Online applications represent the first stage in getting to know a potential client. They present an opportunity to collect information, while also starting a relationship with new card holders. Applications straddle the line between being as brief and self-explanatory as possible while still learning valuable information about new clients. This Small Business Card Monitor Report looks at how firms structure their online applications, the information they collect, and the help resources and additional features that are included.
Seven of the eight small business credit card issuers that we track provide prospects with an online application. Each application is unique from the others in this report, in ways both subtle and less so. Most firms utilize a one-page form, but each firm collects a different set of information about the business and the person applying for the card. Only one firm includes a pre-application landing page. Here, the firm lists the information needed to complete the application and requires the applicants agree to the Terms and Conditions.
Every firm collects different information on their applications. Five firms require that applicants provide the business name as it will appear on the card; one issuer offers this as an optional field. Only one firm asks for an estimated monthly expenditure, the country of citizenship, and whether the business is a seasonal one, respectively.
Help resources also vary by firm. One firm offers the unique ability for applicants to enter their telephone number and receive a call from a customer service representative with help. Three firms all provide applicants with links to chat. For applicants who want to return to a partially completed application at a later time, two firms offer a save feature.
Additional Key Findings:
- Four firms allow applicants to add additional card holders during the application
- Three firms allow existing clients to pre-fill their application
- Only one firm allows applicants to request balance transfers within an application
