Custom Image

6 Must-Have Fields In Any Credit Application Form For Business

18 March, 2021
5 min read
Bill Sarda, Chief of Staff, Digital Transformation
Linkedin profile

What you'll learn

  • Learn the benefits of having an online credit application for faster customer onboarding
  • Get insights into 6 must-have fields in the credit application form for capturing better customer information
  • Explore the benefits of leveraging technology for high-yield decision making
What is an Online Credit Application and Why Do Businesses Need It?
6 Must-Have Fields In The Credit Application For Better Information
How Can Technology Help? 
Print Bookmark


6 Must-Have Fields In Any Credit Application Form For Business

Imagine you lent some money to your friend with an expectation to get the money back in a few days. But, due to some reason or the other, that doesn’t happen. Now, you don’t know how to ask for the money back, because that might put a dent in the relationship. Therefore, it would be wise to say that this situation would have never happened if you were sure of the person you were lending money to. 

Similar is the case in the B2B world. The lifeline of any business: sales, is enabled by credit terms extended by the company. Businesses need to be sure about who they are extending the credit to avoid bad debt. While credit policies boost business and speed up the sales cycle, they might also create risk. In a post-Covid economy, strict credit monitoring has emerged as one of the biggest priorities for the CFO office to avoid the risk of bad debt. 

At Highradius, our customers in the mid-market segment constantly look for ways to optimize their credit management to mitigate risk and reduce bad debt. As a way forward, we always suggest to them an affordable and functionally rich solution like RadiusOne.

While businesses look for ways to streamline and improve their credit review processes, as a first step, it is crucial to understand what their current customer onboarding process is. Is it an ancient paper-based process that requires a lot of manual intervention to get information in one place? If so, businesses need to start thinking about online credit applications.

What is an Online Credit Application and Why Do Businesses Need It?

Digitizing  AR enables process optimizations with minimal room for error. When you evaluate the credit onboarding process, tools such as online applications improve the scope of business and speed up the sales cycle.

Credit application forms make it easier for your customers to place orders, get approved, and do business with you in general.  These forms also decrease turnaround times and reduce errors for credit teams. For mid-sized businesses that have an increasing number of customers coming in every day, an online credit application is almost a necessity.

6 Must-Have Fields In The Credit Application For Better Information

While you introduce a digitized credit application, to speed up the process, it is equally essential to include accurate information fields in the application form to create a holistic, faster customer approval and onboarding process. Here are some information fields you, as a mid-market business should include when you create an online credit application.

6 Must-Have Fields In The Credit Application For Better Information

When you include these information fields in the credit application form, it helps you collate the customer data in one place for current and future periodic reviews. Moreover, it provides a deeper insight into the applicant’s track record and behavior, with deeper visibility into customer data and fast-tracks the onboarding process. 

An Excel-based business credit application template with these top 6 essential fields enables fast and easy customer onboarding for mid-sized businesses and ensures a reduced risk of bad debt. While an excel-based credit application template can be the first step towards an optimized customer onboarding process, embracing technology and power automation will boost your business to the next level.

How Can Technology Help? 

Following the introduction of technology such as Robotic Process Automation (RPA) and Machine Learning, credit management has improved dramatically. Credit management is evolving at a great pace, and the next step in this meteoric rise is to adopt online credit application solutions. HighRadius’ credit risk app helps you speed up your credit application process by capturing complete and valid information for new customers. With an easy-to-use template integrated with existing credit systems, you can make faster and accurate credit decisions to onboard customers.

How Can Technology Help? 

With that being said, here are the next steps you can take to optimize your credit application process:

  • Identify improvement areas in your current credit application and onboarding process
  • Discuss the challenges your credit team might have while evaluating new prospects
  • Make a list of credit details your company needs to make accurate credit decisions
  • Search for the right AR automation software that provides you with online credit application options for capturing essential information
  • Evaluate your ROI on the investment to make better decisions in the future

At HighRadius, we believe in providing our mid-market customers real-time visibility into customer credit data for high-yield decision-making and faster customer onboarding. To learn more, get in touch with us or contact us for a free demo!

Most Popular Resources

All Topics
RadiusOne AR Suite
Talk TO Our Experts

Streamline your order-to-cash operations with HighRadius!

Automate invoicing, collections, deduction, and credit risk management with our AI-powered AR suite and experience enhanced cash flow and lower DSO & bad debt

Talk to our experts

The HighRadius RadiusOne AR Suite is a complete accounts receivable’s solution designed for mid-sized businesses to put their order-to-cash on auto-pilot with AI-powered solutions. It leverages automation to fast-track key accounts receivable functions including eInvoicing & Collections, Cash Reconciliation, and Credit Risk Management powered by RadiusOne AR Apps to improve productivity, maximize working capital, and enable faster cash conversion. Affordable, quick to deploy, and functionality-rich: it is pre-loaded with industry-specific best-practices and ready-to-plug with popular ERPs such as NetSuite and Sage Intacct. The HighRadius RadiusOne AR Suite is designed to automate labor-intensive processes while streamlining credit and collections activities for faster AR processing, better cash flow and improved profitability.

Lightning-fast Remote Deployment | Minimal IT Dependency Prepackaged Modules with Industry-Specific Best Practices.

Automate Your Order-to-Cash Today!

Thank you for signing up! Stay tuned :)