Building business credit is an important step for any entrepreneur who wants to grow their company. In this article, we’ll discuss tier 2 business credit vendors that can help you take your business credit to the next level.
When building business credit, having a solid foundation of Tier 1 accounts is essential. But once you have at least five to seven Tier 1 accounts already set up and reporting, it’s time to start looking into Tier 2 business credit vendors. Here are some of the vendors you should consider:
Top Tier 2 Business Credit Vendors with High Approval Rates
Quill offers a variety of office supplies and equipment and provides business credit to qualified customers. They offer credit lines up to $1,000 with easy online application and fast approval.
This tier 2 business credit vendor reports payment data to Dun & Bradstreet, Experian, and Equifax.
This tier 2 business credit vendor is a supplier of shipping, packaging, and industrial supplies. They also offer business credit to qualified customers with credit lines up to $1,000. They typically approve within a few days, and the application process is easy and fast.
Like Quill, Uline also reports to Dun & Bradstreet, Experian Business, and Equifax Business.
Grainger is a supplier of industrial equipment, tools, and supplies. This vendor offers a net-30 business credit account. A revolving credit account that allows you to buy products and services on credit and pay the balance in full each month.
To qualify for a Grainger credit account, you must provide your business’s legal name and address, DUNS number, and tax identification number. You must also provide information about your business’s financial standing and credit history. Once approved, you can start purchasing on credit and building your business’s credit history.
Grainger also reports to the three major business credit bureaus, Dun & Bradstreet, Experian, and Equifax.
BlueVine offers a business line of credit of up to $250,000 and invoice factoring of up to $5 million. Their application process is quick and easy, and they typically provide decisions within 24 hours.
BlueVine reports to business and personal credit bureaus, including Experian and Dun & Bradstreet for business credit reporting and TransUnion for personal credit reporting. However, only some of their lending products may report to credit bureaus, so it is best to confirm with BlueVine directly for specific reporting details.
OnDeck provides small businesses with short-term loans and lines of credit up to $500,000. In addition, they offer a streamlined application process and typically provide decisions within minutes.
OnDeck reports to the major credit bureaus; Experian, Equifax, and Dun & Bradstreet.
Kabbage offers lines of credit up to $250,000 to small businesses. They use a unique lending model focusing on a business’s cash flow rather than just its credit score.
Kabbage also reports to Experian, Equifax, and Dun & Bradstreet.
Fundbox provides lines of credit up to $150,000 to small businesses. They use a proprietary algorithm to assess a business’s creditworthiness. Which allows them to make quick lending decisions.
Fundbox reports to Experian, Equifax, and Dun & Bradstreet.
More Tier 2 Business Credit vendors to Consider
This company provides financing for bills and equipment. Similar to Amazon seller financing or business financing. If you need financing for your business, Behalf can help.
This business vendor reports to the Small Business Financial Exchange Network. This means that once they report your account in good standing, Dun & Bradstreet, Experian, and Equifax may pull that data and put it into their system. Keep in mind that Behalf may require a personal guarantee.
The next vendor on our list is United Rentals. They offer credit terms for large equipment and Net 30 terms. This vendor can be a great option if you need equipment for your business. Their application process is simple, and they only check Experian.
Thus, if you have three or four payment Experians, you should get approved with no problem.
This is one of the tier 2 business credit vendors that is known to report to Dun & Bradstreet, Experian, and Equifax commercial credit bureaus.
Northern Tool and Equipment
Northern Tool and Equipment is another great vendor for commercial equipment financing. They offer financing through CIT or Trek Financing and have a consumer credit card. However, if you’re starting with tier 2, it’s best to go through their Commercial Net 30 account first.
The application process of this vendor is straightforward. However, remember that it’s important to make sure you’re applying for the Net 30 account through BlueTarp.
BlueTarp Financial is a credit and payment management company that provides trade credit programs for businesses in the building supply industry. Northern Tool and Equipment is one company that partners with BlueTarp to offer its customers trade credit for purchases.
BlueTarp reports to major business credit bureaus such as Dun & Bradstreet, Experian, and Equifax.
Tips to acquire Tier 2 business credit vendors easily
When building business credit, applying for credit with tier 2 business credit vendors can be a great way to establish a strong credit profile. However, the application process can be time-consuming and frustrating, particularly if you’re trying to apply to multiple vendors simultaneously.
To make things easier, prepare all the information you need before you start. Including your business’s tax ID number, financial statements, and any relevant business licenses. Having a solid business plan in place is also a good idea, as this can help demonstrate your company’s stability and potential for growth.
In addition, if you’re feeling overwhelmed by the process, consider using a business credit builder software like Business Credit Machine. It has a database of tier 1 and tier 2 business credit vendors. And a system that can help streamline the process. It allows you to monitor the status of every vendor account application easily. Thus, helps your chances of success in building your business credit.
The Business Credit Builder Software – Business Credit Machine is a powerful tool to build business credit for your company or your clients’ companies as a business credit builder specialist.
We offer a Free, No-Pressure Live Presentation of the Business Credit Builder Software – Business Credit Machine.
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