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Inside Business Credit Agency Paynet: What You Should Know

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Business Credit Agency

Did you know there are other business credit reporting agencies other than the Big Three that may provide reports to lenders about your company? business credit agency

You may have heard me repeatedly talk about the three major business credit reporting agencies: Dun & Bradstreet, Experian Business, and Equifax Small Business. However,  not only are there other credit agencies, there are also specialty reporting agencies that focus on certain industries as well. In fact, there are over 900 credit reporting agencies in the U.S. alone.

In today’s post we’ll cover the business credit reporting agency known as PayNet® which was founded back in 1999 and is based in Skokie, Illinois. PayNet® maintains a proprietary database of small business loans, leases, and lines of credit.  This reporting agency supplies business credit reports and scores to banks and commercial finance institutions.
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How to Get the Best High Limit Credit Cards

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Best High Limit Credit Cards

As a business owner I’m sure you’re aware that one of the key reasons businesses fail is lack of access to working capital.  The fact is gaining access to unsecured business financing is one of the most difficult challenges for business owners. For the most part it’s a guessing game because you simply don’t know what each credit card issuer’s underwriting requirements are and which credit reporting agency they pull from. best high limit credit cards

Did you know there are only several big banks (Chase, Capital One, Bank of America, Elan, Citi, Barclays, American Express) but there are hundreds of cards across these big banks with different underwriting criteria across each of those cards?

In fact, there are over 100 banks/issuers alone under Elan. Elan is the biggest underwriter but you rarely see their name on anything. Apart from the big banks, there are actually hundreds of banks if you count credit unions and regional banks too.

Industry and location are also a big factor. Do you know which regional bank cards and which specific cards under the big banks to combine to maximize your credit approvals?
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Looking for Companies that Offer Net 30 Terms?

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Companies that Offer Net 30 Terms

There are obvious benefits for a business to have the ability to buy products and services it needs on credit. It allows you to conserve cash flow and establish a trade reference that can be used on future credit applications. Depending on if and who the company reports to, it can also establish a trade line on your company’s business credit report. companies that offer net 30 terms

What is net 30 terms?

When a company extends Net 30 terms you have the ability to purchase their products or services on credit with payment due in full in thirty days.  For optimum business credit building results it’s best to pay 15 or even 20 days ahead of the due date so it reflects that your business pays sooner than terms.
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Why A D&B Credit File Matters To Supplier Diversity Programs

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D&B Credit File

Did you know the marketplace for government and corporate supplier programs is over $350 billion a year?d&b credit file

In fact, 93% of Fortune 100 companies have supplier programs that are set up to support contracts with small business owners just like you.

Major corporations and government programs focus on working with a diversity of businesses, such as veteran-owned, woman-owned and minority-owned small businesses.

What is supplier diversity?
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How to Get Your Small Business Listing Established Fast

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Small Business Listing

In today’s business environment, when it comes to information, potential customers and lenders alike expect nothing less than precision – but that can be difficult to verify when the information about your business can’t be found or appears in so many scattered places. small business listing

You’ve heard me constantly talk about how important it is for your company’s information to be accurate and match perfectly across all documents, bank accounts, 411 listings, directory listings, and business credit profiles.

The fact is inconsistent data can cause a denial of credit due to mismatched data or even cause your company to have a duplicate credit file created.
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