Grow your business with NetSuite + PencilPay

Customers that do not pay are an issue for many business owners, particularly if they are given business credit. By getting your credit application right, you may reduce problems with non-paying consumers and make it easier to chase down missing payments. An online credit application form gathers information from your customers to assist you in determining their creditworthiness.

Do you offer business credit to your wholesale customers?

If you operate in the wholesale business-to-business space today it is expected that you will offer your customers business credit or trade terms. What information should you be collecting from these potential customers and how can you leverage a unique NetSuite solution?

Information you should be collecting:

• Your customer’s business number.
• The full contact details of the applicant and their authority to enter into the trade account agreement.
• The trading/billing address and legal entity name.
• The trading address and delivery address (if you are delivering goods to your customers).
• An accounts person’s name and email for sending invoices.
• The trading terms you offer.
• The minimum and maximum trade credit limit you offer for each trading term.
• If you are offering terms for 14-days or more we recommend you ask for the director’s details.
• For 30-days terms or greater we recommend you get a personal guarantee.
• Taking security for future payment. The secure way is to tokenize the customer’s payment details in your payment gateway and not store this information.
• Trade references can be optional.
• Legally binding terms and conditions.

Now that you have the information you should be collecting you need a fast, secure and easy way to manage and store this information and onboard your new and existing customers.

Our all-in-one software solution allows you to integrate PencilPay and NetSuite software into your business management and accounting software tech stack.