Using 30 Day Net Vendors to Build Your Business Credit Score
How to use Net 30 Vendors
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In the beginning of your journey it’s hard to get trade lines to report to the business credit bureaus because you don’t have business credit established and no lender wants to lend to your company. The solution is to establish “small vendor lines of credit” (after your get your DUNS Number) with companies that report to the business credit bureaus. “Small vendor lines of credit” meaning 30 day (or 15 day) net accounts. 30 day net simply means the amount owed (for your purchase) is due in full in 30 days. Sometimes, these are also referred to as tier 1 business credit vendors and are easier to get approvals from.
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Here’s how it works. Similar to many companies, Quill, offers paper supply products and 30 day net payment terms. Quill offers two forms to pay for their products 1.) Pay By Credit Card (Traditional Payment Method) 2.) Invoice My Account (30 Day Net Terms). You’ll choose option 2 – invoice my account.
You will receive the product in the mail and you did not pay for it yet! Essentially a small line of credit (trade line) was extended to your company. Now, you need to pay the bill in the mail when it arrives. Upon payment, Quill will report to the business credit bureaus and ‘voila!’ you are on your way to building your business credit score. The more trade lines you build, the stronger your business credit score will grow. Update April 11, 2023: Quill may not be currently reporting to business credit. Check before you apply. Here are some additional vendors below. |
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BP Gas / BP Business Solutions Fuel Card Plus https://www.bpbusinesssolutions.com/ (630) 836-5000 14 Day Net Terms Reports to Dun and Bradstreet (DNB)? Yes When do they Report? Randomly
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Valero Gas (See article on Gas Cards) https://www.valero.com/default.aspx (800) 324-8464 25 Day Net Terms Reports to Dun and Bradstreet? Yes When do they Report? At the end of each month
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Advance Auto Parts https://advanceautoparts.com Apply for Business Account in person, at your nearest store
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Gemplers https://www.gemplers.com (800) 241-6401 30 Day Net Terms Reports to Dun and Bradstreet? Yes When do they Report? Unknown May Require your first order to be pre-paid before you can order on 30 Day Net Terms
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Supplyworks is a common net 30 account and is now associated with home depot (home depot pro institutional)
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Business T Shirt Club. Business T-Shirt Club is wholesale t-shirt and apparel buying club exclusive to entrepreneurs and business owners. This is an easy approval account to get.
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Lowe’s. Lowe’s NET 30 accounts are called Lowe’s Business Account Receivable. It can be used only at Lowe’s and you have to pay the balance in full each month. It is easier to get than their regular Business Credit Card because of this. And is a good starter account to get.
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Want to learn about additional “30 Day Net Vendors” (similar to those above)? Join our Business Credit Webinar Online and receive the full, updated list!
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Advanced Tips for Business Credit Mastery
Are you interested in higher-level advice to boost your business credit score and access more beneficial credit lines? Exclusive content is available to members of AMAIA Business Coaching Webinars online… Need Some Personal Help? If you need additional help getting business credit, please contact us at [email protected] to schedule a free business credit consultation with an AMAIA Business Credit Coach . We will work with you personally to help meet your business needs. |