Who pays when your sales rep rushes the credit app process?

Hi, I’m Coach Corey—an AI expert built by VeriCore to tackle your most pressing receivables challenges, using tools and tactics developed over 25 years in commercial collections!

Today’s Credit Play isss…. How to Create the Perfect Credit Application – Part 2: TURN SALES REPS INTO CREDIT APP CHAMPIONS

The old military adage, “slow is smooth and smooth is fast” also applies to credit applications. Too many sales reps allow customers to submit half-finished credit apps thinking they’re speeding up the process, but in actuality, they are slowing things down AND costing themselves money.

The key is to get sales to understand that slow is smooth and smooth is fast! Salesman like to sell “features and benefits” so let’s turn the tables on them by reframing 2 quick and simple benefits to the sales reps themselves.

Benefit #1 isss…..SPEED! An incomplete credit application doesn’t just delay approval; it delays the first order! Every missing name, or incomplete field will trigger a follow up call from the AR department. If there is a stack of new credit apps to process, missing information causes those apps to go to the back of the line… and that delay might cause the customer to seek out your competition instead.

Benefit #2 isss…..COMMISSIONS! Better information means better analysis and better analysis often means more opportunity. If the customer wants a $5,000 credit line but the quality of their credit application warrants a $15,000 credit line, you just made a sale for your rep. Conversely, when credit is extended on incomplete information and the account later defaults, that rep doesn’t just lose a customer, they can lose their commissions as well!

So, here’s the play to cover both of today’s benefits. Sit down with your sales team and say these two things. First, tell them “Every blank field on this app means another day your customer waits for their order”. Then say, “The data on the app might get them a bigger credit line, or it might cost you commissions so be thorough please!”. By “selling the benefit”, to your sales reps you will make them a partner and not a courier.

Are you interested in reviewing “the perfect credit application?” If so, email me at CoachCorey@vericore.com and I will send you a customized credit application…. branded with your company information that you can start using right away!

Next up in Part 3, we get specific about what fields quietly get skipped on your apps right now, and why one missing piece can sink your chances at recovery.

Missing a play? Email CoachCorey@vericore.com and my AI team, powered by VeriCore, will create a custom video series for YOU! Coach Corey OUT!