You've successfully navigated the credit application and have now arrived at the bank reference section. We request a bank reference to help us better understand your business's financial stability and creditworthiness. It also helps mitigate risks and prevent fraud.
The Options
The first option allows you to quickly authorize your bank. Nuvo utilizes Plaid and Mastercard for instant bank connectivity, eliminating the need for manual entry of your banking details.
The second alternative is a manual reference form. If you'd rather not use Plaid for immediate bank connection and prefer to enter your bank details manually, this option is available.
Lastly, in most cases, you will have the choice to skip this section altogether. (Please note that this might not apply to every single application.)
Please be aware, deciding to skip the bank reference will mostly likely result in a credit application rejection
If you want an Instant Authorization:
Step 1: Enter your bank name
To begin, enter your bank name into the search bar
Step 2: Verify Reference
Once you've accessed the instant authorization option, you'll find a button labeled "Verify Reference" located near the bottom of the page. Please click on it.
Step 3: Continue
A pop-up will show up, and you should select the "continue" button.
Step 4: Select your institution
After clicking "continue," you will be asked to select your financial institution. Your bank might be displayed automatically, or you may need to search for it.
Step 5: Login
Once you've chosen your bank, you'll be guided to log in and complete the authorization process.
If you are unable to find your bank as an option, please enter your bank information manually.
Step 6: Select the accounts you'd like to share
After completing the previous step, all your bank accounts may be listed in the bank reference section. If you prefer to share only specific accounts, please select the ones you want to share and deselect any others. Only the accounts that are checked will be shared with the supplier.
If you want to Manually Authorize:
Step 1: Click on the manual entry option
To manually authorize your bank, choose this option when you reach the page.
Step 2: Fill out your bank contact details
Upon selecting the manual authorization option, you will encounter multiple fields that need to be filled out. While the Account Number field is optional, it is essential to ensure that the remaining fields are completed to proceed with your credit application.
Step 3: Hit Save
Verify that all your bank details are accurate, and then click on the "Save" button to move forward.
While both options are acceptable, we strongly recommend choosing instant authorization, as it significantly increases your likelihood of receiving a credit approval. Additionally, opting for instant authorization results in a much faster turnaround time for updates on your application.