Looking to Build Business Credit? Take Advantage of Net 30 Accounts to Get Started

Bank loans, investor funding, IPOs; if there’s one thing business leaders are familiar with, it’s the challenge of securing access to funds when their organization needs them most. The constant push and pull of spending enough money to make money, seeking out new capital sources, and taking advantage of smart debt financing are topics that sit at the forefront of most business conversations. It doesn’t matter the industry, business size, future goals, or even the competitive landscape, tapping into key resources is always a priority. 

Unfortunately, bank loans can have hefty interest rates, investors are always trying to take a percentage of equity for their contributions, and IPOs are some of the most complex business maneuvers available. So, how can entrepreneurs and business leaders make the most of the funds in front of them? The answer is simpler than it’s made out to be – net 30 accounts offer new lines of credit, zero-percent interest rates, and credit enhancement opportunities.

Securing net 30 accounts for business use is a must, and in this article, we’ll showcase why that is. You can expect to walk away with an understanding of:

• What is a net 30 account?
• Why businesses should utilize net 30 vendors whenever possible.
• The benefits of net 30 accounts
• A list of net 30 companies with net 30 accounts that you can benefit from NOW.

What are Net 30 Accounts?

For new businesses and established companies alike, net 30 accounts – sometimes called trade accounts – are agreements with specific net 30 vendors or suppliers that allow customers to pay invoices within a 30-day window from the invoice date. So, if a raw materials vendor sends you an invoice for $500, and the invoice date is March 1st, you would have until March 30th to make the payment.  Every net 30 account agreement includes weekends and holidays in the payment timeline.

Because of the extended window to pay for the goods or services provided, every net 30 account gives you access to a short-term line of credit. Net 30 vendors – vendors that offer their customers net 30 credit terms – don’t charge interest or fees for net 30 trade accounts. If customers struggle to pay invoices within 30 days, the vendor can revoke the credit limit, sever ties moving forward, and even impose late fees on the customer. 

Vendors may use their own set of requirements to determine whether or not they’ll offer net 30 terms to new business customers. These requirements can involve credit checks, references, and more. However, there are companies that automatically approve net 30 terms for new customers. For less-established businesses, net 30 vendors provide a pathway to boosting business credit, unlocking harder-to-access net 30 agreements, and forming a reputation as a reliable payer.

Why You Should Get Net 30 Trade Accounts

The vendor selection process can be hard, but with the right considerations in mind, businesses can find vendors that become true partners. Taking advantage of net 30 trade accounts is about more than just delaying business payments, it’s about approaching business transactions in a way that benefits the vendor and customer. Net 30 vendors will benefit from routine processes, automation tool possibilities, and favorable customer retention, but, as the entity responsible for footing the bill, your organization will see a number of benefits, too.

Improved Cash Flow Management

Cash flow management is a constant effort for business leaders. Staying liquid enough – meaning having enough cash on hand – to cover unforeseen expenses or weather difficult storms – is an important safety measure for businesses. By having 30 days to pay invoices, your teams can nail down forecasting methodologies, fortify cash reserves, and better prepare for upcoming expenses without having to dip into those emergency funds.  

Easier Access to Investment Capital

Money that isn’t being spent on expenses now is money that can be spent on investments. Sure, a 30-day payment window won’t buy your business a ton of wiggle room, but it does allow for more access to capital than you would have if you had to prepay for all upcoming materials and supplies. After a reliable payment track record, some vendors will even grant net 45, net 60, or net 90 payment terms, meaning your accounts payable team could have 45, 60, or even 90 days to work through the AP cycle and submit payments. 

As a bonus: this will also help you build up your business credit, which makes it easier to secure other financing options like loans! 

AP/AR Process Optimization

Being able to create a process around key business transactions is critical if you want to employ accounts receivable tools or AP tools like AI or automation down the line. With a larger window to make supplier payments, building the process around invoice management becomes that much easier.

Your accounting team can establish a rhythm for all future transactions that includes three-way matching, approval workflows, and AP internal controls. Tools like Nanonets will make AP priorities a breeze.  Even before automation, process optimization helps protect your organization from payment fraud and invoice mistakes, and it can also reduce the cost associated with processing invoices.

15 Easy Approval Net 30 Credit Accounts

You don’t need an extensive business credit history to start benefiting from net 30 business accounts; there are plenty of net 30 vendors that allow new business clients to use net 30 payment terms. This list of net 30 companies is filled with a variety of vendors that most business users need at some point. Check it out and start using net 30 accounts for business wherever possible.

Amazon: Net 30 Account

The e-commerce giant that offers everything under the sun is a major supplier for most businesses. With a helpful Pay by Invoice program for business accounts, Amazon approves net 30 terms as long as the customer’s credit application qualifies. Get electronics, office supplies, and even employee training programs with ease, thanks to this net 30 vendor. 

Walmart: Net 30 Account

Another “catch-all” supplier, Walmart has a massive retail store and online presence. There is a Community Card Program through Walmart that grants net 30 terms to approved businesses. You’ll need to supply information about your business, including your gross annual revenue and your Tax ID number, to apply for net 30 terms. 

NeweggBusiness: Net 30 Account

Computer and electronics are costly, but with NeweggBusiness net 30 terms, businesses can get the job done with premium accessories and reliable hardware from NeweggBusiness. Software, office supplies, storage, and networking devices are also available. Keep in mind that the application can take up to 10 days to process. 

Creative Analytics: Net 30 Account

If you’re looking to build your business credit, look no further. Not only is Creative Analytics a fantastic resource for all things digital marketing, but it also has a thoughtfully curated net 30 program for startups and growing businesses.

Wise Business Plans: Net 30 Account

Wise is a leading financial platform that revolutionizes the way businesses manage international transactions, currency exchange, and banking needs. Founded in 2011, Wise has emerged as a trusted solution for businesses seeking cost-effective and efficient ways to conduct cross-border transactions. Upon setting up a business account with Wise, users can apply for Net 30 terms directly through the platform.

Uline: Net 30 Account

Thinking about packaging and shipping needs isn’t the most fun part of running a business, but with Uline, navigating this part of business is pain-free. Some customers noted that they needed to make five or more purchases with Uline prior to getting approved for a net 30 account.

SupplyWorks: Net 30 Account

As the wholesale arm of The Home Depot, SupplyWorks has everything you’ll need when it comes to office repairs, office décor, and more. Plants, chairs, and even lighting solutions, all with net 30 terms. Unpaid invoices or late payments are subject to service charges.

Quill: Net 30 Account

Procuring office snacks, safety gear, and health and wellness products can play a big role in keeping your employees happy, and with Quill, you can find all these items in one place. Quill’s net 30 business account is known to take a couple of months to get approved as they require new business customers to purchase at least $100 of products per month over a 90-day period before approving net 30 terms.  

Grainger: Net 30 Account

Grainger stands as a premier resource for businesses seeking comprehensive industrial supplies. With an extensive catalog spanning from safety equipment to maintenance tools, Grainger provides unparalleled convenience and reliability. Their commitment to customer satisfaction is underlined through the net 30 terms given to customers. However, you may need to speak to a Grainger team member to access these benefits.

Summa Office Supplies: Net 30 Account

Pens, paper, folders, filing cabinets – Summa Office Supplies caters to small businesses but supports a wide range of clients. Larger credit lines open up as your relationship matures with Summa, meaning that net 30 payment terms are just the start of many ways in which your business will benefit from this partnership.

JJ Gold: Net 30 Account

When the holidays roll around and business executives are searching for gifts to showcase their appreciation, JJ Gold’s cosmetics, personal care items, and thoughtful gift selection make it easy. To unlock net 30 accounts for new businesses, JJ Gold requires those businesses to be operational with an EIN for 30 days or more.

CEO Creative: Net 30 Account

CEO Creative’s comprehensive suite of services is designed to help businesses grow their brand presence, engage key audience sectors, and achieve marketing objectives. With website design and development offerings, social media management, consulting, and even graphic design, CEO Creative will take your company to the next level. Businesses must have a clean business history with no late payments to qualify for net 30 trade accounts.

Namynot: Net 30 Account

For help with digital marketing, SEO strategy, content writing, and lead generation, Namynot is a one-stop shop. Offering up to $10,000 in buy now, pay later credit, this trade account provides a lot of opportunity for qualifying customers.

BILL: Net 30 Account

BILL is an expense management platform that makes budgeting easy. With the net 30 business credit card account that even businesses with no prior credit history can access, BILL is a fantastic net 30 supplier.

Lenovo: Net 30 Account

For desktops, laptops, office phones, and all other electronic needs, Lenovo’s net 30 account helps make some of the big-ticket items much more accessible. The net 30 accounts for business come with a variable fee based on purchase volume and credit standing.

How to Apply for Net 30?

Benefitting from net 30 payment terms can happen in a myriad of different ways. Some net 30 vendors automatically approve new clients for 30-day lines of credit while others have a more stringent review and approval process. If it’s the latter, businesses may be asked to provide key data points such as:

·  Business Contact Details (Address, Phone Number, Website, Etc.)

·  Legal Tax Documentation

·  Business Credit Profile

·  Supplier References

·  Application Forms

If you’re not sure how to initiate the process to unlock net 30 payment terms with a specific vendor, reach out to them! They’ll have a process in place and can help you gather and submit all necessary documents. 

Manage Debt with Care

As beneficial as net 30 business accounts can be, they’re still forms of short-term debt that your business is responsible for. Debt financing is common in the business world, but when a business takes on too much debt, there is a very real financial risk associated with it. As always, be smart and calculated when entering into debt agreements of any kind. Be sure to monitor accounts payable reports and metrics such as days payable outstanding to mitigate as much risk as possible. With the right care and financial stewardship, net 30 business accounts can help businesses achieve goals, manage cash flow, and build credit history.

Get a customised Demo on your own Workflow

Request a Demo