Why You Should Build Interactive Tools to Increase Sales

The average American sees up to 10,000 ads and brand messages every single day. Sounds a little overwhelming, right? That’s because it is.

After seeing this many ads every day, viewers simply stop noticing them—meaning they aren’t engaging with them. As a result, you miss out on sales opportunities.

You need to go further to engage your target audience and convert them by personalizing the whole marketing experience through interactive marketing tools. Here’s what you need to know.

What Are Interactive Tools in Marketing?

Pretend for a moment that you’re looking for new hair color. It’s tricky because you’re unsure which colors suit you, and you could use some personalized help.

Finally, a website catches your eye because there’s an interactive tool designed to help you pick a hair color. All you need to do is input some simple details, such as your skin tone and eye color, and you’ll see a list of compatible hair dyes.

The outcome? You purchase a hair dye. In other words, you just went from a potential lead to a paying customer, and it’s all thanks to that interactive website tool.

Essentially, this is precisely how interactive tools for marketing are meant to work. And this particular example isn’t imaginary—you can check out Boots to see what I mean:

Interactive tools to increase sales hair color quiz

If you go through the sequence, you’ll find a list of compatible colors. Then, when you click on a color, a link pops up to take you straight to the right product:

Interactive tools increase sales hair color quiz result

How’s that for convenience?

With just a few minutes of interaction, users get helpful, meaningful results—and you may make a sale.

Examples of Interactive Tools

That’s just one example of interactive tools in a sales context. However, you can build many interactive tools and discover at least as many ways you can use them in your marketing strategy.

Here are five common types of interactive marketing tools we can use in different ways.

Virtual Try Ons for Interactive Marketing

This one’s similar to what we just worked through, but it’s not quite identical—we’re taking it one step further.

Embedded “quizzes” like the one we just looked at rely on customers clicking on certain answers. The algorithm then presents people with solutions matching their answers.

Conversely, virtual try-ons use augmented reality or simple image captures to let people use selfies to “try on” everything from makeup to glasses.

The benefit? Customers know whether the product suits them or not, so they’re more likely to buy. Briefly, here’s how they work:

Someone visits your product page.
They tap the “try on” link, which activates the user’s phone camera.
With augmented reality, the user places the product on their face to see how it looks.
If they’re happy with the appearance, the prospective customer moves the product to their basket and goes through checkout.

It’s not just limited to beauty products or accessories, either. For instance, platforms like Amazon allow their users to “place” furniture around the room to see if they look good in their home. The same technology applies.

Interactive Measurement Tools

Customers sometimes find buying products like shoes online challenging because it’s hard to determine what size to get.

That’s where measurement tools come in. Let’s break down Nike’s Digital Foot Measurement Tool as an example.

Customers shop through the Nike app.
They decide on the shoes they want and opt to “try them on.”
The camera scan’s the person’s foot to get measurements rather than using augmented reality.
Once the scan is complete, the app tells the person which size they should choose.

It’s easy to see how this may lead to more sales and, happily, fewer returns.

Interactive tool increase sales of shoes by measuring feet

Interactive Calculators

Calculators are useful interactive tools for your website and can be used in more ways than one might think, including as:

Nutritional calculators
Pricing calculators to help potential customers build customized product “bundles”
Financial calculators to help people select the right financial product for their circumstances

Whichever sector you’re in, there’s a good chance you can use an interactive calculator to personalize the user experience.

For example, say you run a kitchen supplies website, and you want people to buy your recipe books. They’ve asked questions about how healthy the recipes are.

A nutritional calculator can help them out and, in turn, encourage people to spend more time on your website and potentially have more trust in your brand.

7 Reasons You Should Use Interactive Tools to Increase Sales

We’ve explored what interactive marketing tools are and how they work. There’s still a fundamental question remaining: Can these tools increase your sales?

The answer is: Yes! Here are my top seven reasons why interactive tools in your marketing strategy can increase sales:

1. Interactive Tools Boost Engagement Levels

Customer engagement is vital, but it’s hard to stand out from the crowd. Here are two reasons why:

The average person spends almost two and a half hours a day scrolling through social media. In this time, they’re exposed to countless marketing messages, from banner ads to PPC.
We’ve become “conditioned” to ignore banners (a phenomenon dubbed “banner blindness.”)

Don’t worry, though. This time is where interactive tools have their chance to shine. 66 % of marketers report an increase in engagement levels after introducing interactive content to their marketing plans.

Ultimately, increased customer engagement is a pretty effective way to generate more sales in the long-term, so it’s worth using interactive tools in your content.

2. Improved UX Using Interactive Tools May Convert Customers

Conversion is what marketing is all about, and interactive tools could help you do just that. Let me show you how it’s working for JINS, a prescription eyewear provider.

As a forward-thinking company, JINS wanted a new, innovative way to increase conversion rates and improve customer experience. Their solution came via virtual try-ons for glasses.

Interactive Tools Increase Sales Glasses Try Ons Marketing App

All someone needs to do is turn on their camera and upload a selfie to the platform. Once that’s done, the user chooses which frames they’re interested in and puts them onto the selfie.

Here’s what it looks like in action. On the left, we have the selfie, and on the right, the actual frames after the customer made their purchase:

Increase Sales Interactive Marketing Tools App glasses try on

Potential customers now have a quick and accurate way to gauge which glasses to buy! According to JINS, conversion rates have drastically improved since they added this interactive tool.

3. Interactive Tools Allow Customers to Feel Confident in Large Purchases

Like I said earlier, this is not just about trying on hair colors or checking out fashion accessories. This technology is about making big purchases, too.

Take Target, for example. Users upload a picture of their room and place a true-to-life copy of a furniture piece in the space. They can also download the Target app and try out the augmented reality version instead, which is a little more engaging because you can move the product around the room. Amazon does this with many of their products in their app as well.

Increase Sales Marketing Tools Interactive Tools AR Christmas tree

This feature allows users to check if the furniture or other large item fits their space before purchasing it, which means they’re more likely to click “buy” and less likely to make returns.

4. Personalized User Experience via Interactive Tools Can Increase Conversions

Do you see a pattern of personalization forming? Interactive tools allow us to personalize marketing like never before. Here’s why it matters from a sales perspective:

80% of customers are more likely to buy from a company offering a personalized experience.
Up to 56% of online shoppers return to businesses offering product recommendations and other personalized services.

These stats tell us two things:

First, customers crave personalization. They want to feel valued by companies.

Second, they’re more likely to become loyal customers if there’s a personal touch to your marketing efforts.

This is a no-brainer way to build brand loyalty and increase your chance of future sales.

5. Interactive Tools Increase Lead Generation

I’ve touched on this already, but it’s worth emphasizing just how effective a lead generation strategy using interactive tools can be from a sales perspective.

Firstly, there’s an SEO angle. If you can attract more social media shares and inbound links, you should generate more traffic. Additionally, if people spend more time on your website and there’s a lower bounce rate, your search engine ranking can improve. Social shares may boost your SEO ranking by over 20%, too. (You can check who’s linking back to you with my free backlink checker.)

The upshot of interactive tools catching people’s eyes is that there could be more organic traffic and better quality leads because the people you’re attracting are already looking for your product or service.

Let’s think about this from another angle, too. The data you’re capturing from prospects as they use your tools may help you figure out what your customers want so you can improve your products and services.

Consequently, you can generate more quality leads in the long-term, all without much extra effort from a marketing perspective.

Sounds great, right?

6. Automate Your Marketing With Interactive Tools

Yes, interactive tools can help you automate your marketing efforts, and the tools do much of the work for you. The algorithms detect what the customer wants and make recommendations or offer solutions based on this information.

This can help you increase sales and make alterations as needed because you can:

Check your metrics to ensure the tools are working how you want them to
Make changes to the UX based on what you’re seeing
Compare performance across different interactive tools and invest time, energy, and resources in the ones performing most effectively

7. Interactive Tools May Draw Traffic to Your Website

Without traffic coming to your website, there’s little chance you’ll make sales. Again, interactive tools can help you out here. Here’s why.

Firstly, 47% of people use ad blockers now, so there’s a chance some potential customers won’t even see your marketing if you’ve focused efforts on those. Interactive tools help you sidestep this problem.

Secondly, 79% of successful marketers say interactive tools and content encourage people to return to their websites. It’s not just about creating new content, either—you can use the same content time and time again when you have interactive tools.

Think about it. If a customer loves the eyeglasses they purchased from you the first time around, they’re more likely to return to your online shop. There, they’ll use the same virtual try on tool they used before to check out different pairs. You didn’t have to try to impress them with new interactive tools, promotional emails, or any other marketing strategy—they liked what they used the first time and engaged with it again.

How’s that for a cost-efficient way to solidify a lasting relationship with your customer base?

Conclusion

Why should you build interactive tools to increase your sales? Well, as we can see, they’re not just a reliable way to generate leads and improve conversion rates, but they’re cost-effective, too.

They’re not especially challenging to deploy, either. It’s easy enough to find interactive tools you can tweak to suit your needs and embed them on your website. If you want more help with introducing interactive tools into your marketing strategy, check out my consulting services.

Have you tried interactive marketing tools yet?

The post Why You Should Build Interactive Tools to Increase Sales appeared first on Neil Patel.

What’s the Best Way to Build Business Credit in a Recession? We Have the Secret!

Thinking of throwing in the towel, as it looks like the US slides further and further into a recession? Don’t! This can be a great time to regroup and get your business set up for even more success down the line. Building business credit should be on your to-do list. So, find out the best way to build business credit in a recession.

Learn the Best Way to Build Business Credit in a Recession

We can show you the best way to build business credit in a recession! Get the kind of business funding that can take your business to new heights! And it can happen no matter what goes on with the economy.

Economic Downturns and Company Funding

The United States’s economy has been through any variety of changes throughout the years. Our financial fortunes can depend upon developments in technology, diplomatic ties (or cutting those ties), the weather, and also more. Business credit, fortunately, is an asset which you can develop even during financial slumps. Nonetheless, you may need to get a little creative with it, and with various other forms of business funding.

The Best Way to Build Business Credit in a Recession – But What’s Business Credit, Anyway?

Small business credit is credit in a business’s name. It doesn’t link to a business owner’s personal credit, not even if the owner is a sole proprietor and the sole employee of the small business.

Accordingly, a business owner’s business and individual credit scores can be very different.

The Benefits

Because business credit is distinct from consumer, it helps to secure a business owner’s personal assets, in the event of a lawsuit or business bankruptcy.

Also, with two separate credit scores, a business owner can get two different cards from the same merchant. This effectively doubles buying power.

Another benefit is that even start-ups can do this. Heading to a bank for a business loan can be a recipe for frustration. But building company credit, when done the right way, is a plan for success.

Individual credit scores rely on payments but also various other factors like credit usage percentages.

But for company credit, the scores actually just hinge on whether a company pays its debts on a timely basis.

The Best Way to Build Business Credit in a Recession – The Process

Building business credit is a process, and it does not occur automatically. A business will need to actively work to build company credit.

Nonetheless, it can be done easily and quickly, and it is much speedier than building consumer credit scores.

Merchants are a big aspect of this process.

Undertaking the steps out of order will lead to repetitive rejections. Nobody can start at the top with business credit. For example, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

The Best Way to Build Business Credit in a Recession – Enhancing Company Fundability

A company must be fundable to credit issuers and vendors.

Therefore, a company will need a professional-looking web site and email address. And it needs to have site hosting bought from a vendor like GoDaddy.

Also, business telephone numbers must have a listing on ListYourself.net.

Also, the business telephone number should be toll-free (800 exchange or comparable).

A business will also need a bank account dedicated strictly to it, and it needs to have all of the licenses essential for operation.

Licenses

These licenses all have to be in the exact, appropriate name of the company. And they need to have the same business address and telephone numbers.

So bear in mind, that this means not just state licenses, but possibly also city licenses.

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Working with the IRS

Visit the Internal Revenue Service website and get an EIN for the company. They’re free of charge. Select a business entity such as corporation, LLC, etc.

A company may begin as a sole proprietor. But they absolutely need to change to a type of corporation or an LLC.

This is to limit risk. And it will make the most of tax benefits.

A business entity matters when it concerns tax obligations and liability in case of a lawsuit. A sole proprietorship means the owner is it when it comes to liability and taxes. Nobody else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

The Best Way to Build Business Credit in a Recession – Starting Off the Business Credit Reporting Process

Begin at the D&B website and obtain a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a small business into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the business. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for correctness and completeness. If there are no records with them, go to the next step in the process.

By doing this, Experian and Equifax will have something to report on.

Starter Vendor Credit

First you should establish tradelines that report. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can start to get credit for numerous purposes, and from all sorts of places.

These kinds of accounts have the tendency to be for things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are usually Net 30, instead of revolving.

Therefore, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts have to be paid in full within 30 days. 60 accounts have to be paid in full within 60 days. Unlike revolving accounts, you have a set time when you have to pay back what you borrowed or the credit you used.

To launch your business credit profile the right way, you should get approval for vendor accounts that report to the business credit reporting bureaus. As soon as that’s done, you can then make use of the credit.

Then repay what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Makes Sense

Not every vendor can help in the same way true starter credit can. These are vendors that grant approval with very little effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. This is to continue to demonstrate you are reliable and pay punctually. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They sell shipping, packing, and industrial supplies, and they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your business bank information. Your company address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders may need to be prepaid initially so your company can get approval for Net 30 terms.

How to apply with them:
Add an item to your shopping cart
Go to checkout
Select to Open an Account
Select to be invoiced

Quill

Quill is another true starter vendor. You can find them online at www.quill.com. They sell office, packaging, and cleaning supplies. And they also sell toner, office furniture, and even shipping and school supplies. They report to Dun and Bradstreet every quarter.

To apply, you MUST have a D&B PAYDEX score. If not given a Net 30 they will ask you to do prepaid orders of $100.00. Normally any prepaid order won’t report but you would need them to have given you a Net 30 account. Net 30 accounts require $50.00 purchase to report.

New business or businesses with no credit history may need to prepay purchases until Net 30 approval. Terms are Net 30.

Here’s how to qualify:
Your business entity must be in good standing with the applicable Secretary of State
You must have an EIN and a D-U-N-S number
Business address (it has to match everywhere)
Business license (if applicable)
A corporate bank account

Apply online or over the phone.

Grainger Industrial Supply

Grainger Industrial Supply is also a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need a business license, EIN, and a D-U-N-S number.

To qualify, you need the following:
A business license (if applicable)
An EIN number
A business address matching everywhere
A corporate bank account
A D-U-N-S number from Dun & Bradstreet

Your corporate entity must be in good standing with the applicable Secretary of State. If your company does not have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

The Best Way to Build Business Credit in a Recession – Accounts That Do Not Report

Non-reporting trade accounts can also be helpful. While you do want trade accounts to report to a minimum of one of the CRAs, a trade account which does not report can still be of some worth.

You can always ask non-reporting accounts for trade references. Additionally, credit accounts of any sort should help you to better even out business expenses, consequently making budgeting less complicated.

Store Credit

Store credit comes from a variety of retail companies.

You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, use the small business’s EIN on these credit applications.

Fleet Credit

Fleet credit is from companies where you can buy fuel, and fix and maintain vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the business’s EIN.

Learn more here and get started toward establishing small business credit in a recession.

Cash Credit

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are often MasterCard credit cards.

Learn more here and get started toward establishing small business credit in a recession.

The Best Way to Build Business Credit in a Recession – Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies ASAP. Get in the habit of taking a look at credit reports and digging into the specifics, and not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost you at the CRAs.

Update Your Data

Update the data if there are mistakes or the data is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

The Best Way to Build Business Credit in a Recession – Fix Your Business Credit

So, what’s all this monitoring for? It’s to challenge any inaccuracies in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs normally want you to dispute in a particular way.

Get your company’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report inaccuracies generally means you mail a paper letter with duplicates of any proof of payment with it. These are documents like receipts and cancelled checks. Never mail the original copies. Always send copies and keep the original copies.

Fixing credit report inaccuracies also means you precisely itemize any charges you dispute. Make your dispute letter as clear as possible. Be specific about the concerns with your report. Use certified mail so that you will have proof that you mailed in your dispute.

The Best Way to Build Business Credit in a Recession – A Word about Building Business Credit

Always use credit smartly! Don’t borrow more than what you can pay off. Monitor balances and deadlines for payments. Paying promptly and in full will do more to raise business credit scores than nearly anything else.

Building company credit pays. Good business credit scores help a small business get loans. Your credit issuer knows the small business can pay its financial obligations. They recognize the small business is bona fide.

The business’s EIN links to high scores and lenders won’t feel the need to ask for a personal guarantee.

The Best Way to Build Business Credit in a Recession – Takeaways

Business credit is an asset which can help your company for many years to come. The recession will not last forever.

The post What’s the Best Way to Build Business Credit in a Recession? We Have the Secret! appeared first on Credit Suite.

Build Your Personal Brand and Your Career Will Flourish

You’re determined, hard working, crushing your goals, and passionate in what you do. Without noticing it, you’re already building your personal brand. It’s time to take it to the next level – to digital. Your …

The post Build Your Personal Brand and Your Career Will Flourish appeared first on Paper.li blog.

Repl.it (YC W18) is hiring designers to build better programming environments

Article URL: https://jobs.lever.co/replit/4ef495be-6ced-42d9-bcc1-3c6f57a346bd

Comments URL: https://news.ycombinator.com/item?id=25390910

Points: 1

# Comments: 0

Compound (YC S19) is hiring to build financial products for startup employees

Article URL: https://withcompound.com/career/swe-fullstack

Comments URL: https://news.ycombinator.com/item?id=24993013

Points: 1

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How to Build Business Credit Quickly in a Recession: Tips for Long Haul Truckers

Given how the world has changed due to the novel coronavirus, you might be busier than ever. Trucking and deliveries are essential services, no matter what. The US is sliding into what is looking a lot like an inevitable recession. So you could be sitting in the veritable catbird seat. This could be the perfect time to build business credit quickly in a recession.

Long Haul Truckers: Here’s How to Build Business Credit Quickly in a Recession

Who needs business credit for trucking? We can help you get it. Here’s how to build business credit quickly in a recession.

Why, exactly, do you need business credit for trucking? We’ve got the answers here – business credit works for all business and not just traditional companies!

Business Credit for Trucking: Why get Business Credit in the First Place?

If you’ve got an EIN, then the IRS says you’ve got a business. But if you only have personal credit, then you’ve got a problem. And you’ll be accountable for your business’s debts, its tax bills, and its bankruptcy, if that happens. You don’t want this. Separate business from personal credit and it won’t.

And specifically, fleet credit will precisely help your trucking business. And gasoline credit cards will, too. We all know how pricey it is to fill up these days.

Building Business Credit for Long Haul Trucking: The Benefits

Business Credit is credit obtained in a business’s name. With business credit the firm builds its own credit profile and credit score. With an established credit profile and score, the company will then qualify for credit.

Since the business gets approval for the credit, in some cases, there is no personal credit check necessary. The business can use its credit to get approval for retail credit cards.

These come from places like BP, Sunoco, Exxon, Shell, Ford, RGS Fleets, Walmart, even MasterCard, Visa, and AMEX. Additionally the company can use its credit to get approval for fleet credit for repair and maintenance of business vehicles including semis. And the firm can also qualify for lines of credit and loans.

How to Build Business Credit Quickly in a Recession: Start With Business Credit Profiles

A credit profile can be created for a business which is utterly independent from the firm owner’s personal credit profile. This offers firm owners two times the borrowing power as they have both personal and business credit profiles.

A business owner can get credit much more quickly using their business credit profile rather than their personal credit profile. Approval limits are much higher on business accounts as opposed to personal accounts. According to the SBA, credit limits on business cards are usually 10 – 100 times higher than for consumer credit.

How to Build Business Credit Quickly in a Recession: Get a PAYDEX Score

Dun & Bradstreet’s Business PAYDEX scores come from payment history.

But personal credit scores come from 5 factors:

payment history (35%)
utilization (30%)
length of credit history (15%)
accumulation of new credit (10%)
and credit mix (10%)

When done right, business credit can be established without a personal credit check and irrespective of personal credit quality, without any personal credit reporting of business accounts. Most business credit may be obtained without having the owner assuming personal liability, or a personal guarantee.

How to Build Business Credit Quickly in a Recession: Defend Your Assets

Hence in the event of default, the company owner’s private assets can’t be attached. When a business owner applies for financing, their business credit is under review. Not having business credit built will get an owner declined for funding. There are no regulations requiring lenders to notify the business owner for their reason for rejection, so many never know.

Virtually any company can get business credit so long as it has an EIN number and entity set up. You do not need to have collateral or financials. Your firm can be a startup company. You simply need to understand the proper building steps. All highly-successful firms have business credit; it’s a “rite of passage” to ever attain real success.

A firm starts developing a brand new credit profile almost the same as a consumer does. The business starts off with no credit profile. The company gets approval for new credit which reports to the business CRAs. Then the company uses the credit and pays the bill promptly. A favorable business credit profile is established.

As the business continues using credit and covers bills promptly it will get approval for more credit.

How to Build Business Credit Quickly in a Recession: Developing Business Fundability

The understanding lending institutions, retail merchants, and creditors have of your company is important to your ability to establish strong business credit. Before making an application for business credit a firm must properly insure it meets or surpasses all lender credibility specifications. There are over 20 credibility points that are needed for your business to have a solid, reputable foundation.

It is essential that you use your exact business legal name. Your full firm name should include any recorded DBA filing you are using. Make sure your company name is precisely the same on your corporation papers, licenses, and bank statements.

How to Build Business Credit Quickly in a Recession: Corporate Entities and EINs

You can build business credit with virtually any type of corporate entity. If you truly wish to separate business credit from personal credit your business must be a separate legal entity. Hence it cannot be a sole proprietor or partnership.

Unless you have a separate business entity (Corporation or LLC) you might be ‘doing business’ but not truly ‘a business’. You need to be a Corporation or an LLC to differentiate personal from business.

Whether you have employees, your business entity must have an EIN. Your EIN is used to open your bank account and to establish your business credit profile. So take the time to verify that all agencies, banks, and trade credit vendors have your business on file with the exact same EIN.

How to Build Business Credit Quickly in a Recession: Business Addresses, Phone, and Fax Numbers

Your firm address must be a genuine brick-and-mortar location, with a deliverable physical address. It cannot be a home address, a PO Box, or a UPS address. Some lending institutions will not approve and fund unless these requirements are met.

Virtual Addresses

However, virtual addresses are terrific business address solutions. For address only, you will receive mail and packages at a dedicated business address. For a virtual office, you get a professional business address, and dedicated phone and fax numbers. And you also get receptionist services and part-time use of fully furnished offices and conference rooms.

And for a genuine office, you’ll have your own full-time private office with receptionist services, dedicated phone and fax, internet, full furnishings, conference rooms, and more.

Phone Numbers

You must have a dedicated firm phone number listed with 411 directory assistance, under the company name. Lenders, vendors, creditors, and even insurance providers will validate your business is listed with 411. A toll-free telephone number will give your company credibility. But you need to have a local business number for a listing with 411 directory assistance.

Lenders view 800 number or toll-free phone numbers as proof of business credibility. Even if you’re a solitary owner with a home-based business, a toll-free number makes you seem like an even bigger business. It’s very easy and affordable to set up a virtual local telephone number or a toll free 800 number.

A cell or home telephone number as your main business line could get you flagged as a non-established firm. And this is too high of a risk. Do not give a personal cell phone or home phone as the company phone number! You can forward a virtual number to any cell or land line number.

Fax Numbers

Lenders also feel a firm is more legitimate if it has a fax number. As a business you will need a fax number to receive important documents. You will also need it to fax in some of your credit applications. You can set up an e-fax going directly to your email.

How to Build Business Credit Quickly in a Recession: Business Websites

You will also need a business website. Credit providers will research your business on the net. It is best if they discovered everything directly from your business website. Not having a website will significantly damage your chances of getting business credit.

There are many places on the internet offering inexpensive company websites. That way, you can have an internet presence displaying an overview of your firm’s services and contact information.

Plus, it is critical to get a company email address for your company. It’s not only professional, but significantly helps your chances of getting an approval from a credit provider.

Setting up a business email address is just too simple and inexpensive to overlook. When it concerns your business email, never use free email services like Yahoo and Hotmail. The email address should be at yourcompany.com.

How to Build Business Credit Quickly in a Recession: Business Banking and Licensing

Your company banking history is important to long term success in getting more substantial business loans. The date you establish your business bank account is the day loan providers consider your company start date. So this is no matter when you incorporated or hit any other business milestone. The longer your business banking history, the better your borrowing potential is.

Having a high account balance is crucial in obtaining an excellent Bank Rating. And a good Bank Rating is essential for loan approval later on. Try to keep a bank balance of $10,000 or more for a 5 Bank Rating. In that way, you are more likely to get approval for loans eventually.

State Licensing

A common mistake when developing credit for a firm is non-matching business addresses on the business licenses. Even worse is not having the licenses necessary for a trucking company to operate legally.

Contact the State, County, and City Government offices. And see if there are any requisite licenses and permits to operate your trucking business. This includes your commercial driver’s license. Your business filings must be correct at state, county, and city levels. Plus your IRS filings must have correct listings.

How to Build Business Credit Quickly in a Recession: Company Listings

Also confirm main agencies (State, IRS, Bank, and the 411 national directory) list your company the same way. And with your precise legal name. Also make certain every single bill you get lists your business name correctly and comes to your company address.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit even in a recession.

How to Build Business Credit Quickly in a Recession: Get a D-U-N-S Number

Make sure your firm is listed with Dun and Bradstreet. If it isn’t, then get a D-U-N-S Number. This number starts the process of developing your business credit profile with them. Your D-U-N-S number will also play an important role in allowing your company to borrow without a personal guarantor. You can get your D-U-N-S number here: dnb.com. And you can also enroll for the DNBi SelfMonitor to monitor your credit. A subscription is $39-99/ month.

And check out the lowest-price monitoring – we can save you 90%!

How to Build Business Credit Quickly in a Recession: Get Your Other Business Credit Reports

Our business finance suite includes monitoring.

Don’t want to take the plunge yet? Then visit smartbusinessreports.com for a copy of your Experian Smart Business report. Learn how many trade lines are reporting and see if you have a business credit score assigned. See if you have an active Experian Business Profile and check on recent inquiries.

Buy a copy of your Equifax Small Business Credit Report here: https://www.equifax.com/business/business-credit-reports-small-business.

Business Credit for Trucking: Start with Vendor Credit

This is the beginning of business credit for trucking companies.

It is when a vendor extends a line of credit to your company on ‘Net 15, 30, 60 or 90’ day terms. This means you can buy their products or services up to a maximum dollar amount. And then you have 15, 30, 60 or 90 days to pay the bill fully.

So if you have Net 30 terms and buy goods today, then repayment is due in the next 30 days. Get products for your business needs. Then postpone payment on those for 30 days, thereby easing cash flow. Some merchants will approve a firm for Net 30 payment terms upon verification of as little as an EIN and a 411 listing.

True Starter Vendors

We have a great list of starter vendors here: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Be sure to apply first without using your Social Security Number. Some vendors will request it and may even tell you on the phone they need to have it. But submit first without it. Keep in mind: A Social Security Number is required for business loans but not for initial vendor credit building.

Some vendors require an initial prepaid order before they can authorize your firm for terms. Your first Net 30 account will report your trade line to Dun and Bradstreet. Then the D-U-N-S system will automatically activate your file if it isn’t already. This is also true for Experian and Equifax.

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They offer truck stops and ramps and more. And they report to Dun & Bradstreet and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your corporate bank information. Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders might need to be prepaid initially so your company can get approval for Net 30 terms.

Crown Office Supplies

Crown Office Supplies is an additional true starter vendor. You can find them online at https://crownofficesupplies.com. They sell a variety of office supplies, so be sure to use them for the inevitable paperwork you’ll need to generate. And they report to Dun and Bradstreet, Experian, and Equifax.

There is a $99.00 yearly fee, though they do report that fee to the business credit reporting bureaus. For other purchases to report, the purchase needs to be at least $30.00. Terms are Net 30.

Grainger Industrial Supply

Your business entity must be in good standing with the applicable Secretary of State. If your company does not have established credit, they will require additional documents. So, these are items like accounts payable, income statement, balance sheets, and the like.

Apply online or over the phone.

Help Yourself with On-Time Payments

Repay all Net 30 vendor accounts in full and promptly. Be patient and allow time for the vendors’ reporting cycles to get into the reporting systems.

It commonly takes 3 cycles of Net accounts reporting to develop credit scores. Most merchants and major retailers offer business credit, but don’t publicize it. But there is no benefit to the merchant to promote credit without personal liability. So this is, if a business owner agrees to take on that liability. So they do not promote their business credit cards and frequently demand an SSN.

You must have a total of at least 3 Net 30 day pay accounts reporting, to move onto more credit.

Business Credit for Trucking: Get Store Credit

Store credit comes from a variety of retail service providers.

You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the business’s EIN on these credit applications.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit even in a recession.

Business Credit for Trucking: Getting Fleet Credit

Fleet credit is from companies where you can buy fuel, and repair and take care of vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make certain to apply using the business’s EIN.

Business Credit for Trucking: Going Beyond Fleet Credit

As you keep building more business credit, you’ll get approval for more high-limit accounts. Many loans will ask for a personal guarantee and credit check for approval. Being responsible with fleet credit will lead straight to getting vehicle financing and more universal cash credit.

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are commonly MasterCard credit cards.

Business Credit for Trucking: Our Credit Line Hybrid

This is one more practical option. Unsecured credit is not secured with collateral. Good personal credit gets you unsecured credit cards with a personal guarantee; this normally means a 685 score or better. Good business credit gets you unsecured credit cards without any personal guarantee. The amount you can finance is often remarkably high. As in $10,000 – 50,000. And you can get it in 1 – 4 weeks.

You can also get cash flow-based lending; these are short term loans of 6 – 18 months, with amounts as much as $1 million. The loan amounts are equal to 8 – 12% of annual revenue, with rates of 10 – 45%. A 520 credit score is accepted, but good bank statements are required.

Our hybrid credit line could be perfect for you.

Business Credit for Trucking: Revenue Loans and Lines

A revenue loan (or revenue-based loan) is an alternative kind of loan. In contrast to a bank loan, it doesn’t require collateral or substantial assets. And unlike angel investing or venture capital, the money isn’t turned over for a portion of the business. Rather, the loan (or credit line) is repaid as a percent of incoming revenue. See: https://en.wikipedia.org/wiki/Revenue-based_financing.

Revenue-Based Financing Details

The lender (investors, really) will take an equity warrant. So this means they have a fixed price if they want to buy stock in the business. And that goes until an expiration date. And the business owner does not need to back the loan with their own personal assets. There is no valuation on the company’s assets.

All that is needed:

The company needs to be producing revenue
It needs to have good gross margins to be able to afford the payments

One way to get revenue-based financing is via crowdfunding platforms. The interest you pay is often a tax deduction for the firm. Costs tend to be more than for traditional bank loans. It’s not for early stage startups, by definition. But it may be a decent choice for a firm about 2 – 4 years old. So this is one with revenue coming in but banks still aren’t providing loans.

Hit the jackpot with our best webinar and its trustworthy list of seven vendors who can help you build business credit even in a recession.

Fundbox

So our preferred provider is Fundbox. It’s a suitable option for short-term financing. The gist is you borrow on a line of credit to be repaid every week for up to 12 weeks. This is done via automatic deductions from your business bank account. $1,000 – $100,000 is available. There are no minimum credit score requirements.

Requirements:

Six or more months in business
Yearly revenue of $25,000 or greater
The company must have business checking account

Find them online at: https://fundbox.com/lines-credit.

Business Credit for Trucking: Takeaways

You have a lot of options when it comes to getting business credit for trucking companies. The recession cannot last forever. And in the meantime, you can be helping yourself and your business right now.

The post How to Build Business Credit Quickly in a Recession: Tips for Long Haul Truckers appeared first on Credit Suite.

5 Companies that Build Business Credit

Building business credit is not hard, if you know what you are doing. It doesn’t happen without some intentional action on your part. You need to know how to set up your business, and then you need to do business with companies that build business credit.

How to Use Companies that Build Business Credit to Your Advantage

It can seem almost impossible to get business without business credit. They cannot get approved for accounts because they do have business credit. But they do not have business credit because they do not have accounts reporting positive payment history.

What do you think of when you hear about companies that help build business credit? Probably not what they actually are. These are companies that will offer net terms on invoices without a credit check. Then they will report your payments on those invoices to business credit reporting agencies. Of course, they have to reduce risk in other ways since there is no credit check. They may require a minimum order, a certain amount of pre orders, a minimum amount of time in business, or any number of things.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Why Business Credit?

What is business credit, and why do you need it? Many business owners ask themselves this very question, especially if they have good personal credit. They think they can get all the business funding they need with their personal credit, and fail to understand the need for business credit.

The thing is, you need your personal credit for personal things, like buying a house and a car. Generally, business expenses are much higher than personal ones. They can eat up personal credit limits in a heartbeat. This means your balances are always hovering at your limit, even if you make payments like you should.

With personal credit, this means your debt-to-credit ratio is always high, which knocks your personal credit score down. Then, not only do you not have the open credit you need to handle your personal finances, you also ruin your personal credit score. That crushes your chances of additional personal credit, and reduces your ability to grow our business in the future.

The solution is business credit. That is credit in the name of your business that is not attached to your personal credit report at all. Typically, business credit limits are much higher. This means you do not run as much risk of maxing out. Also, the debt-to-credit ratio does not affect business credit the same way it does personal credit. Even if you do max out business credit, your score will not be affected. Your business credit score is much more reliant on making consistent, on-time payments.

More Differences Between Business Credit and Personal Credit

Business credit is vastly different from personal credit. They are affected differently by late payments, amounts reported, balances, and even inquiries.

Of course, both are affected greatly by late payments. However, business credit is affected much more quickly. Late payments are not typically reported to your personal credit report until they are 30 days late. Late payments on business credit accounts hit your business credit report when they are as little as one day late.

Here is the biggest difference though. With personal credit, almost every account reports to the credit reporting agencies. In contrast, only about 7% of business credit accounts report to business credit reporting agencies. This means you have to be intentional to get accounts reporting to business credit.

Start by setting up your business as a separate entity from you as the owner. Then, work with companies that build business credit.

Companies that Build Business Credit: Set Up Your Business to Be Fundable

If your business is set up properly, you are very likely to meet most of the requirements set forth by companies that build business credit. other than minimum time in business or minimum revenues. These things, of course, are a function of being in business for enough time.

How do you set up your business to build business credit and be fundable so you can take full advantage of companies that build business credit?

There are a number of steps you need to take to ensure your business is set up in the best way to build both fundability and business credit.

Get Separate Contact Information

Your business needs it’s own business phone number and fax number. You can get both pretty easily that will work over the internet instead of phone lines. In addition, the phone number will forward to any phone you want it too so you can simply use your personal cell phone or landline if you want. Whenever someone calls your business number it will ring straight to you.

Faxes can be sent to an online fax service, if anyone ever happens to actually fax you. This part may seem outdated, but it does help your business appear legitimate to lenders.

You also need a separate business address. You can use a virtual office to accomplish this, even if your business is run out of your home. This is a business that offers a physical address for a fee, and sometimes they even offer mail service and live receptionist services. In addition, there are some that offer meeting spaces for those times you may need to meet a client or customer in person.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Get an EIN

Next, get an EIN for your business. This is an identifying number for your business that works in a way similar to how your SSN works for you personally. You can get one for free from the IRS.

You Have to Incorporate

Incorporating your business as an LLC, S-corp, or corporation is necessary to fundability. It makes your business appear more legitimate and offers some protection from liability.

The option you choose does not matter other than for your budget and needs for liability protection. The best thing to do is talk to your attorney or a tax professional. Keep in mind that your time in business will start over at the time of incorporation. Remember many companies that build business credit require a minimum time in business to extend net terms. That is why it is essential that you incorporate as soon as possible.

Open a Business Bank Account

You have to open a separate business bank account. There are a few reasons for this. First, it will help you keep track of business finances. It will also help you keep them separate from personal finances for tax purposes. Also, a lot of companies that build business credit want to see a business bank account with a minimum average balance.

Licenses

For a business to be legitimate it has to have all of the necessary licenses. If it doesn’t, credit issuers will be concerned. Do what you have to make sure you have all of the licenses necessary to legitimately run your business at the federal, state, and local levels.

Website

Spend the time and money necessary to ensure your website is professionally designed and works well. Pay for hosting too. Don’t use a free hosting service. Along these same lines, your business needs a dedicated business email address. Make sure it has the same URL as your Website. Don’t use a free service such as Yahoo or Gmail.

Companies that build business credit may not check this, but they may. Regardless, your website is your first impression on almost everyone, and this is a vital part of setting up your business to be fundable.

Finding Companies that Build Business Credit

Once you set your business up right, you still have to find the companies that will extend net terms and report payments. That first part is pretty easy. Lots of companies extend net terms on invoices. However, most of them do not report those payments to the business credit reporting agencies like Dun & Bradstreet, Experian, and Equifax.

Furthermore, the ones that do report do not make that information readily available. Here are a few however, just to get you started.

Strategic Network Solutions

Strategic Network Solutions sells eBooks, software, and even office supplies. You do have to register to see their products, but the process is fast and easy. You will have to make a $75 or more initial purchase to be eligible for a net30 account. They report to Experian and Credit Safe.

Grainger Industrial Supply

Grainger Industrial Supply sells industrial equipment for outdoors as well as standard tools, and more. To gain net 30 approval you will need a business license, a DUNS number, and bank reference among other things. You will also need to make a $50 initial purchase. They report to Dun & Bradstreet.

Summa Office Supplies

This is another office supply provider. You can order anything from paper to staples, pens to printer ink, and pretty much anything you can think of in between from Summa. They require a $75 initial purchase to report. They report to Equifax.

Uline

Uline sells shipping, industrial, and packing materials. They also offer industrial and janitorial products. As a general rule, orders ship the same day. You can get approval for net 30 terms when you order, but the credit department may make you do a few pre-paid orders first.

Crown Office Supplies

Crown Office Supplies offers paper and other office supplies. They report to all three of the major business credit reporting agencies, which of course include D & B, Experian, and Equifax. It can be hard to find vendors which report to Equifax, so getting credit with Crown is a good move. They do have a $99 membership fee.

This is a good start, but it isn’t enough. You will need many more of these types of accounts to really build business credit. How do you find them if they don’t make it publicly known whether or not they report? You need a qualified expert to help walk you through the process.

Another Option for Building Business Credit

Doing business with companies that build business credit is a vital step in the process, but there are some ways to make it go even faster. One of these is the credit line hybrid.

What Is the Credit Line Hybrid?

A credit line hybrid is a way to fund your business without putting up collateral. Also, you only pay back what you use. You do need a personal credit score of at least 605. In addition, you can’t have any liens, judgments, bankruptcies or late payments. Furthermore, in the past 6 months you should have less than 4 credit inquiries, and you should have less than a 45% balance on all business and personal credit cards. It’s also preferred that you have established business credit as well as personal credit. But, if you do not meet all of the requirements, you can still use this type of funding.

Here’s how. You use a credit partner that meets each of these requirements. Many business owners work with a friend or relative to help fund their business. If a relative or a friend meets all of these requirements, they can partner with you to allow you to tap into their credit to access funding, and as long as you make the payments, you can still build business credit.

Check out our best webinar with its trustworthy list of seven vendors to help you build business credit.

Companies that Build Business Credit: Next Steps

Once you have companies reporting your on-time payments you will start building business credit pretty fast. Then what? Then you will be able to get approval for business credit cards. In the beginning, it will be easiest to qualify for store cards like those offered by Office Depot or Best Buy. These are cards you can only use at the specific store that issues them.

After that, you should be able to get approval for fleet cards. These cards can be used for vehicle maintenance and repair, and gasoline purchases.

Once you have several of these different types of accounts reporting consistent, on-time payments, your business credit should be strong enough to handle whatever comes its way.

Companies That Build Business Credit Can Help You Meet Your Goals

Unlike personal credit, you have to work to intentionally build business credit. The first step is setting up your business to be fundable. It doesn’t stop there though. Since few business accounts actually report to D&B, Experian, Equifax, or any other business credit reporting agency, you have to work with companies that you know will report. That takes some work and intentionality. Find a qualified business credit expert that can help you find these companies and get approval. Then you will be well on your way.

The post 5 Companies that Build Business Credit appeared first on Credit Suite.

Build Credit with No Credit in a Recession

Is the novel coronavirus getting you down? Life is on pause – and it looks like we are heading right into a recession. Still, it can be the perfect time to improve your business. Yes, you can build credit with no credit in a recession. Here’s how.

Learn How to Build Credit with No Credit in a Recession – We Show You How!

Can you build credit with no credit in a recession? It’s admittedly not easy but it’s far from impossible. Patience and creativity are your best friends.

Build Credit with No Credit in a Recession

Company credit is credit in a company’s name. It doesn’t tie to a business owner’s consumer credit, not even if the owner is a sole proprietor and the sole employee of the small business.

Consequently, a business owner’s business and individual credit scores can be very different.

Build Credit with No Credit in a Recession: The Advantages

Since business credit is independent from individual, it helps to safeguard a small business owner’s personal assets, in case of court action or business bankruptcy.

Also, with two separate credit scores, a business owner can get two separate cards from the same vendor. This effectively doubles purchasing power.

Another advantage is that even new ventures can do this. Going to a bank for a business loan can be a formula for frustration. But building company credit, when done right, is a plan for success.

Consumer credit scores are dependent on payments but also additional considerations like credit usage percentages.

But for small business credit, the scores really just depend on whether a small business pays its bills punctually.

Build Credit with No Credit in a Recession: The Process

Growing company credit is a process, and it does not happen without effort. A small business must actively work to build business credit.

Having said that, it can be done readily and quickly, and it is much quicker than developing individual credit scores.

Vendors are a big component of this process.

Doing the steps out of sequence will lead to repetitive denials. Nobody can start at the top with company credit. For instance, you can’t start with retail or cash credit from your bank. If you do, you’ll get a denial 100% of the time.

Build Credit with No Credit in a Recession: Start with Company Fundability

A small business has to be fundable to lenders and vendors.

For this reason, a company will need a professional-looking website and email address. And it needs to have website hosting from a merchant like GoDaddy.

Also, company telephone and fax numbers need to have a listing on ListYourself.net.

Additionally, the company phone number should be toll-free (800 exchange or the like).

A small business will also need a bank account devoted purely to it, and it must have every one of the licenses necessary for running.

Licenses

These licenses all must be in the correct, accurate name of the business. And they need to have the same company address and phone numbers.

So note, that this means not just state licenses, but potentially also city licenses.

Learn more here and get started toward growing company credit. Get money even in a recession!

Build Credit with No Credit in a Recession and Deal with the IRS

Visit the Internal Revenue Service web site and get an EIN for the company. They’re free. Select a business entity like corporation, LLC, etc.

A business may get started as a sole proprietor. But they absolutely need to switch to a variety of corporation or an LLC.

This is to diminish risk. And it will make best use of tax benefits.

A business entity matters when it comes to taxes and liability in the event of litigation. A sole proprietorship means the owner is it when it comes to liability and taxes. Nobody else is responsible.

The best thing to do is to incorporate. You should only look at a DBA as an interim step on the way to incorporation.

Build Credit with No Credit in a Recession: Getting Started

Start at the D&B web site and get a cost-free D-U-N-S number. A D-U-N-S number is how D&B gets a business into their system, to produce a PAYDEX score. If there is no D-U-N-S number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s web sites for the company. You can do this at www.creditsuite.com/reports. If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process.

In this manner, Experian and Equifax will have activity to report on.

Starter Vendor Credit

First you must build tradelines that report. Then you’ll have an established credit profile, and you’ll get a business credit score.

And with an established business credit profile and score you can begin to get credit for numerous purposes, and from all sorts of places.

These sorts of accounts have the tendency to be for things bought all the time, like marketing materials, shipping boxes, outdoor workwear, ink and toner, and office furniture.

But first off, what is trade credit? These trade lines are credit issuers who give you starter credit when you have none now. Terms are ordinarily Net 30, versus revolving.

So, if you get an approval for $1,000 in vendor credit and use all of it, you need to pay that money back in a set term, like within 30 days on a Net 30 account.

Details

Net 30 accounts must be paid in full within 30 days. 60 accounts have to be paid fully within 60 days. In contrast to revolving accounts, you have a set time when you must pay back what you borrowed or the credit you made use of.

To begin your business credit profile the proper way, you need to get approval for vendor accounts that report to the business credit reporting agencies. When that’s done, you can then use the credit.

Then pay back what you used, and the account is on report to Dun & Bradstreet, Experian, or Equifax.

Vendor Credit – It Helps

Not every vendor can help like true starter credit can. These are vendors that grant approval with nominal effort. You also want them to be reporting to one or more of the big three CRAs: Dun & Bradstreet, Equifax, and Experian.

As you get starter credit, you can also start to get credit from retailers. This is to continue to verify you are responsible and pay in a timely manner. Here are some stellar choices from us: https://www.creditsuite.com/blog/5-vendor-accounts-that-build-your-business-credit/

Uline

Uline is a true starter vendor. You can find them online at www.uline.com. They offer shipping, packing, and industrial supplies, and they report to D&B and Experian. You MUST have a D-U-N-S number and an EIN before starting with them. They will ask for your business bank information. Your business address must be uniform everywhere. You need for an order to be $50 or more before they’ll report it. Your first few orders may need to be prepaid initially so your company can get approval for Net 30 terms.

How to apply with them:
Add an item to your shopping cart
Go to checkout
Select to Open an Account
Select to be invoiced

Quill

New business or businesses with no credit history may need to prepay purchases until Net 30 approval. Terms are Net 30.

Here’s how to qualify:
Your business entity must be in good standing with the applicable Secretary of State
You must have an EIN and a D-U-N-S number
Business address (it has to match everywhere)
Business license (if applicable)
A business bank account

Apply online or over the phone.

Grainger Industrial Supply

Grainger Industrial Supply is likewise a true starter vendor. You can find them online at www.grainger.com. They sell hardware, power tools, pumps and more. They also do fleet maintenance. And they report to D&B. You need a business license, EIN, and a D-U-N-S number.

To qualify, you need the following:
A business license (if applicable)
An EIN number
A company address matching everywhere
A business bank account
A D-U-N-S number from Dun & Bradstreet

Apply online or over the phone.

Accounts That Don’t Report

Non-reporting trade accounts can also be helpful. While you do want trade accounts to report to at the very least one of the CRAs, a trade account which does not report can still be of some worth.

You can always ask non-reporting accounts for trade references. Also, credit accounts of any sort should help you to better even out business expenditures, consequently making financial planning easier.

Store Credit

Store credit comes from a variety of retail companies.

You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use the company’s EIN on these credit applications.

Fleet Credit

Fleet credit is from service providers where you can purchase fuel, and fix and take care of vehicles. You must use your Social Security Number and date of birth on these applications for verification purposes. For credit checks and guarantees, make sure to apply using the company’s EIN.

Learn more here and get started toward growing company credit. Get money even in a recession!

Cash Credit

These are businesses such as Visa and MasterCard. You must use your SSN and date of birth on these applications for verification purposes. For credit checks and guarantees, use your EIN instead.

These are frequently MasterCard credit cards.

Learn more here and get started toward growing company credit. Get money even in a recession!

Build Credit with No Credit in a Recession and Monitor Your Business Credit

Know what is happening with your credit. Make sure it is being reported and attend to any inaccuracies as soon as possible. Get in the practice of checking credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian and D&B for 90% less than it would cost at the business CRAs.

At Equifax, you can monitor your account at: www.equifax.com/business/business-credit-monitor-small-business.

Update Your Data

Update the details if there are errors or the information is incomplete. At D&B, you can do this at: https://iupdate.dnb.com/iUpdate/viewiUpdateHome.htm. For Experian, go here: www.experian.com/small-business/business-credit-information.jsp. So for Equifax, go here: www.equifax.com/business/small-business.

Build Credit with No Credit in a Recession and Fix Your Business Credit

So, what’s all this monitoring for? It’s to dispute any errors in your records. Mistakes in your credit report(s) can be corrected. But the CRAs usually want you to dispute in a particular way.

Get your business’s PAYDEX report at: www.dnb.com/about-us/our-data.html. Get your company’s Experian report at: www.businesscreditfacts.com/pdp.aspx?pg=SearchForm. And get your Equifax business credit report at: www.equifax.com/business/credit-information.

Disputes

Disputing credit report errors normally means you send a paper letter with copies of any proof of payment with it. These are documents like receipts and cancelled checks. Never send the original copies. Always send copies and retain the originals.

Fixing credit report mistakes also means you specifically spell out any charges you challenge. Make your dispute letter as understandable as possible. Be specific about the problems with your report. Use certified mail so that you will have proof that you sent in your dispute.

Dispute your or your small business’s Equifax report by following the instructions here: www.equifax.com/small-business-faqs/#Dispute-FAQs.

You can dispute inaccuracies on your or your company’s Experian report by following the directions here: www.experian.com/small-business/business-credit-information.jsp.

And D&B’s PAYDEX Customer Service phone number is here: www.dandb.com/glossary/paydex.

A Word about How to Build Credit with No Credit in a Recession

Always use credit responsibly! Don’t borrow beyond what you can pay back. Keep track of balances and deadlines for repayments. Paying on schedule and fully will do more to raise business credit scores than virtually anything else.

Building business credit pays. Good business credit scores help a company get loans. Your lending institution knows the small business can pay its debts. They recognize the small business is authentic.

The company’s EIN connects to high scores and loan providers won’t feel the need to request a personal guarantee.

Build Credit with No Credit in a Recession: Takeaways

Business credit is an asset which can help your business for many years to come. Learn more here and get started toward establishing small business credit. The COVID-19 situation is not going to last forever.

The post Build Credit with No Credit in a Recession appeared first on Credit Suite.