Credit Application
The form a new customer completes to open a trading account, capturing identity, references and acceptance of the terms of trade.
Purpose
A credit application is how a business onboards a new account customer. It captures the correct legal entity, ABN or ACN, trading address, directors and contacts, plus trade references. Crucially, it is where the customer accepts the terms of trade, including any personal guarantee.
Getting it right
Errors here cause problems later, so verify the entity name against ASIC or the ABR before approving. A wrong entity name can derail a claim months down the track. You can generate compliant account-opening paperwork and invoices through Merion invoicing.
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