When you start on your business credit building journey, shopping with net 30 vendors that report to D&B should be one of your first steps. While Crown Office Supplies isn’t your only option, purchasing from this brand using 30-day net terms is becoming a popular way for businesses to improve their credit scores. So, I want to share everything you need to know to decide if their short-term financing program is right for you.
Here’s what you’ll find.
Keep reading to find out how Crown Office Supplies can help you on your path to obtaining higher business lines of credit.
A Full Crown Office Supplies Review
As the name suggests, Crown Office Supplies sells stationery, writing utensils, filing cabinets, and other materials you might need to use in the workplace or in a classroom. So, they are an obvious choice for any business to shop with.
Another bonus perk of shopping with Crown Office Supplies is that they have a referral program. If you refer a friend or colleague to shop on their website, you can earn $15 in cash.
But, how do they stack up against competitors for building business credit? And, what kind of impact can their trade line of credit have on your business credit score?
Now, let’s examine the brand’s complete offering.
What is Net 30 and Why Should You Care?
If you’re not familiar with net 30 terms, basically this just means that you buy now and pay later. In the case of net 30 terms, you must pay in full within 30 days. In the case of net 45, you would need to pay in full within 45 days and so on.
Crown Office Supplies enables businesses to apply for a net 30 account. While this is a convenient option for companies who might not have the immediate cash flow to pay for supplies, the true beauty is that on-time payments to a company that reports to business credit bureaus can result in a boost for your business credit score. Crown Office Supplies is one such company.
Recommended: Using 30 Day Net Vendors to Build Your Business Credit Score
Both established and new businesses can leverage net 30 terms from Crown Office Supplies.
How to Apply for Net 30 Payment Terms
If you want to leverage net 30 terms from Crown Office Supplies, here’s what you need to do. Before you apply, you need to get a few items out of the way.
- Form a legal business entity in your state.
- Apply for an employer identification number (EIN).
- Get a DUNS number.
After that, you’ll visit the Crown Office Supplies website and navigate to the Net 30 Application. Then, fill out the application with your information and read the terms carefully before your submit.
Crown Office Supplies will contact you via email to let you know whether or not you have been approved for financing. Once you are approved, you simply shop for supplies you need to run your business thend pay your balance in full each month.
Who Does Crown Office Supplies Report to?
At the very least, when utilizing net 30 terms to build business credit, you want to work with vendors who report to Dun & Bradstreet (D&B). D&B is the bureau that most banks and credit unions look to when deciding whether or not to extend credit to a business. Fortunately, Crown Office Supplies reports on-time payments to five business credit bureaus:
- Dun & Bradstreet
- Experian Business
- Equifax Business
- CreditSafe
- National Association of Credit Management
So, you can rest assured that your payments will be reported to every possible business credit monitoring agency. This is excellent news. No matter which bureau your lender uses, they will be able to see your responsible credit behavior as soon as it’s reported.
When Will On-Time Payments Be Reported?
As with most net 30 vendors that report on-time payments to business credit bureaus, Crown Office Supplies will report on-time payments regularly. In this case, payment history will be reported every 30 days. So, in as little as a month, you could have a tradeline reporting on your credit reports.
Competitor Analysis
It’s possible that you’ll find better pricing for office supplies at major retailers like Costco, Walmart, or Amazon, that’s not what we’re looking at here. Direct competitors report on-time payments on trade lines of credit to business credit bureaus. Crown Office Supplies’ key competitors are Quill and Summa Office Supplies.
So, how do these three brands compare?
Quill, Summa, and Crown Office Supplies offer net 30 terms. Plus, when you make on-time payments to these vendors, they will be reported to D&B as well as Experian and Equifax’s business monitoring bureaus. For building credit, one office supply vendor is not necessarily better than another.
However, there are stipulations you must meet to leverage net 30 terms.
- Crown Office Supplies’ annual fee is $99 (which is also reported to business credit bureaus).
- Quill requires that you order $100 or more in products per month over a three-month period before you qualify.
- Summa Office Supplies has a minimum $75 order requirement the first month for eligibility.
So, choose the vendor that meets your product and budget needs.
Final Thoughts
When establishing your first five trade lines of credit, Crown Office Supplies could be an excellent vendor to establish net 30 terms with. And, as long as you make on-time payments, this will have a positive impact on your credit score. If you’d like to learn exactly how to leverage vendors like this to boost your D&B score and to obtain up to $100K in business credit in 30 days, enroll in Business Credit Workshop today.