Vendor Credit - Business Credit 2019
Looking for vendor credit lines? In this video discover five vendors who extend net 30 accounts to businesses. These vendors report to the business credit reporting agencies so you can build your business credit reports and scores.
Getting approved for vendor credit is simply an opportunity for you to start building your company’s creditworthiness whether you’re a startup or existing business. The key to building business credit history is to use your vendor credit lines and pay your invoices on or ahead of the due date.
As a business owner gaining access to vendor credit is extremely important because it not only conserves cash flow but enables you to build business credit. So, what is vendor credit? Vendor credit is when you have the ability to purchase products or services from vendors that allow you to buy now and pay later.
The typical terms offered are Net 30-day terms. You buy from the vendor up to your credit limit and have 30 days to pay the invoice in full. Some vendors may offer even longer terms such as net 60 or net 90 days.
When you get approved for a vendor credit line you get to purchase products and services on credit and pay for those purchases in 30 days or more depending on the terms. This enables you to conserve cash flow, establish a positive trade reference, protect your personal credit and establish business credit history.
With vendor credit you also benefit from discount offers for early payment along with many other advantages. Look at vendor credit lines as stepping stones to greater financing opportunities. Remember, vendor credit is the largest form of b2b financing in the entire country.
This is a short-term financing solution that startups and existing businesses can take advantage of. Who offers vendor credit? You’ll find vendor credit offered by office supply companies, printing companies, accountants, creative agencies, restaurants, construction companies, manufacturers, wholesalers and retailers.
It’s also important to remember that not all vendors report payment data on the same day, week, or month for that matter. Each vendor has its own specific day that they batch and submit payment data to a business credit reporting agency such as Dun and Bradstreet.
Did you know over 500,000 vendors in the county offer net 30 terms or greater but less than 10,000 actually report to the business credit reporting agencies? So, before applying for vendor credit that is easy to qualify for be sure to identify whether they report to the business credit reporting agencies or not.
For more details and a complete list of vendor credit lines be sure to check out the following resources below.
https://youtu.be/Vo1VB-rvm28
https://businesscreditbuilders.org/
http://businesscreditbuilderservices.com/
https://businesscreditblogger.com/2018/11/28/how-to-build-business-credit-in-30-days/
http://net30account.com
http://vendorcreditline.com
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