Easy Approval Net 30 Vendor
In today’s post we are going to share with you an easy approval net 30 vendor that reports to Dun and Bradstreet, Equifax Business and Creditsafe.
Whether you’re a startup or existing business, this is an easy way to get started building up your company’s credit file. First things first.
What is a Net 30 Vendor?
A net 30 vendor also known as a net 30 account, is a company who extends a credit line to another business with repayment terms of 30 days. Unlike a business credit card, with a vendor credit line you can only use it towards purchases at that particular vendor.
Also, purchases must be paid in 30 days whereas with a business credit card you can carry a revolving balance.
With this type of account your business is able to purchase a vendor’s products or services using up to your approved credit limit with the balance being due in 30 days. When it comes to paying your invoices, we suggest to pay better than terms such as 10 days earlier than the due date.
Why should you use a Net 30 Vendor?
- You have the ability to purchase products and services and defer payment for 30 days or more.
- Conserve your company’s cash flow
- Establish trade references for your business
- Protect your personal credit since the majority of these accounts do not report to consumer credit agencies
- Limit personal liability
- Get discount offers for early repayment
- Establishing payment history with vendors leads to greater financing opportunities
- Build your business credit reports & scores when vendors report to business credit agencies
Why should you build business credit?
When you set up your business as a corporation or limited liability company it becomes recognized as a separate legal entity with the ability to enter into contracts. Once you incorporate, the next step is to apply for an Employer Identification Number (EIN).
Once assigned an Employer Identification Number (EIN), IRS, banks, lenders, suppliers, vendors and other businesses use this number to identify your business entity.
Your EIN is also used to create a business credit profile for the business with business credit reporting agencies such as Dun & Bradstreet, Equifax Small Business, Experian Business and Creditsafe.
Think of your company’s EIN as the social security number for your business.
Which Vendors offer Net 30 Accounts?
There over 500,000 vendors in the country that offer credit to businesses like yours. However, less than 10,000 report a company’s payment activity to a business credit agency. So, it’s important to choose vendors that report in order to build up your company’s credit file.
Some of the types of companies that offer net 30 terms include but are not limited to:
- Office supply companies
- Printing companies
- Accountants & bookkeepers
- Creative agencies
- Construction companies
What do you need to apply with a Net 30 vendor?
It’s important that your foundation is properly established and ‘credit ready’ since the data you provide on a net 30 credit application is the information supplied to a business credit agency. This information is data that is used to create your company credit file.
- Separate legal entity (Corporation, LLC, etc.)
- Company must be in good standing – A “Certificate of Good Standing” indicates that your business has filed all reports and paid all the necessary taxes and fees with your state’s secretary of state office.
- Employer Identification Number (EIN)
- General Business & Contact Information
- Business Bank Account
- Important tips when using a net 30 vendor
- Purchase activity
- Payment status
- Payment behavior
- High credit
- Balance owing
- Length of payment history
Easy Approval Net 30 Vendor – The CEO Creative
This company provides custom design & gifts and branding services, electronics, office supplies and business accessories.
Go to=> http://vendorcreditline.com
Requirements: $129 yearly membership fee
- At least 90 days in business
- Receive up to a $1,100 Net 30 Account
- No personal credit checks
- No personal guarantee
- Reports monthly as a $1,100 credit limit to Dun & Bradstreet, Equifax Business & Creditsafe
- Size of credit limits matter on your business credit report
- After 90 days and at least 2 placed orders you are eligible for a credit limit increase
- Receive up to a $6,500 credit line
It’s important to note, the name of your vendors will not appear on your business credit report. Instead, they report as “business type” such as office supply, packaging, etc. So, keep a record of which vendors you have credit with and match the purchases you’ve made with your business credit reports.
You may want to consider a business credit monitoring service so you can keep track of your account activity and be alerted to changes to your business credit reports.
Ready to 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’.