3 Vendors That Will Help You Build Business Credit

When building business credit, one of the best things to do is acquire net-30 accounts with businesses that report to credit agencies.

What Is a Net-30 Account?

This is an account that gives you 30 days to pay for products after your supplier has supplied them. It is vendor credit—you purchase now and make payments later. The vendor reports these payments to a credit agency and, in turn, your business establishes business credit. 

Many businesses may not qualify for a line of credit or loan because in most cases, strong credit scores and proof of business income are required. 

If your business is still new or not making much money, vendor credit is an awesome alternative. Net-30 accounts are not the only ones that allow for vendor credit; you can get net-90, net-60 and net-15 offers. 

How are these vendors found? In this guide, you will learn about three net-30 vendors with whom you can start.

Before You Get a Net-30 Account…

It is not wise to just go ahead and open accounts. There are necessary steps you need to take to make your business legitimate.

Set your business up as a separate legal entity. If it is a sole proprietorship, register it with the Secretary of State of your state. Secondly, register for a D-U-N-S number.

Three Net-30 Vendors That Report to Commercial Credit

Grainger

Grainger supplies a wide range of business products including safety equipment, plumbing supplies and tools. They also have janitorial and office supplies. Given the variety of merchandise, you will easily find something that you need in your business. 

Getting a Grainger account is both easy and free. Go to their site and follow the simple instructions. When you sign up, they will offer you the opportunity to ask for a $1000 line of credit. Check the box to apply.

Uline

Uline has a wide range of business products too. You can get kitchen and food service packaging supplies, office supplies and furniture, shipping boxes and a ton of other things. When you sign up on their site, shop for what you need. At checkout, they will offer you an opportunity to be billed within 30 days (net-30 terms). Allow for the option to establish credit reference. If the checkout is successful, you have been approved. 

When you pay early or on time, you will have added a credit-building account. A Uline account is very easy to get. They will not check your personal credit scores and you will not be asked for a Social Security number.

Quill

When opening a Quill account, there is a profile you have to fill describing your business. The information required includes the industry you operate in and the year in which your business was formed. New entrepreneurs have successfully acquired a Quill account so if your business is still new, do not be discouraged. The approval process works much like Uline’s. You will add whatever you want to your cart and at checkout, you will see the option to pay later.