How do net 30 accounts help you build business credit?

Using Net 30 accounts can help you build business credit if the vendor reports your activities to at least one commercial credit bureau. The account will appear as a vendor tradeline on your business credit report. Vendor trade lines are necessary to generate some credit scores, and early payment of your invoice can boost it. As an example, the PAYDEX business credit score offered by Dun & Bradstreet requires three vendor tradelines.

What is a net 30 account?

A net 30 account is a type of credit account that vendors may offer to you as a client or customer. If they do, they'll give you a 30-day, interest-free payment period on your invoices. Net 30 vendors report your activities to a business credit bureau, which helps you build business credit. Additionally, you can use them to smooth out your cash flow without having to take out a business credit card

How can I get net 30 terms?

By applying directly to a vendor who offers these terms, you can get net 30 terms. A lot of vendors only work with companies that have a strong credit history, but some vendors will work with newer companies as well. You can usually apply online, but you may have to call. It's important to keep in mind that not all net 30 vendors are the same. Make sure their credit reporting policies and eligibility requirements match your business needs before applying. You should also review the late payment penalties before applying.

Does Amazon do net 30?

Amazon offers net 30 payment terms through its Pay by Invoice program. You can also apply for net 45 or net 60 terms if you have a Business Prime membership. Your business account is subject to credit approval in each case. Amazon does not report net 30 accounts to commercial credit bureaus. Therefore, you cannot build business credit with their extended payment terms.

What is business credit?

Business credit is a type of credit granted to businesses in order to help them finance their operations. Business credit helps businesses expand and grow. A business can use business credit to purchase inventory, equipment, and other supplies. Additionally, you can use business credit to finance the startup costs of a new business.

Which are the main business credit bureaus?

Dun & Bradstreet, Experian Business, and Equifax Business are the three main business credit bureaus.

How do I check my business credit score?

You can check your business credit score by contacting the appropriate business credit bureau. Each credit bureau uses its own credit scoring system. As an example, Dun & Bradstreet's PAYDEX score ranges from 1 to 100, where 1 is the worst score and 100 is the best.

Are there membership fees charged by Net 30 vendors?

Most Net 30 vendors charge an annual membership fee to establish a trade account (credit line). A membership fee to vendors is justifiable because net 30 accounts help you build credit, which increases the value of your business.

17 Best Tier 1 Business Credit Vendors for 2024

To build a good business credit score, businesses must open tier 1 business credit vendor accounts.

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Businesses can benefit from the use of credit from Tier 1 business credit vendors by financing purchases or investments, maintaining cash flow, and smoothing out cash flow over time. Additionally, it may be an opportunity for businesses to improve their credit scores and build a positive credit history.

To apply for your Tier 1 vendor account, you will need to provide proof that you are registered as a legal business entity with your Secretary of State.

Collaborating with leading business credit companies can significantly revolutionize companies. These entities not only aid in establishing business credit but also provide a range of services, from business credit enhancement initiatives and trade credit accounts to valuable business strategy and consultation. Furthermore, they offer convenient financing options, such as flexible net 30 payment terms.

We provide a list of 17 best tier 1 business credit vendors that can assist you in developing future financing options for your business.

17 Best Tier 1 Business Credit Vendors to Build Business Credit

1. Wise Business Plans

A net 30 application for membership is required, along with a fee of $99 per year. You will be fully refunded your application fee if your application is rejected.

Business entities with US tax ID numbers can access this service. Wise Business Plan also offers net 30 payment terms to established US businesses.

Products and Services: Once approved, you can use their services, including Business Plan Writing Services, Digital Marketing, Business Formation, Business Websites, Business Branding, and many others.

Credit Bureaus: Experian and Equifax

2. Quill

By selecting the “Invoice My Account” payment option, customers can apply for a business credit account. You can get an answer from Quill within 24 hours of submitting a credit application. You have 90 days in which to reapply if your application is rejected.

Products and Services: As soon as you are approved by the company, you can now purchase their products such as furniture, electronic devices, and many others, interest-free for 6 months.

Credit Beaurus: Experian and Dun & Bradstreet (D&B)

3. NAMYNOT

The Namynot Business Line of Credit is open to both new and existing businesses who meet specific criteria in order to qualify. These criteria include the following:

The United States as a business destination
Company ownership must be at least 25% beneficial
Establishment required for 90 days
Authenticated officers only
An EIN is required
History of good credit

Products and Services: After approval, you’ll receive access to their digital marketing products and other services including SEO, email marketing, and web design.

Credit Bureaus: Dun & Bradstreet

4. SupplyWorks

SupplyWorks was formed as a division of the Home Depot Pro. If you are a Home Depot Pro customer, you can request net 30 terms by filling out their credit application. There is a $150 minimum order requirement. A monthly service charge of 1-1/2% will be assessed for invoices not paid within 30 days (approximately 18% annual percentage rate).

Products and Services: Cleaning chemicals, paper products, personal protective equipment, plumbing and lighting products and many more in partnership with HD Supply.

5. The Red Spectrum

The Red Spectrum net 30 Vendor Account allows you to establish credit for your business. You can increase your credit limit through their loan program business builder and get the initial boost you need for your business. You can get a Net 30 account by following these steps from Red Spectrum.

Get Started by Making Your First Purchase
Once you have made your first purchase, fill out the Net 30 Application
You will receive your new Net 30 credit limit via email and your account

When using the Net 30 vendor account of red spectrum to purchase a product from them. Every time you purchase a product, your credit limit will be increased by $1500.

Product and Services: Ebooks, Logo Design, Web Design, Audiobooks and many more.

Credit bureaus: Equifax and Credit Safe

6. HD Supply

In the same way that other tier 1 credit vendors allow customers to access their business accounts, HD Supply allows them to do the same. An online application must be completed in order to apply. Additionally, you can customize your credit application to specify your preferences for receiving invoices, purchasing instructions, etc.

Products and Services: Once you have been approved, your account will grant you access to their products and services, such as electronics, appliances, training, etc.

Credit Bureau: Dun & Bradstreet

7. Home Depot

There are two commercial credit cards available at Home Depot.

The Home Depot Commercial Account card
The Home Depot Pro Xtra

You can apply for your choice of business credit card through The Home Depot Credit Center. Home Depot offers credit cards on Net 30 or Net 60 terms. Commercial Account card holders can receive a 2% discount if they pay their invoices in 20 days or less early.

A personal guarantee is only required for businesses that have existed for less than three years. You don’t have to pay in full every month with the Home Depot Pro Xtra card. A personal guarantee is required for all cardholders.

Products and Services: Building materials, repairs, and home supplies.

Credit bureaus: Dun & Bradstreet, Equifax Business, and Experian Business

8. Business T-Shirt Club

By choosing to add the item to the account, users are able to open a business account at Business T-shirt Club and choose net 30 credit as their credit type.

If you place five orders with a positive credit history, a 50% deposit will be required. However, after five orders are placed and your credit history has improved, you will no longer need to pay the deposit.

Products and Services: Once you have been approved, you can now utilize their custom printing services on t-shirts, hats, bags, aprons, and many more items.

Credit Bureaus: Credit Safe, Equifax, Cortera and Ansonia.

9. Strategic Network Solutions

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The net 30 payment term is available to business account holders through Strategic Network Solutions. You can complete your registration process online.

To process your application, they will need information about your business and your authorized officers. Then, during the checkout process, you will have to make a purchase of at least $80 to qualify for this offer. A credit line of $2000 is available to them with their net 30 account.

Products and Services: A number of networking services and security software are now available to you.

Credit Bureaus: Credit Safe and Experian

10. Creative Analytics

Creative Analytics offers the ability to open business accounts for both new and established businesses at 0% interest rates. All you have to do is select “apply for a business account“. To be eligible for a business credit account, you must meet certain criteria.

U.S. based business entity
You must have an EIN
Dun & Bradstreet (DUNS) number required
Established for at least 30 days
Up-to-date state incorporation registration with verifiable phone number
No delinquencies or derogatory business reporting
The applicant must be an authorized officer of organization

Products and Services: As a digital marketing agency and business consultancy, Creative Analytics has a wide range of services to offer. Your approval will allow you to buy physical products and limited digital services for $79 a year. The membership fee ranges from $49 to 149 per month if you want access to an exclusive digital library and community.

Credit Bureaus: Equifax and Credit Safe

11. Staples

Staples has partnered with Affirm to offer credit terms. The company offers net 30 terms as a payment option for US businesses. Their net 30 accounts come with weekly invoices, no late fees, and zero interest if you meet their qualifications.

Products and Services: Office supplies, technology, furniture, cleaning supplies and many more.

Credit Bureau: Dun & Bradstreet.

12. Ohana Office Products

It is necessary for Ohana Office Products to have a business account in order to offer net 30 payment terms. Online application forms make it easy to register a business account. Users will be asked to provide user IDs, referral codes, business information, and authorization codes. In the checkout process, select “Bill My Net 30 Terms Account”.

Products and Services: If you get approved, you can choose from a wide selection of office products, including pens, hanging holders, file holders, etc. The site also offers other software, including logo creators, ad creators, and online books.

Credit Bureau: Equifax.

13. JJ Gold International

Their Net 30 trade credit is only available to US businesses that have been in business for at least 90 days. You just need to fill out an online application form for a net 30 account in order to build your business credit.

You will be required to make a minimum purchase of $100 once you have been approved for the program. It is also necessary for new customers to pay a 50% deposit at the time of their first order.

Products and Services: Beauty products, home decor products, handcrafted candles and spa accessories.

Credit Bureau: Dun & Bradstreet.

14. Summa Office Supplies

You can apply for a NET 30 vendor account through Summa Office Supplies by selecting the “Register for a NET 30 account” option. You will be evaluated for net 30 terms during account setup, as well as product selection. Prepaid orders of $75 or more are required to buy office supplies.

Products and Services: After approval of your application, you can order quality stationery products (legal pads, envelopes, file folders, etc.) in addition to office software such as Microsoft Office, antiviruses, and more.

Credit Bureau: Experian and Equifax

15. Uline

New Uline customers can use their catalog customer number to apply for a business account, then select “Invoice Me” to apply for net 30 billing terms. Existing customers can request a net billing account by logging in or registering online with their customer number. In case additional information is required, the Credit Department will get in touch with you.

Products and Services: The company offers a variety of products, such as poly bags, bubble mailers, laser labels, plastic bins and a variety of industrial gloves, once your application has been approved.

Credit Bureau: Experian & Dun & Bradstreet

16. CEO Creative

An online application form is available from CEO Creative for applying for net 30 payments. Your business must meet the following minimum criteria to qualify for a net 30 account with CEO Creative:

Businesses in the United States only
For a business to qualify, it must be in existence for a minimum of 30 days
An excellent credit rating

It generally takes under 24 hours for a net 30 approval to be granted. It is uncommon for a manual search to be needed, and it usually takes two to ten business days. Upon approval, a fee of $79 is charged.

Products and Services: Upon approval, CEO Creative will offer you a variety of products, such as electronic devices, website development, printing services, office supplies, and cleaning products.

Credit Bureau: Credit Safe, Dun & Bradstreet and Equifax.

17. CreditStrong

CreditStrong offers its customers a variety of credit builder loans that help businesses build credit scores.

The building of business credit through financial tradelines is more effective than the building of business credit through vendor tradelines. For business credit to be built, the major credit bureaus report financial tradelines.

If you apply for a business credit builder account, you can choose between net 60 and net 120 terms.

A business must meet certain requirements in order to be considered eligible for credit

90-day-old businesses
An Social Security Number (SSN) is required
Identification number for individual taxpayers.

Credit Bureaus: Equifax and PayNet. In the near future, Credit Strong intends to include Experian, Dun & Bradstreet, and SBFE as well.

Note: If you’ve already checked out our post on the top tier 1 business credit vendors and are curious about other options for building strong business credit, be sure to take a look at our post on the top tier 2 vendors.

Our post on the top tier 2 vendors covers alternative credit reporting options and credit building strategies that can complement the comprehensive credit monitoring and reporting services offered by the top tier 1 vendors

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FAQs:

What are Tier 1 business credit vendors?

Tier 1 business credit vendors are top-tier suppliers or vendors who offer credit to businesses with strong credit profiles and established financial histories. These vendors often have stringent qualification criteria and provide access to high-quality products or services that can help businesses grow and expand.

How can Tier 1 business credit vendors help my business grow?

Tier 1 business credit vendors can help your business grow by providing access to premium products, services, or resources that may not be available through other vendors. Working with reputable and established vendors can enhance your business’s reputation, improve product or service quality, expand your offerings, and attract more customers or clients.

What are the benefits of partnering with Tier 1 business credit vendors?

Partnering with Tier 1 business credit vendors offers several benefits. These may include access to industry-leading products or services, favorable payment terms, increased credibility and trust in the marketplace, potential for collaboration or joint marketing efforts, and the opportunity to leverage the vendor’s expertise or network for business growth.

How can I identify Tier 1 business credit vendors in my industry?

Identifying Tier 1 business credit vendors in your industry can involve research and evaluation. Look for vendors that are well-known and highly regarded within your industry, have a strong market presence, and cater to reputable businesses. Industry publications, trade shows, online directories, and networking with industry professionals can help you identify and connect with Tier 1 vendors.

Are there any requirements or considerations when working with Tier 1 business credit vendors?

Working with Tier 1 business credit vendors often requires meeting their strict qualification criteria, such as having a solid credit history, financial stability, and established business operations. It is important to maintain good credit standing, honor payment terms, and build a mutually beneficial relationship with Tier 1 vendors to maximize the benefits and growth opportunities they offer.

How can i apply for credit from tier 1 business credit vendors

To apply for credit from Tier 1 business vendors, research and identify suitable ones in your industry, review eligibility requirements, prepare necessary documentation, and contact vendors directly to request information on the application process. Submit your completed application and follow up regularly. If approved, establish clear communication, understand the terms, and maintain a positive relationship by keeping accounts current and collaborating effectively.ntent

What are the typical credit terms offered by tier 1 business credit vendors

Typical credit terms from Tier 1 vendors include net terms (such as net 30), discounts for early payment, credit limits, payment schedules, interest rates on overdue balances, and grace periods. These terms may vary based on factors like creditworthiness and economic conditions. It’s important to review specific vendor terms before agreeing to any credit arrangements and to maintain strong communication for better terms and relationships.

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Tier 1 Business Credit Vendors Help Your Business To Grow