How To Set Up A Trade Account With WHC Hire
Looking to set up a trade account with WHC Hire? Most businesses and sole traders opt to open a trade account for a wealth of operational and financial benefits that come with doing so. In this article, we are going to take you through the entire process of setting up a brand new trade account with WHC Hire, discuss the perks, and how to order and pay account balances.
Trade accounts operate differently from cash accounts which you’ll find more information on in our vault. However, if you are unsure what is going to work best for your business, speak directly to one of our team.
To begin, let’s look at the benefits of opening…
Trade Account Benefits with WHC Hire
WHC Hire offers a range of benefits to opening a trade account such as:
Access to Trade Discounts- All trade accounts have access to discounts on their hires. However, always call your local depot for the latest quote with your applied discount.
No Security Deposits- No security deposits are required on machinery. Simply, book your equipment and leave the rest to us.
30-Day Payment Terms- Once you have finished with your hire, the rental will be invoiced to your account for payment within 30 days.
Early Equipment Access- Trade account customers will get access to the latest fleet updates if they opt into our mailing list. (Optional)
Utilising the use of a WHC Hire trade account saves on purchases, improves business cash flow, and boosts booking efficiency when renting equipment. To avoid wasting any further time, let’s highlight the entire process for you and get you started.
Setting Up A Trade Account
Setting up a trade account can be an exciting time for any new business joining the WHC Hire family. Although, to ensure a swift and frictionless process there is some vital information that you will need to have to hand to get started.
Step 1
Download or request a trade application form either from our website, via email or in your local depot. Complete this form in full including the requested credit limit.
Step 2
Return the completed form to us with copies of your two forms of identification. Failure to produce evidence will result in delays in processing your trade account. You can email this directly to hire@whchire.com or return it directly to your nearest depot.
Step 3
Await trade account processing. Please allow 24 hrs to process a brand-new trade account with WHC Hire. Our finance team will conduct credit and identification verification checks on your application before delivering notification of completion.
Step 4
Book your equipment.
What Forms Of Identification Do You Need To Set Up A Trade Account?
If you wish to set up a trade account with WHC Hire you will need to provide 2 forms of identification to do so. Below are the accepted forms you can choose from:
Part 1
Driving Licence
Passport
Part 2
Utility Bill / Proof of address
You will need to provide both parts with your completed application form. Therefore, please ensure that the correct information is provided to avoid delays in processing your account. This will include the billing address of your account’s invoices.
What Checks Do Our Accounts Team Run & Why?
When opening a trade account with WHC Hire, our team will need to verify your identification and determine the credit we can offer you and your business.
We do this to ensure that no false information is transferred and to establish a level of trust with the applicant. Credit taken out on a trade account is a law-binding contract between WHC Hire and the applicant. All details of which you’ll find in the terms and conditions of the application.
After a period of trading with WHC, limits can be adjusted where further credit may be required. For more information, please speak to our accounts department on 01684377977.
Do You Need Hired-In Plant Insurance To Open a Trade Account?
Hired-in-plant insurance is not a requirement to open a trade account with WHC Hire. However, we would highly advise that all businesses do so. Most business insurance can add this feature to your current policy, usually for an added fee.
It is vital that you can cover the costs should an accident or theft occur during hire. Remember that when the equipment is in your possession, you are completely responsible for it. Therefore, your policy must exceed the value of the equipment you are renting.
Note that not all hired-in business insurance will cover machinery over the value of £50,000, in which case you may need to seek alternative arrangements. For a deep dive into plant hire insurance, check out this resource from our vault.
Who Can Order On Your Trade Account?
For large businesses, understanding who can order on your trade account is essential to running a smooth operation. With a WHC Hire trade account, you will be required to identify all authorised personnel when setting out. Details of which you will see in a copy of our trade account form.
But what if you would like to add more authorised personnel to your account?
You can add an unlimited amount of authorised account users at any time to your WHC Hire trade account. To do so, an authorised member must confirm in writing the details of any new users. As a rule, all changes must be sent to hire@whchire.com stating your account reference/number, along with your authorisation request. Please allow a minimum of 24 hours to fulfil this request. For any further information, speak to your local WHC Hire Depot.
How To Order With Your Trade Account With WHC
Now that you’ve set up a trade account with WHC Hire, you’ll want to know how to order the equipment you need. In most cases, orders can be processed via our website or over the phone, by calling your local WHC Hire Depot.
Our team will always quote the cost of your hire, including your trade discount at the point of booking. Once the machinery is returned an invoice will be generated and added to your monthly statement.
How To Pay Your Monthly Trade Account Statements
At the end of every month, a statement will be produced of your trade account. Further, this will be sent to you via email from WHC Hire’s account department. Statements should be paid within 30 days of the invoice being produced. Following this, paying your balance on your trade account can be done in-store, over the phone, or via BACS as outlined on your statement. Note: WHC does not accept cash payments. Failure to clear balances will result in trade accounts being frozen.
Can You Put A Spend Limit On Trade Accounts?
Taking control of your finances is essential to running any successful business. With A WHC Hire trade account, we can install a spending limit and be notified when you’re getting close to it. Our dedicated accounts department will work closely with you to ensure that you manage your spending with us. For this reason, if you wish to set up a spending limit on your account, please state on your application form, or speak to our accounts department directly. hire@whchire.com
Get Started With A Trade Account From WHC Hire
If you would like to apply for a trade account with WHC Hire Services, then get started by downloading this TRADE APPLICATION FORM from our website. For more information or details around these accounts then contact WHC on 01684377977. We’d be delighted to welcome you aboard.