Credit account application template
A credit account application is the form a business asks a new trade customer to complete before agreeing to supply on credit. It collects the customer's details, the credit it wants, who owns and runs it, its bank, trade references and a declaration, and it explains how the supplier will use that information. A supplier sends one to each new trade customer.
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What changes each time
18 values. Everything else is your wording, kept exactly.
Your business
- Supplier's company name
- Customer's full legal name
- Trading name
- Type of business
- Company number
- VAT number
Credit requested
- Expected monthly spend
- Credit limit requested
- Payment terms wanted
- Credit terms in days
Owners and directors
- Name, position and address of each owner or director
Bank and trade references
- Bank name, account name, sort code
- Trade referees
- Credit limit above which references are required
Guarantee and declaration
- Name of any guarantor
- Credit insurer
- Data protection contact email
- Signed name, position and date
The rules it usually needs
Written in plain English when the template is set up.
- One of several wordings
“State the customer's type of business as a limited company, LLP, partnership, sole trader or other.”
Only the chosen type appears.
- Only when…
“Include the credit terms note only when the customer may be a sole trader or a partnership of two or three partners”
A note appears giving the credit terms: payment in one monthly payment within the stated days, with no charge for the credit itself and interest only on late payment.
- Once for each item
“One row for each owner or director, and one row for each trade reference.”
The tables grow to fit the people and referees entered.
- Only when…
“Include the trade references section only when the credit limit requested is above the stated threshold, or the supplier asks for it”
The references table appears.
- Only when…
“Include the credit insurer's name only when the supplier uses a credit insurer”
The insurer is named in the list of who information is shared with.
Questions people ask
What is a credit application form?
A form a new business customer completes to ask for a credit account. The supplier uses it to decide whether to supply on credit and how much to allow.
What should a credit application collect?
The customer's legal name and company details, the credit it wants, its owners and directors, bank details, trade references and a signed declaration.
Can a supplier ask for a personal guarantee?
The form has a section for one. Whether to ask is the supplier's choice, and it should only be used where the customer has agreed.
How will the customer's information be used?
The form tells the customer who the supplier will share it with, such as credit reference agencies, trade referees and the supplier's bank, and how to complain.
Does the customer have to fill in every section?
The references section is needed only for larger credit limits, so it is shown only when the limit is above your threshold.
Use this template
It opens in DocuWeave as a template you can check, change and publish. Nothing is used until you do.