A net 30 account is a credit account vendor’s offer to their customers. This means your invoices will be payable within 30 days, interest-free.

 

What is Business Credit?

Business credit assists businesses with financing their operations. Companies can use business credit to purchase inventory, equipment, and supplies. Business credit can also be used to fund a business’s construction or expansion. Using business credit to cover the costs associated with starting a new business is also possible. It is also possible for companies to use business credit to finance the purchase of existing businesses.

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 What Is a Net 30 Account?

A net 30 account is a credit account vendor’s offer to their customers. This means your invoices will be payable within 30 days, interest-free.

Vendors that provide net 30-term accounts may report your activities to a business credit bureau, which can help you build business credit. Additionally, you can use them to smooth out your cash flow without taking out a business credit card.

Wise Business Plans offers net-30 accounts as a financing option to small businesses that have been operating in the US for at least 30 days. This provides businesses with the flexibility to purchase products or services on credit and pay for them within 30 days.

To qualify for a net-30 account, there is an annual fee of $99 that must be paid to open and maintain the account. This fee helps to cover the costs of managing and servicing the account.

Worth noting: To qualify for a Net 30 account your business must: 

• Operate in the United States
• Have a Tax ID number (EIN) and D-U-N-S number
• Be established for at least 30 days
• Not have any derogatory business reporting or delinquencies
• Have an authorized officer of the organization submit the application

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How Many Net 30 Accounts Do I Need to Build Business Credit?

Building business credit for the first time requires at least four net 30 accounts per credit bureau. To generate a PAYDEX Score, Dun & Bradstreet requires four trade references. Business credit bureaus such as Experian and Equifax also require multiple accounts and payments.

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How Fast Will Net 30 Accounts Build My Business Credit?

They can take 6 to 8 weeks to appear on your business credit reports. First, a few things need to be done. 

Firstly, you must sign up for the Net 30 terms and place an order; Secondly, you must pay off your order; and Lastly, that payment must be reported to the business credit bureaus.