Building business credit is an important part of achieving your dreams. With the help of a qualified vendor, you will be able to run your business’s finances smoothly. A net-30 vendor account will put your business on a path to success. This type of account provides you with a 30-day window for paying the bills for anything you purchase to run your business with. In turn, the vendor you work with reports your on-time payments to credit agencies, so your business is in good standing.
While 30 days is the standard period, you may be able to obtain a net-15, net-60, or net-90 account instead. Each one has different payment terms, making it up to you to decide which one is best for your business. Regardless of which account type you choose to open, it is important to first ensure that any potential vendor does not see your business as a huge risk.
You can accomplish this by properly establishing your business first. It should be a legal entity before you even consider obtaining a vendor account. In the event your business has not been set up this way, now is the time to complete this task. If you are the sole owner of your business, it is best to get it properly registered with the Secretary of State.
In addition, you should have a separate bank account for your business before obtaining a vendor. You will also want to have a business email address established, and use only that email address to create a vendor-business relationship. This helps give your business more credibility. Once credibility is established, consider working with one of the seven best vendors in the industry.
Those vendors are Shirtsy, Crown Office Supplies, Creative Analytics, Uline, Quill, Summa Office Supplies, and Grainger. Shirtsy and Crown Office Supplies report to each large credit bureau, while Creative Analytics reports to Creditsafe as well as Equifax. Uline reports Experian, and Summa Office Supplies reports to both Equifax and Experian. For more information on how to establish business credit, be sure to contact Evolt Capital.