We regularly get asked if customers are always required to provide a security deposit. To make it clear to all that such a security is not always necessary, we would hereby give you a closer look into our application and registration process.
Step 1 The first stage in this process starts with the arrival of an application form sent by a prospective customer. Our team will handle this form and feed essential customer data into our secure data server, so that your records are instantly available to us at all times. This ensures that we can give you a timely and appropriate answer in case you should contact us with a question.
Step 2 What comes next is a credit check. This we do not conduct ourselves, but it is done by way of Dun & Bradstreet (D&B), a specialist organisation providing expert advice where it comes to credit references. The outcome of this check is our starting-point for a decision on asking a possible security deposit from the prospective customer.
So it may occur that DKV demands a security deposit on the basis of the outcome of the credit check. This is done for the following reason: since DKV is a credit-providing organisation, creditworthiness is our starting-point for accepting a new customer. Moreover, since we provide service in 42 countries worldwide, it may happen that not all transactions settled with the DKV Card are charged within the corresponding 2-week period. Very often in fact, the commercial risk run by DKV is an amount many times higher than the amount of just one invoice round.
Fortunately many new customers will not be required to issue a security deposit when the credit check discussed before turns out positive. Moreover, in cases where a deposit is indeed required, it will be returned plus interest on termination of the agreement concluded with the customer, provided the deposit has not been used for settling any possible amounts due.
The credit check by order of DKV is also based on the customer’s payment history. Based on the accrued records of their payment history, customers may apply to us for refunding of their security deposit at an earlier stage.
We hope that this short tour of our DKV application and registration procedure has shed some light on things that are of interest to you! Should you nonetheless have any questions, do not hesitate to contact us by responding to this article or by using one of our other social media channels!
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