This article is intended for US, Canada, and EU Buyers.
We understand that this is not the news you were hoping for. There could be multiple reasons why your application was denied. Apruve is held to the decision of the underwriter, but we can assist and guide you through the process of appealing the decision and re-applying. You should have received an email with a decision listed. Below are the most common denial reasons:
- Creditworthiness - Our banking partners' underwriting team determines creditworthiness according to their credit policies, which may take into account factors such as your credit score and the existing credit history you have with your supplier. They use this data to hit up to ten different databases and credit management companies to determine the risk profile of a business. At this time, the underwriter has determined the credit profile is not sufficient for an unsecured line of credit and you will have to wait 6 months before reapplying. Note: If your company has not been in business for at least 18 months, you may not have enough credit history to apply. If you would like to dispute the finding on your business credit report please contact Experian at 800.676.9705.
- Confirmed Company And/or Applicant Details Are Invalid - The underwriters have a verification process they undergo with each application. As part of the verification process, underwriting is not able to provide the exact thing that is “invalid” for security purposes of the verification process. There could be one or multiple invalid details, below are a list of the most common reasons that you should confirm before reapplying:
- AP Contact: Ensure you list an Authorized, and Human, Accounts Payables person. Do not list an automated inbox.
- Verifiable Signatory: Ensure you are listing a contact who is publicly verifiable, under the “Buyer Agreement” section of the application (very last step) - example: Director or C-Level Executive
- Ensure your business address and Name/DBA match exactly how it is listed on your state/country's documentation legal filing. Example: Secretary of State Filing
- Ensure Website information is accurate.
- Ensure the phone number is Publicly Verifiable.
- Ensure that the IP address from which you are applying matches the location of your company listed on the application.
If you believe the underwriter's decision is in error, you’re able to submit additional documentation to our underwriter for review. In these instances, please submit your organization's last two years of audited financials and any interim financials for the current year; OR an Irrevocable Letter of Credit from a US-Based Lending Institution. Contact us at support@apruve.com to submit your documentation for review or if you have any other questions.
