Target Business Account Application: 10 Secrets to Getting Approved

Filed in Business Idea by on September 11, 2022 0 Comments

Target business account application: If you’re an SVP or manager in charge of new business, getting the green light on a target account application is probably your biggest challenge. Getting one of these approved can be especially tricky when it comes to smaller businesses that don’t have a dedicated sales team.

These companies may not have an established procurement department, so they might not see the value in working with an intermediary company like yours. Additionally, these businesses may be risk-averse because they understand that choosing vendors is a big decision for their small business and their brand. They probably also have limited resources and budget, so they might not see the value in working with you if you are unable to provide any special incentives such as free services or extended payment terms.

Target Business Account Application: 10 Secrets to Getting Approved

target business account application: BusinessHAB.com

Did you know that almost half of all rejected business applications are due to businesses failing to offer enough information to account managers? Speaking with an accountant or reading online articles can give you a good idea of what is necessary when applying for a business account. However, the real test is putting those ideas into action in order to get approved. In this article, we will be exploring ten secrets to getting your business application accepted when applying for a Target business account. This blog post comes from our friends over at Business Insider, who have outlined some key points on how to get approved and avoid rejection.

Communicate with your assigned account manager

If you have a dedicated account manager assigned to your application, use their relationship to your advantage. Make sure to regularly check in with your AM to see if you can provide any additional information to support your application. If your AM is aware of any concerns or questions that could impact your application, they will likely let you know (this could help you avoid a potential rejection). If your AM does not have any concerns, but you feel your application could be stronger, you can use the communication as an opportunity to strengthen your application.

Provide detailed financial information

If your financial projections are included in your application, your AM has all the information they need to make a decision on your application. If your application is missing financial projections, your AM won’t be able to fully assess your ability to pay. If included, make sure your financial projections are realistic and detailed. In addition, be sure to use the same financial information that you plan to use when you actually open the account. Make sure to fully outline your business plan and its potential to generate revenue. Keep in mind that business applications that include financial projections have a higher likelihood of being approved than those that do not.

Show strong brand awareness and product demand

If you are applying for a business credit card, make sure you have the appropriate branding elements in place. This includes having a logo, a website, social media accounts, etc. It is more difficult to accept a business application from an unbranded business than one that is already established. If you are applying for a business rewards credit card, make sure you include evidence of product demand and/or brand engagement. This could include data on social media followers, email subscribers, etc. Keep in mind that this information is also used to assess your creditworthiness.

Commit to ad spend in advance

Business credit cards often require a certain amount of ad spend per month. Your AM will likely ask you to commit to that ad spend in advance. In some cases, your AM might even want you to provide a binding contract from a third-party guaranteeing that amount. If you do not have the ability to commit the required amount in advance, you will likely not be approved for the account. This commitment helps ensure that your business is reliable and has the ability to pay for the account long-term.

Don’t forget the human element

Business credit cards are often perceived as being impersonal. In order to strengthen your application, make sure you are human and personal in your approach. Make sure to include a personal message when submitting your application. Avoid simply signing your name on a blank application form. Also, make sure to follow up with your business credit card company after submitting your application. This includes following up with your AM and keeping them updated on any progress you’ve made. Communicate with your AM regularly and make sure they have everything they need to make a decision on your application.

Bottom line

Business applications are often decided based on the strength of your financials and/or your ability to commit to a certain level of ad spend. If you can demonstrate both of these factors, you can significantly increase the odds of getting approved for a business credit card. If you follow the tips outlined in this article, you should be able to significantly increase the odds of getting your business application accepted and approved. In addition, by following these tips, you will likely avoid many of the mistakes and pitfalls that cause businesses to get rejected.

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