Trade Reference Form Template
Streamline Your Trade Reference Process with This Template
Facing challenges in collecting trade references for credit applications can slow down your approval process. This trade reference form template helps businesses like yours efficiently gather important credit information from suppliers and partners, ensuring quicker approvals and stronger relationships. Customize it to fit your specific needs, gather trustworthy references, and enhance your credit profile, all while saving time on paperwork. Explore how easy it can be to use this live template to simplify your workflow.
When to use this form
Use this form when you need to assess a new B2B customer's payment reliability before granting Net-30/60 terms. For example, a wholesaler onboarding a retailer can ask two suppliers to confirm account age, limits, and on-time payments. It also helps when raising an existing customer's limit ahead of seasonal orders or approving a contractor before releasing materials. Your finance team can pair it with a Business credit application form to complete due diligence and document the basis for your decision. Lenders may also request vendor references alongside a Commercial loan application form to validate cash flow habits. The result: faster approvals, right-sized credit limits, and fewer write-offs.
Must Ask Trade Reference Questions
- What is the reference company's name and the contact's title, email, and phone?
Clear contact info lets you verify the source without delays and prevents fraud. You can follow up quickly if any detail conflicts with the application.
- How long has the applicant had an account with you, and is it currently active?
Account age shows stability and depth of history. An active, long-standing relationship usually predicts steadier payments.
- What credit terms do you offer the applicant, and what is the highest balance or credit limit used in the past 12 months?
Knowing terms and peak exposure helps you set a safe starting limit and mirror workable terms. It also highlights whether the applicant can handle larger orders without strain.
- What is the applicant's payment behavior over the last year (on-time rate, average days past due, any returned payments or disputes)?
Payment patterns are the best predictor of future risk. If there were disputes or credits issued, your team can document them and align with your Credit note request form process.
- Would you extend credit to this applicant again, and up to what amount?
A direct recommendation summarizes the reference's confidence. A suggested limit gives you a practical ceiling for your initial approval.
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