Business Funding - Vendor Accounts You Can Set Up

Business Funding - Vendor Accounts You Can Set Up

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Business Credit Monitoring

In Business Credit there are essentially 4 major business credit bureaus that business owners need to be aware of:

Dun & Bradstreet, the biggest of them, Experian Business, Business Equifax and Fico Small Business Scoring Service. Each is recognized and important in different aspects of corporate credit, so let’s break each of them down.

Dun & Bradstreet - The Hard & Expensive Way (It is Rewarding Though!)

  • D & B offers a corporate credit report that includes your paydex score and several other factors.
  • D&B has a database of more than 290 million business records worldwide.
  • Formed way back in 1841
  • Largest provider of business credit reports in the world.
  • They are a business, not a part of any government organization.

Experian Business

  • Offers a Credit Report that includes your Intelliscore, public records and payment trends.
  • Has reports on 25 million US businesses.
  • Largest & arguably most important personal credit provider in the US
  • Widely respected in the US as a premier provider of corporate credit reports.
  • 2nd largest business report provider in the US

Business Equifax

  • Also provide a credit report with your score for payments, failure rate and payment trends.
  • Has reports on 88 million businesses worldwide.
  • Focuses on business to business sector.
  • 2nd Largest business credit reporting creditor in the world today.

NAV

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CLICK HERE TO MONITOR YOUR BUSINESS REPORTS WITH NAV

Fico SBSS

  • Formed in 1993 to help evaluate business risk.
  • Their scoring system is widely used by lenders nationwide in the US.
  • Also used by SBA (small business administration) for SBA loans.

Takeaways

  • Each Business Credit Bureau is unique in their reporting methods.
  • Each may focus on reporting different segments of your corporate credit.
  • Business Credit is significantly different from personal credit as it does not automatically report, you must initiate your corporate credit reports.

Vendor Accounts

Business Credit Accounts

Step 1 Corporate Credit Vendors

  • The first group of Vendors/Creditors are the ones most likely to approve you so that you can build real corporate credit.
  • They may not offer products that you are most in need of or badly desire, but they are the best vendors to use to build your corporate credit.
  • Most will have net 30 terms meaning you buy something and within 30 days need to make payment, I recommend you make payment within a week to expedite the process.

The Goal is to Get Business only Credit without a Personal Guarantee

  • When you apply, the goal is to get an approval without needing a personal guarantee where you list your SSN and use personal credit.
  • You may need to prepay an item at the beginning before they give you net 30 terms where you can buy on business credit and then make payment within 30 days.
  • When in doubt, ask the Vendor reps, they are great to work with.

You need 3 Accounts in Step 1

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VENDOR 1 - ULINE

  • www.Uline.com or Call 800-295-5510
  • They sell bags, boxes, bubble wrap, gloves, mailers, trash bags, plastic bins, labels, toilet paper, printing paper, box cutters, tape and all sorts of supplies.
  • To apply you’ll need your DUNS number, your EIN and to buy something for at least $50 for it to report.
  • Add item to Cart, Checkout, then open an account and ask that payment be invoiced.
  • REPORTS TO D & B AND EXPERIAN
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VENDOR 2 - QUILL

  • www.Quill.com or 800-982-3400
  • Quill sells office supplies, printer ink, coffee/office snacks, cleaning and other unique products.
  • Need to have your EIN, sometimes your Duns #. $50 min.
  • May need to prepay once before given net 30 terms.
  • Will take 90 days to report generally.
  • Pay 2 weeks after receiving your invoice, if you pay it too early then they will not report.
  • Report to D&B.
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VENDOR 3 - GEMPLER'S

  • REQUIRES A $500 PURCHASE TO GET A CORPORATE CREDIT ACCT.
  • www.Gemplers.com Call 800-382-8473 to Apply.
  • They sell a ton of products including shoes and outdoor stuff.
  • You need your EIN, a bank or trade reference (hint use Uline or Quill!)
  • Must make a $100 purchase.
  • Wait to pay your invoice till the next month, I like to buy on the 20th of the month and then pay by the 5th or 10th of the following month to ensure they report.
  • Report to D&B, offer a $1,000 approval limit which is great.
  • Must call to apply for the net 30 terms.
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VENDOR 4 - GRAINGER

  • www.Grainger.com , 800-472-4643
  • They work with a number of providers with a lot of construction products like electrical, Hvac, hardware, janitorial, tools and such.
  • Need your duns # & EIN, $50 minimum purchase.
  • They may request docs like your EIN, income statement etc.
  • Apply over the phone and make them comfortable and you’ll get approved.
  • Net 30 terms
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VENDOR 5 - LUKOIL

  • Click Here for the App Link
  • Need EIN number to apply.
  • You may have to personally guarantee, but you still can build corporate credit.
  • Report to D&B, Experian & Equifax.
  • Sometimes will take a small deposit to open an account without using your ssn.
  • If possible, get this account.
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VENDOR 6 - BEHALF

  • https://www.behalf.com/
  • Need a US Business and personal bank account.
  • Owner must submit EIN & SSN.
  • Finance electronic purchases like most apple products, electronic products etc.
  • Partnered with different vendors.
  • Report to D&B, Experian & Equifax. 347-507-2083

Online: https://www.behalf.com/help-center/

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VENDOR 7 - PUFFER WEB

  • www.PufferWeb.com
  • Need your EIN Number, sometimes Duns #
  • Finance SEO, Online Reputation Management.Works to increase your online reviews.
  • $2,000 Credit LIne Reports to Experian & Equifax
  • Partnered with different vendors.
  • Report to Experian & Equifax
  • Net 30 terms. Innovative, 888-766-3315.
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VENDOR 8 - GLOBAL VOICE DIRECT

  • www.GlobalVoiceDirect.com
  • Need your EIN Number, Duns #, Estimated annual sales,
  • $2,000 Credit LIne Reports to Experian & Equifax
  • https://globalvoicedirect.com/howit-work.php
  • Offer Credit LInes up to $7,500
  • Regular Revolving, reports to Experian & Equifax.
  • $149 initiation fee and then $24.95/month
  • BIG TIME SHORTCUT
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Step 2 Business Credit Accounts

Step 2 Corporate Credit Vendors

  • The goal of Step 2 is to add another 3 accounts that report to your corporate credit reports.
  • At this point, you should have at least 3 accounts reporting to D&B and maybe one reporting to Experian or Equifax.
  • If you don’t yet have 3 payment accounts reporting, then go back to Step 1 of Business Credit Accounts and apply for more accounts so you can have 3 separate accounts reporting.

The Goal is to Get Business only Credit without a Personal Guarantee

  • When you apply, the goal is to get an approval without needing a personal guarantee where you list your SSN and use personal credit.
  • You may need to prepay an item at the beginning before they give you net 30 terms where you can buy on business credit and then make payment within 30 days.
  • When in doubt, ask the Vendor reps, they are great to work with.
  • ALL PURCHASES ARE TAX DEDUCTIBLE!

You need 3 Accounts in Step 2 plus the 3 accounts you set up in Step 1 Should Equal 6 Total Accounts

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VENDOR 1 - WEX

  • https://www.wexinc.com/fleet/ 800-395-0812
  • Need your EIN, Duns number, estimated annual revenue
  • If business credit is not strong enough, then may need to list your ssn.
  • Reports to D&B and Experian.
  • Gas, Fleet card will work at most major gas stations.
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VENDOR 2 - EXXON MOBILE

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VENDOR 3 - GLOBAL FLEET

  • https://www.global-fleet.com/apply-now/ 866-246-9118
  • Need your EIN, estimated sales, must be a US citizen or permanent resident. May ask for a business license.
  • Reports to D&B, Experian & Equifax.
  • If personal credit is bad, then you may need to make a deposit.
  • Pays for gas at most gas stations.
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VENDOR 4 - 7 ELEVEN

  • https://www.7-elevenfleetcard.com/ 866-558-5975
  • Need EIN number to apply.
  • You may have to personally guarantee, but you still can build corporate credit.
  • Report to D&B, Experian
  • Sometimes they will take a small deposit to open an account without using your ssn.
  • If possible, get this account.
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VENDOR 5 - CONOCO

  • 877-685-0323
  • Need EIN number, Good D&B score.
  • SSN needed if credit is thin for the business.
  • A deposit may be required if corp credit isn’t strong enough.
  • Reports to D&B and Experian.
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VENDOR 7 - HD SUPPLY

  • http://www.hdsupply.com/ 800-944-8322
  • Need your EIN Number, sometimes Duns #
  • A 65 paydex D&B score is needed
  • Registered business with Sec. of State.
  • They sell fire extinguishers, power tools, cabinets, doors, home improvement stuff, flooring, plumbing, heating, cooling, windows etc.
  • Reports to Equifax which is rare.
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VENDOR 8 - AMAZON

  • AWESOME ACCOUNT, GET IT 866-634-8381
  • Will validate business info with Sec of State, D&B, Business Phone number etc.
  • May need to guarantee personal credit if corp credit is weak.
  • Reports to D&B & Equifax.
  • Can Buy anything on Amazon Baby!
  • Choose Pay in full credit line with 55 day terms
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VENDOR 9 - LOWE'S

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VENDOR 10 - MACY'S

  • 800-221-8875, over the phone only
  • Need your EIN, Duns #, paydex score over 80, 411 listing and Bank account of course.
  • They want to do business with you if you’re going to purchase work clothes, a lot of work clothes.
  • Reports to D&B & Experian.
  • Offering all of their awesome products
  • Net 30 terms
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VENDOR 11 - OFFICE DEPOT

  • https://business.officedepot.com/a/content/prelogin/getstarted/
  • 800-767-1358
  • Need EIN, Business phone number, Duns #, paydex over 80 and 411 listing for your business phone number.
  • Reports to D&B and Experian.
  • Go to the store to apply in person for an immediate response or online for 3 to 5 days.
  • Great business office products and technology.
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VENDOR 12 - STAPLES

  • https://www.staples.com/sbd/cre/programs/credit/#business
  • 800-767-1291
  • Need EIN, Business phone number, Duns #, paydex over 80 and 411 listing for your business phone number.
  • Reports to D&B and Experian.
  • Apply online, they prefer businesses with multiple years history, but good corp credit can get you an approval.
  • Great business office products and technology.

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Step 3 - Business Credit Accounts

Step 3 - Corporate Credit Vendors

  • The goal of Step 3 is to add another 3-4 accounts that report to your corporate credit reports.
  • At this point you should have at least 4-5 accounts reporting to D&B and 2-3 reporting to Experian and Equifax.
  • If you don’t yet have 6 payment accounts reporting, then go back to Step 1 & 2 of Business Credit Accounts and apply for more accounts so you can have 6 separate accounts reporting.

The Goal is to Begin Landing Larger Credit Limits

  • When you apply, the goal is to get a credit limit approvals of $1,000 or greater.
  • Follow up with some of your older accounts and ask for a credit limit increase.
  • Corporate Credit is a copycat game, if you get some bigger credit limits then new vendors will approve you for larger amounts!

You need 3-4 Accounts in Step 3 plus the 3 accounts you set up in Step 1 plus the 3-4 accounts you set up in Step 2 Should Equal 10 Total Accounts by the End of Step 3.

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VENDOR 1 - MSC

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VENDOR 2 - BUSINESS T SHIRT CLUB

  • https://businesstshirtclub.com/application-form 708-719-4238
  • Get some swag in your business and branding!
  • Get your logo and business name on to shirts, hoodies, hats and more, Get your swag on!
  • EIN number, basic business info.
  • Reports to Equifax.
  • Swag is a must in business!
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VENDOR 3 - SHELL GLOBAL

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VENDOR 4 - PLATT

  • https://www.platt.com/
  • https://creditapp.rexeltools.com/platt
  • 800-257-5288
  • Need EIN, 80 paydex score, trade account reference (you use one of your other trade accounts)
  • Buy something for $50.
  • Reports to D&B and Experian
  • Net 30 terms
  • Buy lights, lamps, wire, solar stuff, fuses, electrical stuff, tools, something you need.
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VENDOR 5 - THE HOME DEPOT

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VENDOR 6 - WALMART

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VENDOR 7 - CHEVRON

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VENDOR 8 - SEARS

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VENDOR 9 - LOWE'S

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VENDOR 10 - AMAZON

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VENDOR 11 - BP

  • https://www.bpbusinesssolutions.com/ 888-862-3665
  • Reports to D&B & Equifax.
  • Need EIN, 80 paydex score, Strong corporate credit.
  • Valid for gas purchases at any BP Gas station.
  • Terms are revolving
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Step 4  - Business Credit Accounts

Step 4 - Corporate Credit Vendors

  • The goal of Step 4 is to add another 3-5 accounts that report to your corporate credit reports.
  • At this point you should have at least 6-8 accounts reporting to D&B and 3-5 reporting to Experian and Equifax.
  • If you don’t yet have 10 payment accounts reporting, then go back to Step 1, 2 & 3 of Business Credit Accounts and apply for more accounts so you can have 10 separate accounts reporting.

The Goal is to begin Landing Larger Credit Limits

  • When you apply, the goal is to get an credit limit approvals of $3,000 to $10,000 and beyond.
  • Follow up with some of your older accounts and ask for a credit limit increase.
  • Corporate Credit is a copycat game, if you get some bigger credit limits then new vendors will approve you for larger amounts!

You need 3-5 Accounts in Step 4 plus the 3 accounts you set up in Step 1 plus the 3-4 accounts you set up in Step 2 and 3-4 more in Step 3. It Should Equal 14 Total Accounts by the End of Step 4.

IMPORTANT CONCEPT

Many times we accumulate personal credit card debt as we are building our businesses.  In this step, now that your corporate credit profile is strong, we want to show you how to obtain Business Credit Card approvals so that you can transfer all of your personal credit card balances used for your business over to business credit cards where they should be.

This will remove the personal credit card balances from your personal credit report and list them on your business credit reports.  This will separate your personal & business credit!

FOLLOW THESE STEPS

1.  Make sure that your personal credit card balances are as close to 50% of the limit of each card before applying.

2.  Depending on the amount of personal credit card balances you have apply for the following Business Credit Cards.

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Business Card #1  - AMERICAN EXPRESS

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Business Card #2  - CHASE

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Business Card #3  - BANK OF AMERICA

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VENDOR 1 - DELL

  • https://www.dell.com/en-us/work/learn/dell-business-credit
  • 800-999-3355
  • This is an awesome business credit line account for you to buy computers, tablets, monitors and anything computer related.
  • Need Duns, EIN, 80 paydex score, will require employer info, ssn, dob, driver’s license for identity verification.
  • Reports to D&B and Experian.
  • $5,000 to $10,000 credit limit approvals are typical.
  • Apply only if you have been working on corp credit for 6 months +.
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VENDOR 2 - THE HOME DEPOT

  • 866-263-3451
  • This is a different Home Depot account, this is the big revolving account up to $10,000. D&B & Experian reporting.
  • Need 10 reporting tradelines on D&B. a $10,000 high limit account reporting on your D&B account. SSN NOT NEEDED
  • For the previous Home Depot account in Step 3 you can ask that it be converted to a higher limit, revolving account now.
  • Typically you must go in person to a location to apply for the HOME DEPOT COMMERCIAL REVOLVING CHARGE CARD
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VENDOR 3 - ALLY

  • https://www.ally.com/auto/business/#Getstarted
  • 888-925-2559 Phone
  • Need Ein, Duns, Paydex over 80, they prefer bigger, more established businesses.
  • Apply for any vehicle financing at a dealership and call beforehand to ask if they can do Ally’s commercial financing.
  • Reports to D&B & Experian.
  • Goal is to get financing purely in the business name.
  • Can be a loan or a lease.
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VENDOR 4 - SAMS CLUB

  • https://www.onlinecreditcenter4.com/sams/dualcard/SC_BUS_DualApp.pdf
  • 888-746-7726
  • Need 10 accounts reporting to D&B, $10,000 credit limit on D&B, EIN, Duns, 80 paydex
  • Reports to D&B & Experian
  • Take the filled out app into a Sam’s Club, leave the personal guarantee spot blank. It may take 3 to 5 weeks for an answer, they will need articles, utility bill, business license.
  • Ask for the revolving acct & Mastercard Account.
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VENDOR 5 - UNIVERSAL PREMIUM

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VENDOR 6 - CHEVRON TEXACO BUSINESS CARD

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VENDOR 7 - RACETRAC UNIVERSAL

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VENDOR 8 - COSTCO

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VENDOR 9 - APPLE

  • https://www.apple.com/us_smb_78313/shop/finance/business-financing
  • Need EIN, Business Bank Account and 10 or more D&B accounts reporting.
  • Will validate business info with Sec of State, D&B, Business Phone number etc.
  • Should not need to enter your ssn, it should be a business account based on your corporate credit.
  • Ask for 5k to 10k.
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VENDOR 10 - FUNDBOX

  • https://fundbox.com/signup/ 855-572-7707
  • Connect your business checking account and QuickBooks account.
  • Get approved for lines of credit to help with cash flow while waiting for accounts receivables to arrive.
  • Pay and use again and again!
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VENDOR 11  - FORD