Why is my business account on a credit hold?Updated 2 years ago
As part of the Bauerfeind standard billing and credit procedures, credit holds may be applied to accounts with outstanding invoices, and is automatically activated when an invoice exceeds the 30 day payment terms. This hold may temporarily affect the ability to place additional orders and make purchases until any outstanding amounts are settled.
At Bauerfeind, we are committed to maintaining strong partnerships with all our valued customers that are built on active communication and trust. Hence, if there are any concerns regarding account status, or if you require assistance in resolving credit holds, please reach out to an account manager at [email protected]. Our dedicated team are committed to providing a seamless resolution process to ensure ordering capabilities are restored as efficiently as possible. To assist in the clear consolidation and settlement of outstanding amounts, our team can:
- Provide copies of any outstanding invoices
- Generate sales statements stipulating any amounts owing
- Send copies of invoices to relevant parties for payment and processing
For any payments of outstanding amounts made via electronic funds transfer (EFT), please ensure a copy of remittance advices and/or payment receipts are sent to [email protected] specifying the specific invoice numbers to which payments should be allocated. Likewise, please ensure that any bulk EFT payments for multiple outstanding invoices are accompanied by clear specification of the particular invoice numbers to which bulk payments should be divided and reconciled. These actions are imperative to streamline the reconciliation of any payments related to outstanding amounts, and enable a prompt elimination of credit holds to allow current and future order requests to be actioned without delays.
Where possible, Bauerfeind strongly recommend the use of the Pinch gateway for the individual settlement of any outstanding invoices, as Pinch-based payments are automatically reconciled to the appropriate invoice.