In Japan, financial institutions make the customer fill in and submit a Credit Application. In other words, it often doubles as a loan application form. On the other hand, in a business firm, a sales representative does the formality of filling in rather than the customer filling in directly and it is often an in-house approval document.
In the US and Europe, even business firm often have their customers fill in the information. In addition, the credit application is strictly handled if there is the omission of entry, not being reviewed, etc.
Speaking of the difference in business practices, I think that there is a difference in the perception of credit between Japan and the West. Credit Application comes from the expression Customer applies for credit. Credits applied will be reviewed and will be approved or refused.
In other words, there is a strong sense that credit transactions conducted by business firms are a kind of indirect financing. By allowing for deferred payment, there is no need for the customers to raise working capital. It reduces borrowing from banks and reduces the burden of interest.
That is why even in a business firm, giving credit is considered to be the same as indirectly lending money. In this area of sense, it is a place where Japanese companies want to learn beyond business customs.
