Feb 14 2020

Credit card application form * Video

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Credit card application form


40 Free Credit Application Form Templates & Samples

If you are a business owner that makes your money providing good or services to other business, you’ll most likely want to reward your good customers and make order-placing easier on them by extending credit. Let’s face it; businesses tend to spend more when they have a line of credit open to them. So it only makes sense that you can expand your business and increase your sales by providing a credit plan to your customers. This will allow them to purchase products or services today, and pay for them at a later date. In order to accomplish this, you’ll want to add a credit application form to your toolbox of business templates. We have a few for you to download on this page.

If you’re a business that does work with consumers, extending credit is still an option for you. The risk that comes with extending credit directly to consumers is much greater, so you’ll need to use a credit application form and credit check to make a decision. Small retailers make up for this risk by charging higher interest rates. If your customers mostly make small purchases, it may not be a good idea to extend any credit. However, if you’re a private caterer who helps affluent people plan their parties, you may find that extending credit can help you grow your business. A credit application form will help secure the credit you extend by making sure that your customers have a stable track record of honoring their debts.

Credit Application Form Template

Why Should I Extend Credit Using a Credit Application Form?

Not sure you’re ready to extend credit? Think of it this way; you’re probably already doing it. Every time your business accepts credit card payments, checks or even sends invoices to customers, you’re essentially extending credit. You accept these payment types on the assumption that customers will have the funds to pay for the transaction. The only difference is that when you’re accepting credit card payments, your merchant account provider shoulders the risk. When you extend credit through invoices or checks, however, the risk is transferred to you. You’re the one responsible for verifying and accepting payments and managing the risks that come with them.

Some industries, such as construction companies or manufacturers, often extend credit by invoicing. Invoices are typically due net 30 days, or 30 days from receipt.

One of the main reasons businesses offer credit is to help customer focus less on prices and more on their needs. Having a credit option can help you make more sales and enhances your relationship with your customer.

It’s important to note that extending credit will cost you money if it’s done incorrectly. When you sell something on credit, you won’t have immediate reimbursement and you will need to temporarily make up for the cost, which usually means borrowing cash flow from other areas of your operating capital.

And if something happens and your customers are unable to pay, you may end up spending money on collection activity and other costly measures to try to recoup your losses.

Before handing out a credit form to all of your big customers, make sure that you have a legitimate business reason to extend credit. Assess the risks of having several of your larger customer default. If a financial crisis occurs, will you be able to stay afloat without counting your outstanding invoices as income? If you can’t shoulder much risk, it may not be the right time to extend credit to your customers. You should be able to extend credit without becoming overly reliant on it for income. In other words, your cash flow is your cash flow, and outstanding invoices may or may not be paid. Will it hurt your cash flow to extend credit that may not be paid back? If so, it may not be the right time to offer credit options to your customer base.

Establishing A Credit Application Process

Long before you offer credit to your customers, you’ll need to decide how you will manage credit accounts accounts. You’ll need to know if you can charge late fees (and how much you can charge) as well as collection laws in your area.

At this point, you’ll want to speak with a lawyer to understand the policies and procedures that are in place in your state when it comes to extending credit. Consumer protection laws vary widely, and there’s a lot of room for error. To abide by these laws, you’ll want to create a uniform process for extending credit and clearly map out your policies. Here are a few things to think about:

  • Who are your ideal customers? Will you offer credit to individuals, or businesses?
  • What company will you use to run credit checks your customers when they apply for credit?
  • What are your payment policies? When will bills be due? What payment options will you offer?
  • Who will your customers with credit plans contact when they have a question?
  • How will you invoice your customers?
  • Will you outsource any of these tasks to another company?
  • Have you developed a privacy policy for protecting consumer information?
  • How will you keep sensitive financial data safe?
  • What’s our game plan for collecting late or delinquent account payments?
  • What other considerations do you need to assess to comply with local laws?

Using these questions, you can create a firm credit policy that outlines everything from interest rates to procedures when a customer faults. Your customers should get a copy of these items in the mail once a year and be notified of changes. Usually, this is called “Terms and Conditions” and they can change according to the local as well as federal laws. Your terms and conditions should contain all legal information, dispute resolution procedures, and information on what happens when you must place an account in collections.

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