Tier 2 Business Credit Vendors Financially Help Your Business
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You need capital in order to build and maintain your business, and financing can be a major source of working capital, even if your company has been successful for a long time.
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Tier 2 credit vendors are alternative lenders who offer financing options to small and medium-sized businesses that may not qualify for loans or have low credit scores. They may offer different types of loan products, such as short-term loans, lines of credit, invoice factoring, and other interest rates and terms. There is often more flexibility in the lending criteria when dealing with Tier 2 vendors.
The best way to build your business credit is through net 30 trade lines from our top list of tier 2 credit accounts, retail stores, and credit cards.
11 Best Tier 2 Business Credit Vendors to Build Business Credit
1. Home Depot
A credit payment option is available for Home Depot’s products and services. Home Depot offers credit card programs for consumers and businesses.
As part of its customer rewards program, the Pro Xtra Credit Cards offer low monthly payments, whereas the Commercial Accounts offer up to 60 days with interest-free payments. For purchases over $299, financing can be extended for up to 6 months once you have been approved for credit. A positive payment history and multiple Tier 1 trade lines are required for approval.
The first Home Depot hardware store opened in 1978 for the purpose of home improvement and retailing. This home improvement retailer operates 2,300 stores throughout North America. A wide variety of products are available from the company, including paints, furniture, home appliances, curtains, etc.
Credit Bureau: Dun & Bradstreet, Equifax Business, and Experian Business
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2. Staples
US business owners can now receive credit terms through Affirm’s partnership with Staples. A business or personal More account can offer 12-month financing on purchases over $299.
A drop-down menu will allow you to choose between 6, 12, or 18 months of financing. Pay in easy monthly installments and get everything you need. Staples will also reward you with 5% back in rewards when you use the card. If you are interested in applying to Staples, please fill out the application online.
For over 35 years, Staples has provided office supplies, technology, furniture, and cleaning supplies to businesses across the world. Staples offers over 20,000 products.
Credit Bureau: Dun & Bradstreet
3. ExxonMobil
ExxonMobil, one of the world’s biggest oil and gas companies, produces energy using the latest technologies.
Exxonmobil introduced fleet cards to offer credit to its customers. A revolver balance gives you flexibility if you’re tight on cash. The amount you pay per month depends on how many gallons you buy at Exxonmobil, for example
- You’ll only pay 1 cent if you’re under 500 gallons
- 3 cents for 500 to 3,999 gallons
- 4 cents for 4,000 to 6,999 gallons
- 5 cents for 7,000 to 9,999 gallons
- 6 cents for 10,000 or more gallons
It’s easy to sign up for Exxonmobil Fleet
Credit Bureau: Equifax, Experian
4. CreditStrong Business
The CreditStrong business credit account is an excellent choice for building a business credit score. For your business to be approved, you must meet the following criteria
- It is necessary for a business to be at least three months old
- It is mandatory to have an Employer Identification Number (EIN) for your business
- An individual can’t file as an entity as a sole proprietor
CreditStrong offers interest-based and zero-interest plans, depending on your business’ current financial situation.
Since January 2006, Credit Strong has been in business. The company was formed as a division of Austin Capital Bank. As a member of the Federal Deposit Insurance Corporation (FDIC), Credit Strong provides financial protection for its customers. This product combines an installment loan, a credit line, and a savings account in one package.
Credit Bureau: PayNet, Equifax Business and the Small Business Financial Exchange (SBFE)
5. Advance Auto Parts
Advance Auto Parts offers credit terms to businesses that have at least five trade lines and operate as limited liability companies (LLCs) or corporations rather than sole proprietorships. Your financial institution holds the funds once payment has been authorized.
You won’t be charged until you pick up your order or get it shipped. Purchase of other items is not possible if an amount has been authorized or held. Cancelling an order will result in the authorization hold remaining in effect for a specified period of time determined by your bank or financial institution.
As one of the largest auto parts retailers in the country, Advance Auto Parts has more than 6,000 stores in 40 states. AAP is a leading provider of automotive parts and fluids.
Credit Bureau: Dun & Bradstreet
6. Office Depot
Office Depot is a tier 2 business credit vendor. There is no annual fee, No Personal Guarantee Required to get approved for credit. It is possible for customers to establish cash flow and use Office Depot products and services on credit terms. Building business credit requires the following criteria:
- An excellent payment history.
- There has been a business for three years
- The company must have multiple lines of trade.
Office Depot and Office Max merged in 2013 to form one company, Office Depot. A variety of office supplies are offered by the company, including staplers, binders, pens, paper, and printer ink.
Credit Bureau: Dun & Bradstreet
7. Lowe’s
Lowe’s provides lease-to-own programs that allow customers to pay on a net 90 basis. At the time of signing the lease, you will be required to make a one-time payment (plus tax). The initial payment is $59 which can be made at any Lowe’s store or online. You can take your merchandise home once you’ve completed the purchase at the register.
Founded in North Carolina in 1961 as a small hardware store, Lowe’s today ranks among the largest home improvement retailers in the world. A wide range of products are available from them, including construction tools, building supplies, flooring, and bathtubs.
Credit Bureau: Dun & Bradstreet
8. Sunbelt Rentals
Currently, Sunbelt Rentals allows only USA and Canadian businesses to create commercial credit. If you are interested in applying for credit, you can do so online and fill out an application form. They do not require a payment guarantee or a personal guarantee in order to approve your application.
Founded in 1983, Sunbelt Rentals is one of the largest equipment rental companies throughout North America. It employs more than 18k people and offers more than 14k products. A wide range of agricultural and automotive equipment, event rentals, mining equipment, and industrial tools are all available from this company.
Credit Bureau: Dun & Bradstreet
9. Valero Fleet Card
Valero introduced two credit card options with the help of WEX Inc to allow flexible payments, the Valero Fleet Card and the Valero Fleet Plus Card.
The Valero Fleet Card offers fuel savings and cash flow flexibility at over 5,000 Valero locations with no setup fees and no annual fees. Valero Fleet Plus Card offers Fuel savings plus universal acceptance at over 45,000 service locations.
Valero Energy Corporation, headquartered in San Antonio, specializes in the production and marketing of quality transportation fuels and petrochemicals. Valero brand products are available at approximately 7,000 outlets.
Credit Bureau: Dun & Bradstreet
10. United Rentals
The United Rentals credit account simplifies the billing process. It is easy to qualify for a line of credit with them, which allows you to maximize your productivity and take on massive projects with ease. You can apply online with their online application or you can visit any local store in your area. Businesses from Canada and the United States are the only ones eligible to apply for credit accounts.
In 1997, United Rentals was founded as a rental company. Two business segments serve United Rentals as a single-source solution for its customers: General Rentals provides construction, industrial, and homeowner equipment rental services, whereas Specialty Rentals offers underground construction equipment and tools.
Both Nav’s business loan programs, business boost and business loan builder, are available with monthly payment options. You will never have a negative credit record reported to the business bureaus if you choose to work with Nav. You can count on them even if you are unable to make a payment through your chosen method.
Nav offers a range of business services to help you monitor your credit scores, including business insurance, payroll services, and credit cards for businesses.
Credit Bureau: Dun & Bradstreet, Experian, and Equifax
Are you looking for ways to build and improve your business credit?
While top tier 2 business credit vendors offer a variety of credit-building strategies and alternative credit reporting options, it’s also important to consider the comprehensive credit monitoring and reporting services offered by top tier 1 business credit vendors.
FAQs:
Tier 2 business credit vendors are suppliers or vendors who extend credit to businesses that may not yet have established strong credit profiles or have limited credit history. These vendors offer products or services on credit terms, allowing businesses to make purchases and pay for them at a later date.
Tier 2 business credit vendors can help your business financially by providing access to essential goods and services without requiring upfront payment. This allows businesses to manage their cash flow more effectively and allocate funds towards other critical areas of operation, such as marketing, expansion, or inventory management.
Working with Tier 2 business credit vendors offers several benefits. These may include the ability to establish credit history, improve your business’s credit profile, access to necessary supplies or resources, potential volume discounts or favorable pricing, and the opportunity to build mutually beneficial relationships with vendors.
Finding Tier 2 business credit vendors can involve various methods. You can research industry-specific trade shows or exhibitions, leverage business networks and industry associations, use online directories or platforms specializing in vendor credit information, or consult with business advisors or credit professionals who have expertise in working with Tier 2 vendors.
When working with Tier 2 business credit vendors, it is essential to understand their specific credit terms, payment schedules, and any associated fees or interest rates. It is important to establish a good payment history with these vendors to strengthen your business’s creditworthiness and potentially unlock more favorable financing options in the future. Additionally, maintaining open communication and fulfilling your financial obligations to vendors is crucial to maintaining positive vendor relationships.
