Vendor Credit Accounts: Open Immediately & Get Started

Another option for building initial business credit is through vendors who offer net terms. When you purchase goods from a trade vendor, they will report your business credit to credit reporting agencies. However, it is important to note that only a small percentage (about 3%) of trade vendors are registered with credit reporting agencies. Therefore, it is crucial to find vendors who do report to these agencies, especially if your business has no credit history. One way to do this is to use start-up vendors such as Quill, Grainger, and Uline Strategic Network Solutions. These vendors will report to corporate credit rating services, allowing you to establish trade lines and build your business credit.

The Vendor Credit Tier refers to the level of business credit that is established through buying goods and services from suppliers or vendors that report to business credit bureaus. By paying bills on time, a company can establish a positive payment history with the vendors and have that reflected in its business credit profile, leading to the establishment of the Vendor Credit Tier. This tier is an important step in building a strong business credit history and can increase a company’s ability to access additional credit in the future.

Vendors who offer net terms can provide loans to their customers. Some vendors may require your EIN or 411 information. Starting with vendors like Quill, Grainger, and Uline Strategic Network Solutions can help establish business credit. These firms will provide credit and report the payment to business credit bureaus, helping to establish trade lines. As you gain more payment experience, you will become eligible for increased credit. Each vendor that reports to a single business credit agency counts as one payment experience, while those that report to multiple agencies add to the total payment experience, making it easier to build credit over time.

Laughlin Associates is a company that manages regulatory enforcement and configuration. It is a subsidiary of Experian and the only requirement to establish credit with them is to provide your company’s 411 listing and EIN. They offer Net 30 payment terms and usually report the company credit in 30 to 60 days.

Quill Office Supplies is a vendor that sells office supplies for companies. They report credit to Dun & Bradstreet (D&B) which means that if a D&B score has not been established for your company, you will need to place an initial order with them. Additionally, if your company does not have any prior credit history, you may need to make up to three orders of $50 or more for them to accept you as a credit customer.

Gempler’s and Office Depot are vendors that sell work supplies and goods for businesses. They report credit to Dun & Bradstreet (D&B) to establish a business credit score. To establish credit with them, you will need to place an initial order of $50 or more and choose the “Invoice me” option. This will trigger a credit check, if you are not eligible for Net 30 payment terms, you can pre-pay for your order and continue to make purchases using the “invoice me” option until you are approved for credit.

Reliable Office Supplies sells office supplies and promotional items and they use credit reports from D&B, Experian, and Equifax. To be invoiced or billed, the customer needs to place an initial order and provide a credit card number. Higher order volume may increase the chances of being approved for Net 30 payment terms.

Uline Shipping Supplies sells shipping, packaging, and manufacturing equipment and credit reports from D&B are used. To be approved for Net 30 payment terms, a DUNS number and two references, a bank reference, and payment for the first few orders is required.

Strategic Network Solutions provides credit updates to Experian and a DUNS number, business license, and EIN are required to be a customer.

Summa submits company credit reports to D&B and Equifax, and to report business credit a minimum purchase of $75 is required. Approval for business credit requires an EIN, business address, business license, bank account, and DUNS number.

Supply Works, a subsidiary of Home Depot, offers facilities management solutions and reports to Experian. To be eligible, a business must have a good standing with the Secretary of State, an EIN, business address, DUNS number, license, bank account, and bank references. Virtual addresses are not supported. Net 30 terms are available and applications can be made online or by phone.

Wells Fargo offers a secured credit card to help establish credit for a company.

Behalf provides funding and submits company credit reports to Experian, Equifax, and D&B.

Marathon Petroleum Company offers business credit through its products, such as automotive fuels, asphalt, and niche goods. The company’s credit reports are submitted to Dun & Bradstreet, Experian, and Equifax. To be eligible for Marathon business credit, you need to have a business in good standing with the Secretary of State, an EIN with the IRS, a business address, a DUNS number, a business license, a 411 listing, a business bank account, and bank references. If you have been in business for less than a year, you can use a $500 deposit instead of a personal pledge. Net 15 terms are available for Marathon business credit. You can apply online at marathonbrand.com.

Wrights Express (WEX Card) offers universal fleet cards, heavy truck cards, and enterprise fleet cards with features for small businesses such as a loyalty program. To avoid being flagged for fraud, allow ample time between applying for multiple WEX Fleet Card accounts. WEX provides credit information to Dun & Bradstreet, Experian, and Equifax. To apply, you must have a business in good standing with the Secretary of State, an EIN with the IRS, an SSN, a matching business address, a DUNS number, a business license, a business bank account, a business phone number, and a 411 listing. If interested, WEX will submit your credit information to their credit department. For businesses less than a year old, a $500 deposit can be used instead of a personal guarantee. Net 15 (WEX Fleet Card), Net 26, and rotating terms (WEX Flex Card) are available. Apply online at wexinc.com/solutions/fleet-management.

76 is owned by Phillips 66 and operates over 1800 gas stations in the US. It reports to D&B, Experian, and Equifax and the card can be used at p66, 76, and Conoco gas stations. To apply, the business must have a good standing with the Secretary of State, an EIN, SSN, matching business address, DUNS number, license, bank account, phone number, and 411 listing. 76 may submit credit details to its credit department. A $500 deposit can substitute for a personal pledge if the business is less than a year old. 76 offers Net 15 terms and applications can be made online at 76fleet.com.