Easy Approval Net 30 Accounts
In today’s post we’re going to reveal five easy approval net 30 accounts that help you build business credit. Whether you’re a startup or existing business this post will provide you a jump start in the business credit building process.
Also, we have included a special bonus at the end of this post on how to add up to 8 trade lines to your business credit report in less than 30 days.
So, let’s get started.
What are Net 30 accounts?
A net 30 account is credit that’s extended to you from a company, that allows you to buy their products and services on credit and pay the invoice in 30 days. Net 30 accounts are also known as vendor credit, supplier credit and trade credit.
You probably see it all the time circulating on the internet stating you got to get net 30 accounts to start building business credit. Net 30 accounts from vendors and/or suppliers is just one of the types of credit that you can obtain as a startup, existing business or even a real estate investor.
Starting out, if you’re a brand-new company and have no credit file established you typically can expect a small credit line from $500 -$1k and some even start higher than that.
Many vendors do not require any personal guarantee or personal credit check so that’s why a lot of business owners like to start out with net 30 accounts because they don’t want to use their personal credit.
One of the things I want to share with you though is if you do have strong personal credit then consider leveraging it with business credit card funding on top of net 30 accounts. This will dramatically speed up the business credit building process.
Be sure to check out our post on How to Build Business Credit in 30 Days for the fastest way to build up your business credit file.
Why should I use Net 30 accounts?
Obviously, the major benefit is you have the ability to buy products and services and defer payment for 30 days. There are two ways you’re going to utilize net 30 accounts.
First, you’re going to buy products and services from vendors that you can use to operate and grow your business. You may need office supplies or other materials for your business and you have 30 days to pay which conserves your cash flow.
Secondly, you may need materials from a supplier or a vendor to create your product. You buy the materials on credit, create your product and then sell it to get a profit. The good news is you have 30 days to pay your vendor back giving you the time you need to sell your product.
Remember, net 30 accounts allow you to conserve cash flow and every account you have with a vendor is a trade reference. So, when you fill out credit applications as a business, they want to know what trade references you can supply. In that section, you can supply your net 30 account as a trade reference on a credit application for your business.
Which Net 30 accounts build business credit?
It’s important to realize there are over 500,000 vendors in the marketplace but less than 10,000 actually report to the business credit reporting agencies. So, you want to be selective on the net 30 accounts you apply for credit with. Check out our business credit building system for a complete list of net 30 accounts that actually build business credit.
In this post we’re going to share with you five vendors that actually do report, so this gives you a quick start. Remember, there are three major business credit agencies you want to pay attention to; Dun & Bradstreet, Experian Commercial and Equifax Small Business.
One thing I want to share with you is who each of the business credit agencies cater to. Dun & Bradstreet caters mainly to vendors, suppliers, businesses, and equipment finance companies. These credit grantors are more likely to pull a Dun & Bradstreet credit report whereas when you talk about lenders and card issuers, they pull from Experian Commercial.
Banks that are extending loans and lines of credit mainly pull from Equifax Small Business and Experian Commercial. It’s important that you focus on building your business credit file with all three major business credit reporting agencies because your file can be pulled from one, two or all three.
Where can I use a Net 30 Account?
When you get a net 30 account it can be used to purchase products & services from that vendor only. It’s not cash credit where you can go and use your business credit line anywhere that accepts Visa®, MasterCard®, Discover or American Express.
A net 30 account gives you exclusive access to that particular vendor to buy their products and services on credit. Another advantage is you get discounts from vendors if you pay your invoice before the 30-day terms.
With net 30 accounts you can start establishing credit for your business without putting your personal credit at risk which ultimately leads to greater financing opportunities.
As you establish more net 30 accounts reporting on your business credit reports, you establish a credit rating for the business. With an established business credit report, you may qualify for other types of credit such as store credit, gas cards and other financing products.
This is why it’s so important that net 30 accounts are part of your strategy for building a diverse credit file for your business.
Who Offers Net 30 Accounts?
- Office supply companies
- Printing companies
- Accountants & bookkeepers
- Creative agencies
- Construction companies
How do Net 30 Accounts Impact Business Credit Reports?
When using net 30 accounts there are several factors that impact your business credit report:
Purchase Activity – When you get a net 30 credit account it’s important to use that account regularly. If you only make one purchase it only shows one payment and no ongoing payment history.
Payment Status – Always pay your invoices on or ahead of the due date. Paying better than terms is ideal since this can improve your credit rating even more. For example, on Dun & Bradstreet’s scoring model (Paydex), an 80 score means you pay according to terms. In order to achieve a 90 score requires that you pay 20 days sooner than terms. For the top rating of 100 you have to pay 30 days sooner than terms.
Payment Behavior – One of the things you don’t want to do is buy products that you don’t need just to build credit history. It’s important starting out, to get a couple of vendor accounts that you can use more consistently since your payment behavior is key. It’s all about ongoing purchase activity so you can build more payment history.
High Credit – You also want to work to increase your credit limits with the net 30 vendors you currently use on a regular basis. So, once you receive a credit line and you’re using your credit, request a credit limit increase in six months. With higher credit limits reporting on your business credit reports, it has a direct impact on your credit limit recommendation.
Balance Owing – With balance owing make sure you do not exceed your credit limits or carry excessive debt across all your vendor accounts.
Length of Payment History – The length of payment history you have will play a significant role during every credit review process.
What do I need to apply for Net 30 Accounts?
Before you start to apply for vendor credit lines let’s review what you need.
Separate legal entity – Whether a corporation or a limited liability company you have to form a separate legal entity.
Good standing – Make sure your company is in good standing with the state you incorporated in. To check your status, go to your state’s website and do a search on your business to make sure your annual report filings are current and up to date.
The reason being is underwriters, suppliers and vendors have their own underwriting team who will check to make sure your company is in good standing.
Employer Identification Number – The next thing is you’re going to need and EIN also known as an employer identification number. When you supply that information on a credit application, that information is then shared to a business credit agency and that’s how your credit file gets created.
If your business already has a credit file, this allows the business credit agency to identify your company, match the data and populate that payment data they’re receiving from a vendor.
Business contact information – Now you’re going to need general business and contact information, so you want to make sure you have everything in place.
We suggest you document all your company information on a spreadsheet so you have the exact details such as business address, business phone, bank account information, etc.
So, on any credit application you complete, you want that information to always be consistent. Mismatched information can trigger a possible denial of credit or duplicate credit file getting created.
Business bank account – The other thing is your business bank account details. You want to have that information handy which includes your bank address, bank contact person, and bank phone number.
Easy Approval Net 30 Vendor Accounts
So, let’s talk about vendor credit lines. The next five vendors I’m going to share with you are one of the best ways for you to start building business credit fast. If you’re just starting a new business or if you have an existing business and you don’t want to use personal credit, these are the best choices for you.
1) Strategic Network Solutions
Strategic Network solutions provides computer and information technology products. You’re going to need technology in today’s business world without a doubt.
How to open a net 30 account with Strategic:
Go to=> https://stntsol.com/ (use coupon code SNSSBC)
Requirements: $60+ Initial purchase
- Receive a $2,000 Net 30 Account
- Reports to Experian Commercial & Credit Safe
Once you go to Strategic’s website make sure you use the coupon code SNSSBC for your credit line. Keep in mind they require you to make an initial purchase of $60 in order to receive a $2k net 30 account.
This particular net 30 account reports to Experian Commercial and Credit Safe. If you don’t have an Experian business credit report, this is going to create your credit file with Experian.
Once approved with Strategic be sure to use your credit line. It may take them 30 days to report your payment history. To check if your new trade line is reporting go to SmartBusinessReports.com.
This is Experian’s website and you can type in your company information in the search tab along with your city and state. Click the search button and it will show you how many trade lines are reporting if your company is listed.
This search is absolutely free. It doesn’t cost you anything to find out how many trade lines are reporting on your Experian commercial report.
2) Summa Office Supplies
The second easy approval vendor credit line is Summa Office Supplies; they provide office related products.
How to open a net 30 account with Summa:
Go to=> https://summaofficesupplies.com (use coupon code SNSSBC)
- Requirements: $60+ Initial purchase
- Receive a $2,000 Net 30 Account
- Reports to Dun & Bradstreet
Every business is going to need office related products so use the same coupon code SNSSBC, go to SumaOfficeSupplies.com and they also require a $60 initial purchase to get a $2k net 30 account.
This vendor reports to Dun and Bradstreet. So, the first one creates your credit file with Experian, this will create your credit file with Dun & Bradstreet.
Think about this for a minute, both of these vendors will enable you to create a credit file for your business with Experian Commercial and with Dun & Bradstreet. That’s a great start isn’t it? Now, if you already have established business credit, this particular vendor can offer you anywhere from a$5k to $50k net 30 account which would further strengthen your business credit file.
You probably see this net 30 vendor everywhere. Quill offers office supplies, cleaning, paper ink and toner products.
How to open a net 30 account with Quill:
Go to=> https://www.quill.com/
Requirements: Initial purchase may be required
- Receive a $500- $1,000 Net 30 Account
- Reports to Dun & Bradstreet
*At checkout select the ‘Invoice My Account’ option
They require an initial purchase and once you have an account they report quarterly to Dun & Bradstreet.
So, this vendor takes a little time before your account shows up on your business credit report. If you already have an established credit file they may offer you a higher credit line ranging from $500 to $1k.
4) Crown Office Supplies
Crown Office Supplies provides office supplies and office care packs.
How to open a net 30 account with Crown Office Supplies:
Go to=> http://net30vendor.com
Requirements: $99 sign up fee
- Receive up to a $2,000 Net 30 Account
- Reports as a $2k credit limit to Dun & Bradstreet, Experian Commercial & Equifax Business
5) Grainger Industrial Supply
Granger industrial supply provides hardware, cleaning supplies, power tools and appliances.
Go to=> https://www.grainger.com/
- Business license (if required for your business)
- DUNS® Number
- Bank reference
- Receive a $500- $1,000 Net 30 Account
- Reports to Dun & Bradstreet
*Select the ‘Net Terms’ tab under the ‘My Account’ tab once logged in.
This is another real popular one you probably see everywhere. Go to Grainger.com to apply for an account. They require a business license, DUNS number, as well as a bank reference. With Granger you can get a $500 to $1k net 30 account and they also report to Dun and Bradstreet.
So, for this one you’re also going to select the net term tabs under my account once you log into Grainger.
Add Utility Payments to Business Credit Reports
Now, let’s go over what I call a fast-track secret. This is a powerful way for you to build your business credit in record time by adding your company’s utility payments to your business credit reports.
So, in several posts and videos I did share this new powerful strategy for adding utility payment history and it’s something you’re already doing and will continue to do for the life of your business.
Think about this, now your daily operational utilities for your business such as your business cell phone, internet service, cable service, gas and electric service, etc. can now report to your business credit reports.
To get started, go to BusinessCreditBuilderServices.com to add up to eight of your utility accounts that will report to your Experian business credit report.
This data provider will soon be reporting to Dun & Brad street as well. This is great news for small business owners like you because in 30 days you can have all those accounts reporting on your business credit reports.
Best of all, they add up to 24 months of past payment history. So, if you’ve been in business for two years or more and you have all that history of paying your utility payments for your business, that history can show up on your business credit reports.
This is great news because now you can get the credit you deserve with all that good payment history added to your business report. To do that just go to businesscreditbuilderservices.com for details so you can start linking your accounts today.
Keep in mind you still want to use net 30 accounts because you want to establish a healthy diversity of accounts reporting on your company credit file.
That’s why I’m such a big advocate of using revolving business lines of credit such as business credit cards. When you add all these types of trade lines on your business credit report you’re building lots of diversity and creditworthiness.
So, just imagine the type of credit file you’re going to have in a very short period of time. If you want access to a complete list of net 30 accounts check out our business credit building system.
Inside the system we provide you with a list of net 30 vendors that report, who they report to, and the requirements to qualify. We provide you net 30 vendors, retailers, store credit lines, gas cards, fleet cards, business credit cards with no PG, etc.
If you want to know how to maximize your funding potential as a business owner, whether you’re a start-up, existing business owner or even if you’re a real estate investor; it’s crucial to add net 30 accounts to your list.
Looking for a complete list of net 30 account that build your business credit? Become a member of my Business Credit Insiders Circle and gain access to a proven step-by-step business credit building system. A system that provides you access to vendor lines of credit, fleet cards, business credit cards with and without a PG, funding sources and lenders that report to all the major business credit bureaus. Submit your name and email below for details and receive a free business credit building audio seminar ($497 value) =>
To Your Success in Business and in Life!
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About the author
Marco Carbajo is a business credit expert, author, speaker, and founder of the Business Credit Insiders Circle. He is a business credit blogger for Dun and Bradstreet Credibility Corp, the SBA.gov Community, Business.com, About.com and All Business.com. His articles and blog; Business Credit Blogger.com, have been featured in ‘Fox Small Business’, ‘American Express Small Business’, ‘Business Week’, ‘The Washington Post’, ‘The New York Times’, ‘The San Francisco Tribune’, ‘Alltop’, and ‘Entrepreneur Connect’.