Pencil has created an easy process for small businesses to apply for supply credit with vendors, simplifying how SMEs manage supplier relations
Spotted: Australian startup Pencil has created a single form for small businesses to apply for supply credit with vendors. The simple system promises to help SMEs manage supplier credit applications and ease the burden of administration work.
Supplier management can be more difficult for SMEs due to their size. To address this, the platform offers members a single form for all credit applications. The site notes that “filling out forms and focusing on admin” takes time away from creating new business.
Pencil promises a three step process: fill in the form, sign it and save it, and receive approval “within an hour”. The platform uses smart technology to check forms for common mistakes. It also integrates with popular accounting systems – like Xero, MYOB and QuickBooks. That means the data is verified and distributed to suppliers quickly, according to the startup.