Vetting Clients for Terms
We know every business is different, each in its unique stage of growth and development. Because of this, we offer payment terms to our approved clients to make purchasing easier and more achievable. In order to provide this service to our buyers, we implement a business credit application that we ask applicable businesses to fill out before payment terms are extended. This process may come with a few questions that we hope to address in this reference article.
By vetting our clients beforehand, we ensure our relationship will be compatible and that all communication will run smoothly. We take great pride in building and maintaining our buyer relationships because we hope to see every partnership turns into long-term success for both parties. B2B relationship management is essential for successful businesses, and going through the vetting process prior to entering an agreement gives both our client and us a complete view of each organization. We start the application by gathering company information, including gross revenues, business documents, and financial statements, to create a full picture of their operations and business structure. Next, we ask for a list of company directors and their contact so we can reach out to them if ever necessary.
The following section of this application covers the client’s banking information, including their institution’s name, account numbers, and contact details. This not only acts as a verification system for future payments, but it also provides us with the data necessary to collect the amount owed once a terms agreement is set. We also ask for two trade references, a couple of CDFA licensed cultivators that the buyer has worked with in the past. These contacts will help us understand the relationships this potential buyer has held with others in the industry, and gives us an idea of how best to work together.
Next, we dive into the accounts payable point person and the list of authorized purchasers. We want to know who to reach out to when questions arise and who all are authorized to make purchases on the company’s behalf. This limits the amount of unnecessary back and forth and streamlines future communication. A personal guarantee is also required on our credit application, meaning whoever is listed in this section is personally responsible for payment if the company is unable to provide funds.
Finally, we ask for the line of credit specifics that are needed, including the requested terms. We additionally have the “Terms of Sale” section that needs to be signed by an authorized representative before submitting the form to us for review and consideration. Once completed, we will send a confirmation of receipt and take the next steps toward finalizing the payment terms agreement.
We know great client relationships start with collaboration, and we want bulk purchases through Giving Tree Farms to go as smoothly as possible. Once a Wholesale Account Form is set up, we schedule a discovery call to discuss these purchasing specifics in detail. This call is also the perfect time to ask us questions and learn more about who we are. To get started, follow the link below! We’ll reach out to you shortly.