If you want to work on creating trade credit, start by opening a vendor account that reports to the credit bureaus. One of the best start-up vendors to help your small business is Uline, a company that sells shipping supplies.
In this article, we’ll help you understand what Uline trade credit looks like, who Uline reports to, and how you can get your own trade credit from the provider.
What is Uline Trade Credit?
Business credit accounts like Uline are much like business credit cards in that you can make purchases now and pay the seller later. But rather than having a physical plastic card, you get store credit from a specific vendor.
In the case of Uline Business Credit, you can open a net 30 account, which means you have 30 days to pay your bill after making an office supply purchase.
Why do it? Along with building your business credit, you’ll also keep your business cash flow more stable, giving you more cash available when you need it, even when you need to stock up on supplies.
How can I register and open an account online with Uline?
The process for establishing a business line of credit with Uline is fairly straightforward.
The vendor’s app asks for banking and business references, which helps the vendor understand how responsible you are for paying off your debts and managing your business finances.
You will also be asked for your DUNS number (this is your Data Universal Numbering System), if you have one. If you don’t have one, that’s fine.
You won’t need to provide your social security number or your business bank account information. Once your account is approved, you can select 30 net terms as the payment method at checkout when you place an order for industrial supplies. You can also be notified of your Uline credit limit.
How do I get a Uline credit application form?
You can download the credit account application from the Uline website. If you have any questions throughout the process, you can call their customer service at 800-295-5510.
What types of payment does Uline accept?
In addition to Uline trade credit, the seller also accepts a variety of debit and credit cards, including:
- Discover the menu
- American Express
- GSA SmartPay
- Diner’s Club
Uline also accepts personal or corporate checks, money orders, cashier’s checks, electronic funds transfers (EFTs) or electronic transfers.
Which credit bureaus does the Uline business account report to?
The goal of opening business accounts for your business is to have your payments on time reported to the business credit bureaus. The same goes for your consumer credit: pay off your mortgage, car loans, and credit cards on time, and your personal credit score will increase.
But not all vendors report to all commercial credit reporting agencies. In the case of Uline, your business credit activity is reported to business credit bureaus like Experian. Your activity will be included in your business credit report for each business credit bureau and will contribute to your business credit score. Over time, you will build your credit history and your score, which will open the door to more credit opportunities at better rates.
Nav’s verdict: Uline Business Credit
As a business owner, you need to think about the future of your business. Part of this for your small business is learning how to establish business credit to open the door to future small business business loans if you need them.
Start by establishing supplier credit with the companies you need supplies from, like Uline, and then be responsible for paying your balances in full and on time.
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