Handling New Customer Credit Applications

Handling New Customer Credit Applications

Are you a lender? You'll need to ensure the right staff are handling applications.

By Marcia Smith

How your company handles new customer credit applications will largely depend on your company and employees. Ideally, there would be a separate department for processing these applications, but this just isn’t possible for most companies.

In this case, it may be best for the sales department to communicate with the customers initially, and request their credit information.

After communicating with sales, the customers’ credit information should be passed on to the accounting or billing department. They can then process the application with objectivity and without the incentives that sales may receive.

Handling new customer credit applications in this way ensures that departments are using their differences to the company’s advantage. Legal advice should also be sought.

  Subscribe for Free Content

Click here to get killer business content sent straight to your inbox

Subscribe to The Knowledge Hub

Join over 60,000 business owners. Get the latest advice, tips and expert opinion delivered to your inbox every month.