Credit Application Process includes the steps to review and finalise whether you, as the supplier, will decline or approve your prospect/customer's credit application request that includes credit limit and credit terms.
The different processes involve within your ezyCollect file are:
Review the information provided by your prospect/customer. This includes company information, contact, addresses, director details, trade references and documents provided.
You as the supplier analyses the information and documents provided.
You as the supplier check the applicant's (prospect/customer) credit score and credit report.
You as the supplier decides if you will enter a business partnership with your prospect/client based on the information provided and the analysis that comes with it.
Finally, you as the supplier decides whether you decline or approve the application. If approved, you can then decide and indicate the credit limit and credit terms.
How to start the credit application process?
Login to your ezyCollect file.
On the menu, from Credit Management click on Credit Applications.
3. Under the Credit Applications page, you will see 2 parts:
New - these are the new credit applications that you have received. The form status indicates whether they are completed or partially completed. You'll also be able to toggle between 3 tabs:
Complete - showing all completed credit applications
Partial* - showing all partially completed credit applications
All - showing all credit applications regardless of their form status. Each application will also indicate whether they are Partial or Complete.
*Partial means that your prospect/customer have started the first part of the credit application form and in the process of completing it. It will also appear here if your prospect/client abandons the application form and just completes the first few sections of the credit application form.
Processed - this is your dashboard of all credit application forms that you have received and processed and separated into different tabs whether they are under Review, Rejected, Canceled, Approved and All.
Important notes:
all ezyCollect users who have access to your file can view the list of all credit application forms but only ezyCollect manager users can start the Credit Application process (and click Process Application).
4. Select which credit application form you want to start processing and click the Process Application button. This will use 1 of your credit application form [credits] indicated on your page. At this stage, you will be given 2 free credits of credit application forms to be processed (with or without plan purchased). Once you have used this 2 free, you will need to purchase a plan to process more credit applications.
Please note that you can process application for both Partial or Complete CA Form Status.
Note: The form status will automatically change to Under Review once you have chosen to proceed with Process Application (see above).
5. There are 5 parts in the Credit Application Process
(1) Form Filled - if your prospect/customer fills in the credit application form [complete status] you will be able to see all the details here. If they have filled in 'partial' application then this part will show you which sections of the form they have completed.
(2) Credit Score Check - ezyCollect automatically checks the credit score* and will display the following details for you: Company Details (name, ABN, Address, Directors) and the Late Payment Risk Score and Failure Risk Score instantly.
*credit score checks are available for AUS businesses only at this stage.
(3) Credit Report - you can also request for a free credit report to get more details and cross check information provided to you by your prospect/client. Learn what information you can get from this credit report here.
You can also purchase an extra comprehensive credit report if you wish; with pricing and more details here.
(4) Reference Checking - you can start this process by clicking on the Check button under Reference Checking. You can call or email the trade references provided by your prospect/customer. Input any important details in the Notes section based on your phone/email conversation with the references so that you can track in one place. You can click the button Mark as Checked once reference has been contacted.
Once done, click the Save button.
Before you go to the last step which is finalising the application, you can review all history, events or notes done within the credit application form.
(5) Finalise Application - the final credit application process based on all the information provided, credit score checks, credit reports, trade references, you can now come to a decision. Click the Finalise button and it will open a small window for you to either Cancel, Reject or Approve the application
To Cancel, you can click the Cancel and enter notes if they apply. Click Cancel Credit Application button to go ahead.
To reject, click the Reject button and enter notes if they apply. Click Reject Credit Application button to go ahead.
To approve, click the Approve button, enter the Credit Limit, Credit Terms and any applicable Notes regarding this prospect/customer.
*Please note that only ezyCollect manager user can process and approve credit application forms.
Once you select any of the above, you cannot make any further changes. Click Confirm button to go ahead.
What's next after I process the credit application form?
You will need to inform your prospect/customer the outcome of their credit application whether you have decline or approved this. You can do this via email or call but it is important that you get in touch with them to inform them with the results and any further next steps, if applicable.
Please note that ezyCollect does not send any notification or communication to your prospects/customers regarding the progress or results of their credit application.
Partially Completed CA Form - Continue filling out the form at a later time
Once the company info is completed, the prospect can choose to continue filling out the form at a later time during their application. Once they hit "save draft", a window will pop up asking them to provide an email address to which the form link will then be sent to.
When accessing the link via email, your prospect/customer will access the form with all the information that was previously filled in.
