Dear :

We are pleased to receive your order and your request for an open account.

From the information we have obtained, however, you appear to be undercapitalized, which would make it difficult for you to meet our payment terms. If you could find a person or firm that would guarantee your open account with us, we would be willing to consider your request.

We look forward to hearing from you soon.

Sincerely yours,

[name]

[title]