How to Build an All Star Team of Tier 1 Business Credit Vendors to Kick Off Business Credit

Do you ever feel like trying to get credit for your business is like playing a game, but you don’t know the rules?  Imagine trying to play football but having no clue how the game works. From kick off, you would be doomed to lose. The same is true with business credit. If you don’t know what rules credit providers are playing by, you may feel like it’s a losing game from the beginning.  The best way to kick off business credit is with Tier 1 business credit vendors.

Put Together a Winning Team with Tier 1 Business Credit Vendors

As with any great football program, you need great players and a great coach if you are going to win.  Credit Suite offers great coaching through the7 steps in the Business Credit Builder.  Then, once you work your way through the first couple of steps, you will have no problem recruiting a winning team of Tier 1 business credit vendors in step 3.

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

What Are the First Steps?

Of course, It does you no good to have a team if you don’t have a score board or even a field to play on. So, you have to complete the first two steps to start. Step 1 is to build a fundable foundation. This is how credit providers will see that your business is legitimate and separate from you as the owner.

Here is a quick summary some of the things included in a fundable foundation:

  • Physical address where you can receive mail
  • Toll free phone number listed in the 411 directories
  • EIN
  • Incorporating as an S-corp, LLC, or corporation
  • Dedicated business bank account
  • Proper licensing
  • Business website

After that, you have to establish your business credit reports, which includes getting a D-U-N-S number from Dun & Bradstreet and making sure you are listed with the other business credit reporting agencies. Obviously, you cannot have a business credit score without a business credit report for vendors to report payments to. Establishing this “scoreboard”  is Step 2.

Step 3: Tier 1 Business Credit Vendors

This is the step where you actually start building your business credit. To win the game, you have to choose the right vendors for your team. Without established business credit, it is going to be hard to recruit. You have to go after the right ones for this stage. These are vendors in tier 1, also known as starter vendors.

These vendors lay the groundwork for building a business credit score. They can provide initial accounts that report so that you can get a  business credit score on the board. Just like a winning team is a powerful recruiting tool in football, an initial business credit score opens the possibility of approval for advanced vendor credit accounts.

What Makes a Vendor a Tier 1 Business Credit Vendor

These are usually companies that do not specialize in extending credit. Rather, they are retail businesses that may extend net terms on invoices to their customers as a courtesy. Usually they offer either 30, 60, 90 days or however many days the net terms state, to pay in full.

It’s different from a credit card because it is not revolving credit, and there is no card. They extend this type of credit to customers without depending as heavily on creditworthiness as other vendors do. That’s not to say they just give net terms to anyone. They will just take factors other than business credit into account when determining creditworthiness.

With many of them, if you complete step one and build a strong fundable foundation, you are likely to get approval.

Other Factors to Determine Creditworthiness

These vary from vendor to vendor, but some examples include:

  • Previous or current relationship with the customer
  • Time in business
  • Average balance in business bank account
  • And more

The Importance of Reporting

Vendors that extend net terms without relying solely on business credit reports are hard enough to find. However, to be a true tier 1 business credit vendor, they also have to report positive payment history to the business credit reporting agencies.

Many vendors will report negative payment experiences, but they will not report on-time payments. Unfortunately, this is the case with more than nine out of every ten vendors. As you can imagine, this is a huge problem when it comes to building business credit. You need credit to get credit, and starter vendors that report are the only way to break the cycle.  Yet, they are almost impossible to find on your own.

Why Can’t I Find Tier 1 Business Credit Vendors On My Own?

It’s not totally impossible. But, vendors do not make it easy to figure out how heavily they rely on business credit reports or whether they report payments. That only leaves you with a couple of options if you want to do it on your own.

You can apply for accounts with the vendors you already use. Since they already work with you, they may be willing to offer credit based on your relationship rather than credit history. You can also just apply for vendor accounts and hope for the best. If you monitor your business credit reports, you will be able to see if they are reporting.

Obviously this trial-and-error method has some glaring holes in it. First, there is no telling how long it will take to get approval for just one account. Then, you will not know if they are reporting until you see or don’t see it on your business credit report. You need at least 3 accounts reporting to establish a business credit score. This method takes a lot of time and causes a lot of frustration.  Not only that, you may never get where you need to be before the lack of ability to get funding shuts you down for good.

How to Find Tier 1 Business Credit Vendors

Working with someone who has an inside track on which creditors will extend net credit without a credit check, and report on-time payments, saves time and frustration. You can know you are eligible for approval before you apply. Then, as you get approval and start using the credit, you will know your business credit score is growing because you know the vendor reports.

Many times a business credit specialist can help you find less costly ways to monitor your business credit reports as well.

Examples of Tier 1 Business Credit Vendors

While there are several such vendors in Tier 1 of the Business Credit Builder, seeing examples can help you get an idea of what’s available. Here are a few to get you started, but remember it takes more than one account reporting to move on to tier 2 vendors.

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

Grainger Industrial Supply

This vendor sells hardware, power tools, pumps and more. They report to Dun and Bradstreet, and if a business doesn’t have established credit they will want to see other information like accounts payable, income statement, balance sheets, etc.

They offer net 30, 45, 60, or 90 terms, and qualification requirements include:

  • Being an entity in good standing with the applicable Secretary of State
  • Being registered with the Secretary of State (SOS) for at least 60 days
  • An EIN
  • A business address that is consistent everywhere it is listed
  • A D-U-N-S number
  • All business licenses (if applicable)
  • A business bank account

Uline

Uline sells shipping, packing and industrial supplies. They report to both Dun & Bradstreet and Experian. Before you can get approval for net terms, you MUST create an account with them. They offer net 30 terms.

Qualification requirements include:

  • Being an entity in good standing with Secretary of State
  • An EIN
  • A business address (matching everywhere)
  • D-U-N-S number
  • Business bank account
  • Business phone number listed in 411
  • A D&B PAYDEX score of 80 or better (although if you meet the other requirements you may get approval anyway)

The credit department may require a few prepaid orders before extending net terms.

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

Home Depot Pro

As part of the Home Depot family, they offer facility maintenance supplies. This vendor will not accept virtual addresses. They report to Experian, and offer net 20 terms.

Qualification requirements include:

  • Being an entity in good standing with Secretary of State
  • An EIN
  • Business address (matching everywhere)
  • D-U-N-S number
  • Business license (if applicable)
  • Business bank account
  • Trade/bank references
  • There is no minimum time in business requirement

Using Tier 1 Business Credit to Prepare for the Future

Consider the following example:

A business ships items to customers on a daily basis. In fact, shipping expenses make up a significant portion of business costs. A vendor account with Uline can allow you to stock up on shipping and packing supplies now, before prices get any higher due to continuing inflation. Then, you will be able to avoid raising shipping costs for your customers for a longer period of time.

In addition, it’s no secret that supply chain problems are plaguing most everyone right now. It’s going to get worse before it gets better. Vendor credit will allow you to place orders for things now, in anticipation of the fact that it may take a bit for them to come in.

The Quickest Way to a Touchdown

Once you have a number of tier 1 business credit vendors reporting, you will be able to move on to more advanced vendors. This will allow your business to always have access to the funds it needs to grow. That’s definitely worthy of major points.

The post How to Build an All Star Team of Tier 1 Business Credit Vendors to Kick Off Business Credit appeared first on Credit Suite.

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How to Build Paid Ad Campaigns Around Typos, Misspellings, and More

We all make mistakes. It’s part of being human.

Unfortunately, in some cases, mistakes can be costly.

If you’re a marketer running paid campaigns, mistakes can actually be blessings in disguise. That’s because you can build paid ad campaigns around typos, misspellings, and other types of mistakes if you play your cards right. 

Mistakes in ads have a high chance of going viral. People love making fun of other people’s mistakes. In today’s world, that means sharing your mistake with their network. An ad with a typo, misused apostrophe, incorrect homophone, or any other error could make more people aware of your brand than ever before.

Whether or not that’s a good thing largely depends on how you handle the issue. Rather than trying to cover up your mistake, take advantage of it.

While mistakes may be embarrassing and used well, they can also be a tool to shine the spotlight on your brand or product. 

6 Clever Ways to Use Typos and Misspellings in Paid Ad Campaigns

Sometimes using conventional digital marketing practices only puts you in the same league as your competitors. In today’s crowded market, you may need to give yourself an edge.

Sometimes that involves leveraging mistakes in your paid ad campaigns, particularly your ad copy. Here are six ways you can use written mistakes to your advantage when engaging in paid advertising.

1. Poke Fun at Previous Mistakes

If your brand made a mistake in a previous campaign, go all in and make a joke of the mistake in your next paid ad campaign. 

For best results, share the ad on the social media platforms where the mistake got the most coverage. Make sure to tag those who initiated the conversation around the mistake and any influencers who joined the chat.

There are two big reasons you should lean into your previous mistake.

It Humanizes Your Brand 

Admitting to your mistakes can be a great way of showing the human side of your brand. One particularly human trait that will stand out is humility, a quality that will help you earn your customers’ trust. 

Great Way to Fan the Flames of a Viral Brand Awareness Campaign 

The conversation around your first paid ad mistake is a spark you can fan into a blazing brand awareness inferno. Unless your error made your ad offensive, instead of apologizing, poke fun at yourself. Think of how many of the most beloved comedians are self-deprecating!

The next time one of your paid ads goes out with a mistake, take it as an opportunity to run a fun campaign. 

2. Incorporate Common Brand Name Misspellings

Some brand names were designed to be spelled wrong. Take, for example:

  • Dunkin’ Donuts
  • Kool-Aid
  • Froot Loops
  • Play-Doh

These were purposely misspelled for brand “stickability” so people remember them.

What happens if people often misspell your brand name?

Use that to your advantage by incorporating those wrong spellings in your paid ad campaigns.

A little humor here will go a long way. Humorously call out the misspelling of your brand name. When people search for your brand using the wrongly spelled version of your brand name, your ad may pop up. 

It’s a win-win situation. Your customers still get to find you, and you’ll still get the traffic you would have otherwise missed due to the typo.

Let’s face it. No matter how much you may try and educate people about the correct spelling of your brand name, you’ll always find those who still misspell it. 

That said, when creating your ad, make sure not to use the wrong spelling of your brand name in the business name field. This could get you in trouble as it goes against Google’s editorial guidelines.

Clever Ways to Use Typos and Misspellings in Paid Ad Campaigns - Incorporate Common Brand Misspellings

3. Use a Word With a Double Meaning

Creativity is an essential element of creating paid ads that work. One creative hack you can use to boost your campaigns is using homonyms in your ads. These are words that are spelled and sound the same but have more than one meaning. Examples of homonyms include:

  • bark
  • arm
  • pen

Words with more than one meaning can make your ad memorable when used well.

That said, be sure your target audience will appreciate the joke. Consider their preferences before going with something a little “scandalous,” for instance.

4. Use Sensational Spelling to Make an Effect

Sensational spelling is an excellent marketing gimmick you can leverage to differentiate your brand, products, and even ads. If you’re wondering, sensational spelling refers to the deliberate deviation from the standard spelling of a word while still maintaining its pronunciation. Common examples of sensational spellings include:

  • Blu-ray
  • Fiverr
  • Krispy Kreme

The purpose of sensational spelling is more for special effect than anything else, and that effect works on two primary levels:

Visual Impact 

The visual effect of sensational spelling is a powerful tool for stopping searchers in their tracks. Moreover, because the spelling looks out of the ordinary, it evokes a sense of curiosity.

Emotional Effect

Because they look cool, words that leverage the device elicit positive emotions from your target audience when they see your ads. This helps create an emotional attachment that works in your favor by giving your conversion rate a push.

5. Use Common Typos and Misspellings in Keywords

Keyword research plays a huge role in any digital marketing campaign. While it’s common to use exact match keywords and synonyms, marketers rarely consider using typos and misspelled keywords.

When conducting keyword research, take note of wrongly spelled keywords that have a decent volume. Chances are that few brands are incorporating them into their campaigns. Therefore, bidding on them won’t be as expensive as bidding on the correctly spelled version.

Including these types of keywords in your targeted keyword list will extend the reach of your ads while still keeping your ad spend relatively low.

Bidding on typos and misspelled words is an excellent way of tapping into premium traffic. However, you must be careful to execute your campaign strategically. Otherwise, it might backfire. For example, avoid using dynamic keyword insertion when running a paid ad campaign with typos or misspelled words. Using dynamic keyword insertion will result in the correctly spelled version of your keyword being placed in your ad. 

All that said, intentionally misspelling words often can lower trust in your attention to detail, and you don’t want to resort to unsavory techniques to include these misspelled keywords without them being visible to users.

Are there words that are commonly misspelled that you might use in your content? Then find ways to work them in naturally! For instance, if your company’s mascot says “Voila!” a lot, you could write something like “Voila, pronounced ‘walla’…”

Take advantage of them and build some paid ad campaigns around them. 

6. Misquote Popular Quotes

People love quotes. They spice up conversations, are a great source of inspiration, and can help build effective paid ad campaigns. 

Yes, you read that right.

Misquoting a well-known quote in your niche disrupts your readers’ thought processes and gets them to focus on the message you’re trying to convey. It may also make them chuckle.

For your next campaign, consider taking quotes from a popular movie or public figure and incorporate and put your own twist on it.    

Remember—make sure your audience knows you’re in on the joke. Otherwise, they could end up thinking you just didn’t pay attention. 

2 Examples of Paid Ad Campaigns With Intentional Typos

Need a couple of examples of paid ad campaigns built around typos?

I’ll do you one better and show you two.

1. You’re Not You When You’re Hungry—Snickers 

A classic example of a paid ad campaign that intentionally used a typo is the Snickers’ “you’re not you when you’re hungry” campaign.

Examples of Paid Ad Campaigns With Intentional Typos - Snickers you’re not you when you’re hungry

The campaign involved the brand bidding for about 25,000 of the most popular grammatical errors and misspelled search terms. Each time a person typed one of those in the search bar, the first ad would direct them to Snickers’ website.

One factor that made this campaign a success is the humorous nature of the campaign. Snickers even went as far as misspelling their name (and many other words too). For example, take a look at the ad below:

Examples of Paid Ad Campaigns With Intentional Typos - Snickers

An interesting element about this campaign is that Snickers didn’t build their campaign solely on brand or product-related misspellings. To widen the reach of their campaign, they targeted words that are commonly misspelled by people searching on Google. 

Now that’s what I call thinking out of the box.

2. Sleep Easy on a Spelling Slip—Poofing Pillows

Ten percent of search queries contain a spelling mistake. Knowing the common spelling mistakes for your product can give you the advantage of utilizing them in your paid ad campaigns. 

Here’s an example from Poofing Pillows:

Examples of Paid Ad Campaigns With Intentional Typos - Poofing Pillows

As you can see, Poofing Pillows clearly knows how to spell “mattresses.” However, they’ve used the common misspelling and the correct spelling in their paid ad to hit both keywords.

Make sure to create a different ad group for these types of ads for better tracking and management.

Frequently Asked Questions About Paid Ad Campaigns 

Before we wrap up this interesting discussion on building paid ad campaigns around typos, misspellings, and mistakes, let’s quickly answer a few FAQs about paid ad campaigns.

How do paid campaigns work?

Brands bid for keywords on search engines, social media, and other advertising platforms. The ad that wins the bid gets displayed.

Are paid ads still worth it?

Despite the stiff competition for keywords, paid ads are still a great way to generate leads and drive sales.

How can I make my paid ads stand out?

Be different. One way you can do that is to deliberately use typos and misspelling mistakes. People might stop to take a closer look.

Do paid ads with typos work?

If done well, paid ads with typos can work. They help you tap into a segment of traffic that few are looking to tap into. You can also get to spark interesting conversations around the typo, leading to a boost in brand awareness. 

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Paid Ad Campaigns: Conclusion

Paid ad campaigns. Typos. Misspellings. Grammar errors. Can anything good come out of these combinations?

The simple answer is…possibly. 

It all depends on how you build your campaigns. Using the tips and strategies outlined above, you can create paid campaigns around typos, misspellings, and other types of mistakes. 

These campaigns could help you drive brand awareness, boost sales, and achieve many other business and marketing goals.

Have you ever made a typo or other glaring mistake in your paid ads (intentionally or not)? How did that work out?

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

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.

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