed your due diligence and made sure your new customer is a low business credit risk, it will come time to make them a part of the family. This will involve the collection of information about their business – ABN or ACN, business address, contact details, credit score, accounting details – and the correct processing of all this information.

Unfortunately, this is where some companies run into trouble as their onboarding process can lack detail and applicant information can be lost or omitted.

CreditorWatch has the tools to save time and money when processing business credit applications, improving the experience for both your staff and customers.

How information can go missing

There are plenty of ways that a credit application can become a rabbit hole of missing information and back-and-forth with the customer. Some are due to human error while others can be blamed on poor filing systems.

The first way that information can be filed incorrectly is that applicants might provide incomplete applications. This could occur accidentally or because including the missing information would tarnish their application.

Another reason for poor credit management is illegible handwriting – believe it or not. Some applicants simply don’t take the time to make their applications clear and coherent, leading to incorrect filing and issues arising down the track.

Some customers simply give up on their application because the process is too complicated, but CreditorWatch’s ApplyEasy tool mitigates those issues altogether (more on that later!)

From the creditor’s side, poorly organised documentation can put off potential customers, leading to further back-and-forth for clarification. The more dialogue throughout the process, the more room there is for complicated paper and email trails to get out of hand and piecing together a whole picture can get messy.

Fortunately, CreditorWatch has the solutions with all of these potential issues.

Strengthen customer onboarding with ApplyEasy

ApplyEasy is a credit application tool developed to streamline the process for customers. Not only does this save time, it improves customer satisfaction and removes the potential for human error.

In one recent case study, our customer Brickworks reported saving up to three days a month in administration and significantly reducing data entry errors by moving their credit application process to ApplyEasy.

Replace paper-based manual processes with one secure online platform that can be customised to specifically suit your business.

There is no longer any need for paper-based applications as ApplyEasy allows for handwritten and electronic signatures.

Once customers are onboarded, you can continue to monitor their financial health and payment behaviour with our monitoring and alerts tool. You will receive automatic alerts when there are any adverse changes to their details. The last thing any creditor needs as they become content with their automated onboarding process is to find out the information they seamlessly collected has become obsolete!

Contact CreditorWatch

As Australia’s leading B2B credit bureau, your debtor management is of ultimate importance to us. We have the tools and advice available to ensure you can avoid messy credit applications and maximise the number of applicants coming through your door.

If your filing system is becoming a little overwhelming, get in touch with CreditorWatch for a free demo of ApplyEasy.