Decided to take the plunge and give Treyd a go? Amazing choice. Here’s a quick overview of what to expect in the onboarding process, and other things that could be good to know before you get started.
The first thing to keep in mind is that, when you apply to Treyd, your business will be subject to approval. Although we’d love to help businesses of all types and at every stage, the world of credit comes with rules and guidelines that we need to adhere to.
Every case is unique and considered independently, but as a general rule:
We can only accept businesses that have at least one year of operations and sell physical products.
Growing companies that have annual sales of over £200,000 have a high chance of being a good match for Treyd.
Certain industries and goods (such as weapons, cryptoassets, precious metals) cannot be financed due to exclusions from our partners – you can find a full list of non-permitted activity here.
If you are unsure if your business is a good match for Treyd, we recommend getting in touch with our team before signing up for an account.
Onboarding and application
When you create your Treyd account, you will need to verify your identity and add some basic information about your business. With these basics out of the way, we’re ready to get to the details.
Getting your company’s financial information will be essential so we can analyze your application. Having your updated financials will be central toward determining your Treyd limit, as well as the fees we can offer.
We highly recommend connecting your accounting software directly, as that will help automate the process, remove the need for manual updates, and get you faster results (as well as lower fees on average). If that’s not possible, you can also upload your financial documentation manually.
Power of Attorney
If you are not one of the authorized signatories for the company, you will also need to invite someone who does to give you power of attorney. This guarantees you have the permission to sign contracts for the company – which is needed before Treyd can pay an invoice on your behalf.
With everything that involves money and credit, comes due diligence. Completing the ‘Know Your Customer’ process is mandatory by law, and helps us ensure everything is above board.
Getting your Treyd limit
Once you submit all the requested information, our credit analysis models can get to work.
Your Treyd limit should be determined within 24 hours or so. The limit indicates the maximum amount of credit we can cover for your business at the same time, and it is continuously available. As you repay your invoices, this will revert back into your available credit.
Once the limit is confirmed, you are ready to start submitting your supplier invoices.
Please note that your Treyd limit can change over time. As it is based on your company’s latest financial information, it will likely fluctuate, adapting to your current situation.
Pricing and fees
Just like your Treyd limit, the exact pricing we can offer your business will depend on your financials, and be determined by our credit models. Once you get your limit, you will also be able to see the fees we can offer your business in your company dashboard.
And like the limit, fees can also change over time. This won’t depend only on your business’ finances, as it can also fluctuate depending on market conditions and interest rates.
Next up: uploading your invoices
Once you’ve gotten your Treyd limit, you are good to go – meaning you can start submitting your supplier invoices to the Treyd platform.
For a deep dive into how that part works, we have a tutorial video that can help out with the nuts and bolts of that process – and another article focused on that coming up soon.
If you’re still unsure about something, or if anything doesn’t seem to be working as it should – you can always reach out to support by starting a chat in the Treyd portal, or sending a message to our support email.