Automate Trade References to Streamline Your Credit Application Workflow

Trade references are a vital part of assessing credit risk, but gathering them manually is often tedious and error‑prone. Credit teams commonly find themselves “spending countless hours chasing down references” and manually verifying details just to approve new accounts. Incomplete or slow responses compound the problem. TredtIQ’s trade reference automation feature tackles these challenges head‑on. It integrates directly into your credit application workflow, automatically sending requests and follow‑ups and giving managers real‑time visibility into each reference

The Challenges of Manual Trade Reference Collection

Even for seasoned credit managers, manually handling trade references creates constant headaches:

• Time-consuming manual tasks: Traditional processes require sending individual emails, calling vendors, and tracking responses by hand. These repetitive tasks slow down approvals and pull staff away from higher-value work.
• Multiple follow‑ups required: Missing or incomplete information is common. Every unanswered request means another reminder email or phone call. Chasing each vendor multiple times can add days or even weeks to the process.
• Lack of visibility: Without a central system, it’s difficult to see which references have replied and which are still pending. Manual spreadsheets and emails leave managers guessing. By contrast, automated platforms give complete clarity on the status of each credit application.
• Disjointed data and communication: Legacy methods rely on ad hoc emails, phone calls, or paper forms. This leads to fragmented communication and outdated records. As a result, credit data gets siloed and hard to reconcile, making it easier for errors to slip in.

These pain points – wasted time, endless follow-ups, opaque tracking, and scattered data – together make manual trade reference collection a bottleneck in the credit application workflow.

Automated Trade Reference With TreditIQ

TredtIQ turns the old, manual process into a seamless, digital workflow. Key features include:

• Automatic Requests and Follow-ups: When a customer submits a credit application, TredtIQ immediately sends out the trade reference request. You can configure the number of reminders and the days between them, so the system will automatically follow up the set number of times until a response comes in.
• Easy Online Response Form: Vendors receive a simple web form to submit their reference. No more paperwork or disparate email threads – all answers are collected digitally in a uniform format.
• Domain Exclusions: Sensitive or competitive relationships can be protected by excluding entire email domains (for example, competitors or internal accounts) from ever receiving requests.
• Centralized Review Portal: All submitted references get attached directly to the application and can easily be accessed and reviewed alongside the application in our simple online review portal.

Benefits: Efficiency, Visibility, and Control

By automating trade references, TredtIQ delivers clear benefits for credit managers:

• Huge Time Savings: Tasks that used to take weeks of back-and-forth now complete in hours.Your team can focus on analyzing responses and making decisions rather than chasing paperwork.
• Higher Response Rates: Automated reminders ensure vendors are nudged promptly. This typically results in more complete data and faster replies, improving confidence in each credit decision.
• Full Visibility: TredtIQ’s portal means you always know the status of every request. Instead of hunting through email inboxes, managers see at a glance which references are pending or received.
• Better Trade Credit Decisions: With timely, accurate data in hand, finance teams can make informed, data-backed decisions. Automated reference collection reduces uncertainty, leading to faster approvals or risk mitigations.

Gathering trade references doesn’t have to be a time sink. TredtIQ’s automated trade reference feature streamlines every step: from sending requests to collecting answers and tracking responses.