What are Net 30 accounts?
Net 30 accounts are accounts that extend you 30 days to pay the bill in full after you have purchased products. Net 30 accounts, also referred to a vendor credit, supplier credit, or trade credit, allow you to buy now and pay later. Companies that report those payments to commercial credit agencies, especially Dun & Bradstreet and Experian Business, help your company establish strong business credit scores.
Each vendor account listed below offers a wide variety of products that many businesses can use. By purchasing items you need for your business on payment terms and then paying on time, you may build a positive business credit references.
Keep in mind terms and credit reporting arrangements may change at any time. Learn more about business credit here.
Also keep in mind that:
These vendors generally don’t check the business owner’s personal credit reports, but they may. Personal credit checks for these types of accounts will generally result in “soft inquiries” that don’t affect personal credit scores, but there’s no guarantee that’s the case. It’s a good idea to monitor your personal credit.
Some of these vendors may require the buyer to make initial purchases before they extend net 30 terms. This is especially true for new businesses that have not yet established good business credit profiles.
While interest is not typically charged if you pay on time, you may forgo a cash discount.
Here’s a list of Net 30 accounts that are typically easy to get as a new business:
Coast to Coast Office Supplies
Bonus: If you are serious about building business credit and exploring financing options, I highly recommend setting up an account on Nav.com and exploring their services.
And of course, don’t forget to review the Quickest Way To Business Credit e-book by Katryna Johnson