Building and establishing real business credit can be the difference between you struggling to make it by in business and having access to hundreds of thousands of dollars in business financing options. So, how do you leverage all of that money that’s seemingly floating around out there?
Build your business credit using trade lines.
What’s a trade line? A trade line is a line of credit that a vendor offers for businesses. A trade line is somewhat similar to a credit card.
However, the difference is that building your business credit will allow you access to much more capital than using a credit card, not to mention that increasing your credit limit may take months.
Below is a list of 7 Vendors that will help you build business credit.
Uline is a major supplier who offers business supplies and shipping supplies. To open a trade line with Uline, you simply have to sign up for an account with them, and then make a purchase (typically at least $100 if you want them to report to the business credit agencies).
Once you get to the checkout page, simply select the option for a Net-30 account. This will allow you 30 days to pay for the items you’ve ordered.
However, the best practices to build business credit quicker and to get a perfect score of 100, is to pay early, not on time. At least 5 days before your item is due is the ideal time frame.
Quill is another supplier of office supplies and services more than 1 million small to mid-sized businesses. To open a Net-30 trade line with Quill, you simply have to place your first order and pay for it up front.
After you receive your first order (they ship super fast), place another order and you’ll have the option to pay using Net-30 terms. Once your second order is placed, then your Net-30 terms begin and the clock begins ticking.
Remember, don’t pay on the due date. Pay the invoice at least 5 days before the invoice is due. That will show other lenders that you are good for paying on time.
- Crown Office Supplies
Crown Office Supplies offers new businesses office supplies, school supplies, mobile accessories and sanitation supplies. Crown office supplies has a variety of different product offerings and sometimes runs great sales. One of the great things about them is that they report to all of the major business credit bureaus.
To apply for a trade line with them, go to their website: https://crownofficesupplies.com/.
Click on “APPLY FOR BUSINESS NET30” and fill out the application. Once completed, you’ll pay your membership fee of $99. This fee may possibly be waived IF your business credit is in good shape.
- Summa Office Supplies
Summa Office Supplies offers businesses quality office supplies. Headquartered in California, Summa Office Supplies offers Net-30 accounts and operate on a tier 1 and tier 2 basis. Tier 1 products are the products such as software and higher priced items while Tier 2 products are lower priced items such as notebooks, pens, tape, staplers, etc.
To apply for a Net-30 account with Summa, simply visit their website: https://summaofficesupplies.com/ and click “Create an account”.
Then fill out your business information. Once your account is created, place your first order and pay within 30 days.
- Office Depot
Office Depot is one of the largest suppliers of office supplies including printers, paper, computers, software and office furniture. They have switched from Net-30 accounts to Net-20 accounts. Office Depot reports to Dun and Bradstreet. Most suppliers report to the credit agencies directly.
However, this company only reports to Dun + Bradstreet.
To apply for a Net-20 account with them, go to: https://business.officedepot.com.
Click where it says “Get Started”. Then follow all prompts and click submit. A representative will be in contact with you shortly to help you set up your Net-20 account. Keep in mind, sometimes it takes a little while (between 24-48hrs) to be approved for your Net-20 account with Office Depot.
- HD Supply
- HD Supply offers fitness and exercise equipment, linens, appliances healthcare supplies, janitorial, , paint and supplies, office supplies, food service equipment, HVAC equipment, window coverings and more! HD Supply reports to Dun and Bradstreet, offers net-30 terms, and has products that will fit pretty much any need any business has.
To open a Net-30 account with them, simply go to: https://hdsupplysolutions.com/s/credit_application.
Then click where it says HD Supply Facilities Maintenance Credit Application. Once you’ve pulled up the application, fill it out and submit. This is another company that may take 24-48 hours to approve your Net-30 account.
However, one your account is approved, you can begin placing your order via Net-30 terms.
- Strategic Network Solutions
Strategic Network Solutions is a supplier for Dell Computers, AVG, different hardware and software companies and they provide information technology services solutions to over 3000 clients globally. Strategic Network Solutions is one of the suppliers who reports to Experian Business and Credit Safe. This is great for building your business’ credit.
To apply for a trade line with Strategic Network Solutions, go to their website at: https://stntsol.com/. Register your business with them.
Choose one of their digital products to purchase and download.
When payment options pop up, choose “Bill My Net-30”
Building business credit does not have to be hard! Remember, having roughly 3 to 5 accounts open and in good standing can give your business credit a boost and put you in a position to leverage hundreds of thousands of dollars that you may not otherwise have had access to.