Why Customer Experience Matters in Onboarding
First impressions count. A smooth onboarding process signals professionalism and reliability, while a confusing or slow process leads to frustration and delays. Trust and efficiency are vital in finance, and your onboarding experience directly impacts customer satisfaction and retention.
Best Practices for the Trade Credit Application Form
The trade credit application is often the first interaction customers have with your finance team. Here’s how to make it simple and effective:
- Keep It Short and Clear: Access Intell sees digital applications that are 12 stages long and Terms and Conditions of Trade that require microscopes to read them. Our advice is to keep it short and simple. Avoid overwhelming customers with unnecessary fields and collect only essential information. The customer should be able to apply in less than 2 minutes – 3 if there’s a Director’s Guarantee.
- Get Information Elsewhere If Possible: If you can get information elsewhere, don’t ask the applicant. Data pre-fill and connectivity can gather a lot of information automatically. Additionally, a digital application can tailor the question flow to only ask the relevant questions and skip the others.
- Use Plain Language: Finance jargon can confuse new customers. Replace technical terms with clear, everyday language.
- Share Terms and Conditions Upfront: Make sure customers understand payment invoicing schedules, credit limits, and late payment policies.
- Go Digital: A digital application form speeds up processing and reduces errors.
- Ensure Mobile Compatibility: Many decision-makers and small businesses work on the go. A mobile-friendly form improves accessibility and completion rates. The customer should be able to apply while standing in a field of crops or in a hair salon waiting for a colour to take.
- Use A Digital Signature: A digital signature is convenient is far more convenient than paperwork. Our fast, online eSign feature electronically collects director and witness signatures.
- Enable Security Measures: Keep information secure, protect against fraud and enhance customer trust with security and identity verification measures.
Communicate Every Step Clearly
Transparency builds trust with communication measures like:
- Set Expectations: Clearly state how long the application will take and what documents and information may be required during the process.
- Confirm Receipt Immediately: Send an automated email acknowledging the application.
- Provide A Contact Point: Knowing who to contact for questions or help provides reassurance and reduces uncertainty.
- Don’t Forget Internal Stakeholders: Keep sales in the loop so they are aware of the application progress and status.
- Communicate The Decision: Once a decision whether to extend trade credit has been made, communicate this to the customer and internal stakeholders like sales.
Outline Next Steps for a Seamless Experience
After approval, guide customers through what happens next:
- Sync Information: Connect the application with your ERP or CRM system to automate the data transfer and ensure you have all the required information.
- Introduce Key Contacts: Connect them with the accounts team, account manager or customer success team to foster a strong relationship
- Offer Helpful Resources: Provide FAQs, guides, or video tutorials to help them navigate your systems confidently.
The Bottom Line
A well-designed onboarding process creates a positive experience that builds trust and loyalty. By simplifying your trade credit application, communicating clearly, and guiding customers through next steps, you set the stage for a long-term partnership.
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