Trade Reference Template
They are the most essential trade partners for the business and thus a priority for payment. Primary references might include advertising, logistics and wholesalers. Secondary references, such as subcontractors, are less reliable indicators of a business’s financial health. They might include consultants, accountants and decorators – all less central to the day-to-day running of the business.
Still, you should take any negative feedback on a trade reference sheet seriously. One good indicator of the difference between a good and bad trade reference is where it is coming from. If the company is able to provide a reference from within the same industry, that is a good indicator of how quickly you will get paid. If they are providing a reference from outside the industry, such as their electric company, it may not be as indicative of their payment history, since you must pay the electric bill to keep it on.
The Company will abide by the EU General Data Protection Regulation and ensure that the online payment data is only used for the Company’s online payment service provider who will process this information on the Company’s behalf. In limited and exceptional circumstances the Company may be required to disclose data to other third parties, for example where this is necessary to comply with the law. The Company’s online payment service provider will retain some personal information so that the Company can access payment records in the event of queries or incomplete payment information. Any credit or debit card details given by the Client will not be retained in their entirety. The most obvious place to start is with the vendors and suppliers you already do business with. There are also a number of vendors willing to extend credit to businesses that purchase their products and services, even if your business is new.
Trade references are not accepted from companies that already report information to these agencies. This includes banks, credit card companies, and businesses legally related to your company. Additionally, the source of a trade reference must be of sound repute and cannot be from companies that have requested anonymity, have no business credit file of their own or have been proven to be untrustworthy. Just as we should maintain excellent personal credit, business owners should focus on maintaining excellent business credit. It takes work to build business credit since it is not automatically reported to business credit bureaus such as D&B and Experian.
Get your full business credit reports & scores, PLUS Nav reports your account payments to the business bureaus as a tradeline. Any misrepresentation or fraudulent information provided will be the basis for default under this agreement. By signing this form, I expressly authorize to contact the above references to determine credit worthiness.
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