Top Tips for How to Build Credit for a Business: The Last One May Shock You

Most business owners assume that you build credit for a business the same way you build consumer credit. Honestly, it makes sense.  It’s no wonder this is such a common misconception. With consumer credit, you just get credit accounts, and your payment history, good or bad, is reported to the credit bureaus. It builds passively on its own, whether you want it to or not. However, when it comes to how to build credit for a business, the same is not true.

How to Build Credit for a Business: Be Intentional

You have to intentionally work to build a business credit profile with a positive score. How do you do that? First, you have to establish a business credit profile. Then, you have to find accounts that will report your payments.  This is how you start to build a business credit score.

How do you establish a business credit profile? Don’t all creditors report payments, or lack thereof? Where do I start? Surprisingly,  you start at the beginning. 

It goes all the way back to the foundation. Business credit is part of a bigger picture we call fundability. You cannot build credit for your business if your business is not fundable, and fundability starts with a fundable foundation. 

How to Establish a Business Credit Profile

The steps you take to build a business credit profile are the same ones necessary to lay a fundable foundation for your business. If you are missing any of these steps your business will not be fundable and you will not be able to build credit for your business. Some of the things that make a difference will probably surprise you.

  • You need an EIN
  • You need to incorporate
  • A separate business bank account is a must
  • Even your business name and NAICS codes can make a difference! 

How to Build Credit for a Business: Pay Attention to the Details

Something as little as your business address, phone number, or email address can cause problems with fundability.  That, in turn, affects your ability to build credit for your business. Your address has to be a physical address where you can receive mail. For example, don’t use a P.O. Box or an UPS Box.  

Your phone number should be toll-free and listed in the 411 directories.  You can have it forwarded to your personal phone, but you need a separate business phone number. Also, a business email address is necessary.  But, you need to be sure it has the same URL as your business website. Do not use a free option like Yahoo or Gmail.

Here is a quick bonus tip. Your website needs to look professional and work well, and you need to pay for hosting. If a lender looks at your website, you want to make a good impression.  

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

How to Build Credit for a Business: You Have to Apply for a D-U-N-S Number

Dun & Bradstreet is the largest and most commonly used business credit agency. Yet, you cannot have a business credit profile with them without a D-U-N-S number. You will not get one automatically. You have to apply for one on the Dun & Bradstreet website. Since lenders use it often, it is important to have a profile with them. It’s free, but be careful. They will try to sell you a lot of things you do not need, including their business credit monitoring services. You can do that cheaper elsewhere. Just apply for the number. 

How to Build Credit for a Business: Recognize That Not All Credit Accounts Will Report Payments

One of the major differences between consumer credit and business credit is that not all business credit accounts report payment history. Of course, pretty much all consumer credit accounts report payment history. You do not have to do anything to make that happen, it just does.

But this is not how business credit accounts work. Even if you do all the work to set your business up to be fundable, and establish your business credit profile, you may still not have a business credit score. Unfortunately, that’s because the accounts you have may not be reporting your on-time payments. 

The solution may seem simple. Just find accounts that will report. However, it’s not easy to find accounts that will approve you before your business credit score is established, let alone those that will do so and report payments. When you are trying to establish a business credit score, you have to find the few vendors that will both extend credit to your business without a credit check and report payments. There aren’t many, so you have to take what you can get. 

Finding Initial Accounts to Build a Business Credit Score

Business owners pretty much have two ways to go about finding these accounts. Of course,  you can just apply for credit accounts and hope you get approved. Then, hope they are reporting payments. You can monitor your business credit to see if payments are being reported. If they are, that’s great. If not, you have to start over.

Complicating matters even further is that you need 5 or more accounts reporting initially. This is a minimum to build a score strong enough for approval from other accounts. As you can imagine, this trial and error method can take an extremely long time.

The other option is to enlist the help of a business credit specialist. This is someone who can help you find those accounts that will both approve you without a credit check, and report on-time payments to the business credit reporting agencies. These are typically net accounts, not revolving.  That means they have to be paid in full completely at the end of the net term, usually 30, 60, or 90 days.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

How to Build Credit for a Business: Apply for Accounts in the Right Order

You cannot just start applying for any and all accounts at random trying to get credit for your business. Well, technically you can, but if you do not have a strong business credit score, you will be denied. 

The first accounts are those initial accounts that will approve a business without a credit score and report payments to the business credit reporting agencies. Still, even after you have your initial business credit score, you will not yet be eligible for any and all business credit accounts.  In contrast, you’ll have to find those that will approve you based on your still limited credit history.  Furthermore, those new accounts need to report payments as well so that you can continue to build your business credit score. 

This puts you in the same predicament described above. You can either apply at random, using trial and error until you get enough accounts reporting to apply for those with higher limits and lower interest rates, or  you can save yourself considerable time and frustration by working with a business credit specialist. A free consultation with a business credit specialist is one of the best ways to see what they can do for your business. 

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

You Can Build Credit for Your Business

You can build credit in your business name. However, you have to take the initiative to work through the process. It will not happen on its own. Don’t wait either. Start now.  Even if your personal credit is fabulous and you have no trouble funding your business based on it, you need to know how to build credit for your business so that you can keep your strong consumer credit score. Then, you can get the funding you need to run your business, when you need it. 

The post Top Tips for How to Build Credit for a Business: The Last One May Shock You appeared first on Credit Suite.

OneSignal (YC S11) Is Hiring a Head of Product Engineering

Article URL: https://onesignal.com/careers/5accd5c2-4a81-45ca-9813-701cae3cbec4

Comments URL: https://news.ycombinator.com/item?id=28491240

Points: 1

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Generally Intelligent is hiring Machine Learning Research Engineers (Remote, SF)

Generally Intelligent is an AI research company. Our mission is to build human-like general intelligence and make it safely accessible in order to foster a more abundant, unconstrained, and equitable society. We take a first-principles approach, starting from simple self-supervised architectures and evolving them to tackle human developmental milestones of increasing complexity.

If you’re remote, see the Machine Learning Engineer role: https://generally-intelligent.breezy.hr/p/37984490dd0f-machine-learning-engineer-remote

If you want to be onsite in SF, see the Machine Learning Research Engineer role: https://generally-intelligent.breezy.hr/p/ed6849c074fb-machine-learning-research-engineer-san-francisco

Our YC jobs page is here: https://www.ycombinator.com/companies/generally-intelligent


Comments URL: https://news.ycombinator.com/item?id=28497623

Points: 1

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Concha on White House cutting Biden's live feed mid-sentence: 'Appears intentional' and it looks weak

Fox News contributor Joe Concha reacted Tuesday to The White House abruptly cutting the feed of President Biden’s briefing on wildfires with federal and state officials in Boise, Idaho.

Army officer resigns over Biden vaccine mandate, 'Marxist takeover of the military'

An Army lieutenant colonel’s resignation letter is gaining attention on social media after he used it to protest the COVID-19 vaccine mandate and what he described as the “Marxist takeover of the military.”

How to Add Your Hotel to Google, TripAdvisor, and More

Have you ever wondered how competitor’s hotels are ranking on the first page of Google? Most of them use free directories like Google and Tripadvisor to reach prospective customers.

Using those same services, you too can boost the search visibility of your hotel property. Best of all, these services are free and packed full of features.

Let’s dive into the key reasons you should add your hotel to Google, Tripadvisor, and similar hotel booking engines. Then, I’ll show you how to request listings on the top hotel listing websites.

Why Should You Add Your Hotel to Booking Sites

For hotels small and large, it makes sense to list them on well-known hotel booking sites like Google and Tripadvisor. Here are a few key reasons to do so.

1. Increase Visibility

The more platforms your hotel is listed on, the more people will see it. Here is an example of how your hotel could look on Google’s hotel listing search results:

hotel listing visibility on Google for google hotel

With increased visibility, your website will likely see a boost in visitors and inquiries. This increases the odds of bookings for your hotel, especially if your listing provides accurate information and high-quality photos.

2. Build Trustworthiness

Building trust with search engines and customers takes time when using your hotel website and social media profiles.

How can you speed up the process? When you list your hotel on a website like Google, you “borrow” its trustworthiness.

Customers know that business listing services, like Google and Tripadvisor, vet their listings. Similarly, customers know that businesses care about their standing on these platforms. This naturally boosts your hotel’s trustworthiness in the eyes of potential customers.

3. Make It Easier for Customers

A major pain point for customers is the inability to compare services and prices easily. With hotel listing sites, customers can easily compare accommodations to find the one that meets their needs.

A Google hotel or Tripadvisor listing also makes it possible for customers to book a stay at your hotel at any time. When your listing contains all relevant information, including availability and price, customers can make a quick but educated decision. This puts the power into the hands of your customers.

4. Gain Access to Marketing Tools

Platforms like Google and Tripadvisor have many marketing tools available for business owners. While not all of them are free, there are many affordable options.

Google integrates seamlessly with its suite of industry-trusted marketing tools. These include:

  • Google Ads
  • Google Analytics
  • Google Keyword Planner (now part of Google Ads)

Google requires hotels to be running ads with them in order to appear on Google Hotel results. Tripadvisor also has its own suite of tools and services. As a verified Tripadvisor business, you can purchase storefront stickers and marketing materials through their vendors. You can also download free marketing assets, like icons and logos, to add to your website, social media profiles, and more.

5. Incorporate Advertisements

Take your hotel marketing efforts a step further with paid advertisements.

As mentioned, Google My Business incorporates seamlessly with Google Ads. You can create campaigns that boost your hotel listing to the top of search engine results pages and Google My Business results pages. The aim is to target relevant keywords with high volume and low competition.

How to Add Your Hotel to Google

Google makes it easy to add and verify your business. Just follow these steps, and you’ll be a Google-verified hotel in less than a week.

1. Sign Up for Google My Business

First, search to see if your business already exists. A Google business listing can exist without a Google My Business account connected. If it does not yet exist, you can create the listing in minutes.

You will be asked to provide:

  • business name and category
  • location for customers (if applicable)
  • geographic location for customers you serve
  • contact phone number
  • website (if applicable)
  • mailing address (for verification)
  • services
  • business hours
  • whether you accept messages from customers
  • a business description
  • photos of your business

You can make edits to your business profile after you complete the steps above. The changes will not be visible on Google until your business has been verified, though.

2. Engage With Customers Reviews and Post Up-to-Date Photos

For larger businesses like hotels, the listing likely exists on Google already. In this case, you might already have customer reviews.

Once you’re verified as the owner or account manager of the hotel, you can respond to ratings and reviews as the business.

Believe it or not, negative reviews are good for your business. They show potential customers the worst-case scenario, as well as how you respond to it.

You should respond to negative reviews promptly, though it’s important to engage with positive reviews, too. This shows you are an active business owner who is attentive to your customers and their feedback.

You should also add up-to-date photos of the hotel and its amenities. While customer photos may exist on the listing, they may not be current or high quality. You want your photos to be front and center on the listing.

3. Add Hotel Information

Your customers should not need to go to multiple websites to find more in-depth information. This may cause them to find other deals elsewhere.

What should you add to your Google business listing?

  • prices
  • availability
  • hours
  • amenities
  • health and safety guidelines
  • up-to-date photos

The more information you add, the greater the benefit to the customer. For example, one benefit of adding pricing to your business listing is the automatic creation of a free booking link.

This brings customers right to your checkout funnel, which can boost your conversion rates. Just be sure to avoid the top reasons for checkout abandonment!

Now onto amenities. There are various categories you should target in your amenities list. These include:

  • internet
  • food & drink
  • policies & payments
  • activities
  • pools
  • services
  • parking & transportation
  • wellness
  • accessibility
  • pets
  • business & events
  • rooms
  • bathrooms
  • languages spoken

Google provides many options within each category. Check those you offer and add additional information as allowed. For example, whether there is an extra charge or how often a service is performed:

amenities additional information for google hotel

How to Add Your Hotel to Tripadvisor

Tripadvisor provides a streamlined process for requesting your hotel’s listing.

1. Request a Listing

Similar to Google My Business, a listing can be requested without your input. This often occurs when a user writes a review. To see if your hotel already has a listing, go to the Claim Listing page and search your business name.

If your business is not listed, just click the option at the bottom of the search results list that says “List it now:”

Trip Advisor set up new listing for google hotel

2. Add Your Personal Information

With the request initiated, you will first need to establish who you are and your connection with the business. This will include categorization of your business, your role within the business, and whether the place is currently open:

trip advisor request initiation for google hotel

3. Add Your Hotel Information

Now it’s time to add the name of the hotel, a description (optional), address, and contact information.

This information will be available for customers once the listing is live.

For verification purposes, be sure the information you provide is accurate and up-to-date.

4. Include Property Details

Here, you will have the chance to add more information about your hotel and its services.

To start, Tripadvisor will ask numerous questions to ensure the most information is included in your listing. These questions include:

  • What accommodation type best describes this property?
  • How many rooms or units does the property have?
  • How frequently is the front desk or check-in location staffed?
  • What are the check-in hours?

You will also have the chance to select amenities your hotel provides from a list of common options:

Trip Advisor amenities for google hotel

The amenities list is not comprehensive, but you can provide more details once your hotel listing is published.

5. Add a Description and Photos

While a description is not required, it is crucial to distinguish your hotel from the competition. Aim to write a customer-focused description of your hotel.

The more photographs a listing has, the more likely it is to convert. A study from Bright Local found that businesses with more than 100 images on Google My Business get 1038 percent more direct searches than the average business.

That’s not the only benefit. Business listings with more than 100 images also see more calls, direction requests, and website clicks.

6. Submit Your Hotel Listing

The final step is to affirm the information you provided is true, and that you have the authority to request a listing. Once that is done, you can submit your listing for review.

With the listing submitted, Tripadvisor will start verifying your details and confirm your property meets their guidelines. The timeframe may vary, though it typically takes five business days.

How to Add Your Hotel to Booking.com

Google and Tripadvisor are industry leaders, but Booking.com is another popular option for listing your hotel. Follow the steps outlined below to get started now.

1. Sign Up for Booking.com

It takes just a few steps to sign up for Booking.com. The steps are:

  1. Go to the sign-up page and click “Get started.”
  2. Enter your email address and then click “Continue.”
  3. Enter your first and last name, and phone number.
  4. Enter the password of your choice and click “Create account.”

2. Request a Hotel Listing

Using the account you created above, you can now click “List your property under Hotels, B&Bs, and more.

Booking.com list your property for google hotels

You can add property details, including:

  • hotel name
  • hotel address
  • contact information
  • pricing
  • facilities & services
  • amenities
  • policies
  • payments

You will also have the chance to upload photos of your hotel. This is your chance to show the best your hotel has to offer.

You should, of course, include images of amenities and luxury services. However, also be sure to include images of your standard rooms. You do not want to set an expectation for customers that is unrealistic.

3. Add More Details

Once your listing is approved, you will receive access to Booking’s Extranet. This is a portal where you can update your availability calendar, prices, and other listing details.

It will be important to update your details regularly to ensure the best experience for customers.

4. Make the Listing Live

Whenever you’re ready, you can make your property listing live on Booking.

Besides these three mentioned, also consider other platforms to add your hotel listing to, like Oyster, HotWire, Priceline, Travelocity, Yelp, and more.

Frequently Asked Questions About Adding Hotel Listings

How Do I Add My Hotel to Google Maps?

With a Google My Business listing, your hotel’s address will automatically appear on Google Maps.

Should I Add My New Hotel to Google?

Yes! The sooner you can get your property listed on Google and other hotel booking websites, the sooner you can begin to build visibility and credibility.

What Other Hotel Booking Websites Should I Add My Hotel To?

Aside from Google My Business, Tripadvisor, and Booking.com, other hotel booking engines to consider include:

How Often Should I Update My Google Hotel Listings?

The more often you update your Google hotel listings, the better. You should update prices and availability daily if needed. For services and amenities, update them as their availability changes. You should also respond to reviews regularly.

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Google Hotel Guide Conclusion

With hotel booking engines like Google My Business, Tripadvisor, and Booking.com, you can meet the growing demand for contactless service. These websites let hotels provide all of the information customers need to make an informed decision. This gives the customer greater control over their booking experience.

If you’ve not considered using these booking engines before, this guide will provide you with everything you need to get started. There are many benefits to using these websites, including increased visibility and trustworthiness.

Which of the above hotel booking engines will you sign up for first?

Covid Confusion at the CDC

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