Space Coast Credit Union Review: SCCU’s Small Business Offer

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Space Coast Credit Union

Here, I want to introduce Space Coast Credit Union (SCCU) and point out some of the special advantages that credit unions offer compared to large banks, particularly for businesses. You’ll find an overview of SCCU’s business credit cards, loans, and other small business financial products.

 And, you’ll see insightful comparisons of some of SCCU’s accounts with highlights of their benefits, features, and how they cater to your needs. By the end, you’ll have a clear idea of what SCCU has to offer and whether or not you should consider them for your business banking. 

This is what’s in store: 

Now, let’s get ready for takeoff!

What is Space Coast Credit Union?

Space Coast Credit Union Review

SCCU is a financial institution that offers a range of services tailored for both personal and small business needs. Founded in 1951, it has grown to become one of the largest credit unions in Florida, serving over 500K members.

The credit union was established with the mission to give members competitive financial products and services and maintain a strong commitment to the community. Over the years, SCCU has expanded its offerings to include comprehensive banking solutions for individuals and businesses.

SCCU helps small businesses through a variety of offers:

  • Business banking
  • Business loans
  • Business credit cards
  • Merchant services

SCCU offers some unique benefits including the “True Cash Discount” from Banc Card, which promotes cash transactions and reduces fees. Plus, SCCU’s Business Advisors provide personalized guidance on strategic planning and financial management. 

Space Coast Credit Union Reddit

Finally, their “Honestly Free Business Checking” really has no hidden fees and no required minimum balance. 

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Space Coast Credit Union near me

SCCU operates in the eastern part of Florida, with a strong presence in Miami, Melbourne, Palm Bay, Boca Raton, and Fort Lauderdale. They have approximately 60 branches spread across these areas to make sure members have convenient access to banking services. 

Branches are equipped with features like ATMs with night drop boxes, drive-thrus, safe deposit boxes, coin sorters, and some offer specialized services like deposit ATMs and extended hours—Their online banking services further extend accessibility to members nationwide.

You might also like: Is BHG Financial Legit? Personal & Business Loans, VC, & More 

Membership and Eligibility

Space Coast Credit Union login

To become a member of SCCU, you need to reside in one of the 34 counties in Florida that SCCU serves. These counties include Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, and Volusia.

If you meet this criteria, you can join SCCU by opening a personal Share Savings Account online or at any of their 65 branch locations. Your Share Savings Account not only makes you a member but also a co-owner of the credit union—It comes with benefits like earning dividends on the first dollar of savings and no monthly maintenance fees.

When you join, SCCU will check your account, credit, and employment history to verify your eligibility. This may include getting reports from third parties, including credit reporting agencies. Once your membership is established, you can access SCCU’s business products and services.

To open a business account online or in-person with SCCU, you’ll need to provide:

  • Business legal name
  • Ownership percentage (and have at least 25% ownership
  • Employer Identification Number (EIN)
  • Articles of Organization, partnership registration, or fictitious name verification from Sunbiz
  • Partnership agreement (if applicable)
  • Signers/Beneficial owner information

SCCU will provide a Resolution of Authority Form and a Business Service Account Agreement. 

You might also like: Novo Bank Review: First-Rate Small Business Banking or Scam? 

Business Financial Products and Services

Whether you’re starting a new venture or expanding an existing one, SCCU offers many tools to help your business thrive. Learn more about their business banking, loans, lines of credit, and merchant services.

1. Business Banking/Checking

SCCU business checking

SCCU offers two main business checking accounts: Free Business Checking and Business Interest Checking. These accounts are designed to save you time, money, and stress, so you can focus on running your business.

  1. Free Business Checking is SCCU’s most popular option. It comes with no direct deposit requirement, no minimum balance requirements, no transaction limits or fees, and no monthly low balance fee. You only need a minimum opening deposit of $50. This account is ideal if you want a straightforward, cost-effective way to manage your business finances without additional costs.
  2. Business Interest Checking provides the added benefit of earning interest on your account balance, without the need for traditional bank sweeps. Like the Free Business Checking account, it also has no direct deposit requirement and no minimum balance requirement—This account allows your money to work for you while maintaining the simplicity of no monthly fees and transaction limits.
Free Business CheckingBusiness Interest Checking
Minimum Opening Deposit$50$50
Monthly Low Balance FeeNoneNone
Minimum Daily BalanceNoneNone
Transaction FeesNoneNone
StatementsFreeFree
Multiple Business Account HoldersAllowedAllowed
Earns InterestNoYes

Both accounts offer numerous free services, including:

  • Free statements
  • Free online and mobile banking
  • Free mobile deposit
  • Free Visa® debit card
  • Free access to SCCU ATMs
  • Free account alerts and 2-way text fraud alerts
  • Free bill payer
  • Free CALL-24 telephone banking
  • No processing limits

Plus, SCCU advertises that you can get paid up to two days early. 

2. Business Credit Cards

SCCU business credit card

SCCU offers a Visa® Platinum Business Credit Card with rewards and competitive interest rates. You earn 3 points per dollar at restaurants and office supply stores, 2 points per dollar on gas, and 1 point per dollar on all other purchases. 

Points can be redeemed for: 

  • Cash back
  • Gift cards
  • Travel
  • Entertainment
  • Theme park tickets

The card features a 0.00% introductory APR for the first 6 billing cycles on purchases, balance transfers, and cash advances. After the intro period, the APR is based on creditworthiness, with rates as low as Prime Rate (8.5% as of today) + 7.99%. 

With this card, there are no annual fees, balance transfer fees, or cash advance fees. But, you can incur a late payment fee of up to $27 and there’s a minimum finance charge of $0.50.

Unique perks for cardholders include: 

  • Free 2-way text fraud alerts
  • Visa zero liability protection
  • Digital wallet payment options
  • Contactless payments
  • Card controls through the mobile app 

The Visa® Platinum Business Credit Card provides financial flexibility, rewards, and essential security features.

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

SCCU business loans

SCCU offers a handful of business loans:

  • Commercial real estate loans
  • Commercial construction loans
  • Commercial vehicle loans
  • Business equipment loans

Commercial real estate & construction loans help you build, buy, or refinance properties like offices, warehouses, or retail spaces. SCCU provides loans for owner-occupied and investor-owned properties, as well as commercial construction. There are no application fees or pre-payment penalties, and terms vary based on the project. 

For construction loans, you can expect a structured draw schedule tied to construction milestones.

Commercial vehicle & business equipment loans are ideal for purchasing or refinancing business vehicles or equipment—They offer low credit union rates and flexible terms. Like real estate loans, there are no application fees or pre-payment penalties. Terms range from 24 months to 10 years or more, depending on the equipment and the lender.

For commercial vehicles and equipment loans, the benefits include separating personal and business finances, potential tax deductions, and full ownership of the vehicle or equipment.

SCCU offers fixed- and variable-rate loans, with specific rates based on creditworthiness and loan type. While they don’t disclose their commercial loan rates, comparable consumer loans come with rates as low as 6.25% for mortgages and 6.24% for auto loans. 

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

4. Business Savings & Investment Opportunities 

SCCU business savings and investing

SCCU has a variety of business savings and investment options tailored to help your business grow while earning competitive returns. 

The Business Savings Account and Business Money Market Savings both offer attractive interest rates that vary based on the balance maintained, starting from 0.04% APY for balances under $100K up to 1.25% APY for balances of $250K and above—These accounts come with: 

  • No transaction limits or fees
  • Free account alerts
  • Easy access through online and mobile banking 
Space Coast Credit Union CD Rates

Additionally, their Certificates of Deposit (CDs) offer fixed interest rates ranging from 3.94% to 4.60% APY, depending on the chosen term length from 3 to 60 months. CDs have a $500 minimum deposit requirement.

5. Treasury Services

Space Coast Credit Union Merchant Services

Finally, SCCU offers comprehensive merchant services through a partnership with BancCard. Through this partnership, they’ve made it more convenient and efficient for business members to process credit payments. 

By accepting all major card types (including Visa, MasterCard, American Express, PIN Debit, Fleet, and foreign cards), SCCU enables you to expand your customer base and improve cash flow. 

The services feature: 

  • Cost-effective processing programs with no hidden fees
  • Innovative payment options like gift cards and electronic check acceptance
  • Modern equipment including EMV/NFC terminals and smartphone/tablet functionality 

Whether you operate online or have physical locations, SCCU’s merchant services provide flexibility and next-day availability of funds, ensuring businesses can operate smoothly and securely.

You might also like: Should You Accept a Square Business Loan Offer? 

6. Mobile App 

SCCU Mobile App

The SCCU Mobile app is available for both iOS and Android, and gives you a free and secure way to manage your accounts on the go. With a rating of 3.8 stars from over 4.4K reviews on Google Play and 4.8 stars from 29.6K ratings on the Apple Store, the app is well-received.

In the app, you can:

  • Deposit checks remotely from your mobile device
  • Get help on the go with live chat
  • Monitor your account with customizable alerts
  • Securely access your accounts using fingerprint or Face ID
  • Check balances, view transaction history, and pay bills
  • Transfer funds and make person-to-person payments
  • Locate SCCU branches and ATMs near you

While the app is free for SCCU members, enrollment in SCCU’s Online Banking service is required. Users benefit from data encryption during transmission and can request data deletion. 

However, some users have reported issues like crashes during check deposit and interface navigation challenges (which the developer continues to address through updates and user feedback).

SCCU Customer Service

Space Coast Credit Union customer service

SCCU offers pretty solid customer service for business members. 

First, they have dedicated ‘Business Advisors’ who are meant to understand the unique financial needs of businesses and offer personalized guidance. 

Next, With extended service hours during the week and on Saturdays, SCCU makes sure you can get jelp when it’s convenient for your busy schedule—They provide multiple ways to connect, whether through phone, email, or visiting a branch, so you can choose the method that suits you best. And, SCCU aims for prompt responses to your inquiries, which will help you manage your business finances efficiently. 

SCCU Business Resources

Additionally, they offer educational resources like financial estate guides, articles, calculators, and detailed product information to empower you to make informed financial decisions—Their business-centered customer service approach is designed to be supportive and informative.

SCCU Community Involvement

SCCU Donates to Hurricane Relief

Space Coast Credit Union (SCCU) is really into giving back and being part of their community. They’re all about “People helping people,” which sums up how they roll. They’ve been nominated for Business of the Year, which shows they’re making a real impact locally.

They’re active in lots of charity work, from supporting cancer foundations to helping out with school supplies. When hurricanes hit, like Irma, SCCU stepped up big time, keeping their ATMs and online services running to support their members. They also donated over $76K to the American Red Cross after multiple storms.

SCCU isn’t just about money—they’ve given over $1 million to causes they care about. Whether it’s helping out during disasters or supporting local initiatives, they’re there. Recently, they donated $38k for Hurricane Dorian relief in the Bahamas, showing they’re ready to pitch in when needed.

Overall, Space Coast Credit Union isn’t just about banking; they’re about making their community stronger. Their motto isn’t just words—they live it through their actions, from helping small businesses to lending a hand when things get tough.

Frequently Asked Questions

Does Space Coast Credit Union have monthly fees? 

Space Coast Credit Union offers various accounts and services with different fee structures. Many accounts are fee-free, but some accounts may have monthly fees.

How much does Space Coast let you overdraft? 

Space Coast Credit Union allows up to $500 in overdraft protection, but charges $30 per item. And, the specific amount allowed for overdrafts can vary based on your account type and individual circumstances.

How much can you withdraw from a Space Coast Credit Union ATM?

You can typically withdraw up to $500 per day from a Space Coast ATM. However, you may be able to speak to a banker to get your limits increased, particularly for business accounts.

Is Space Coast FDIC insured? 

No, Space Coast Credit Union is not FDIC insured. Credit unions are insured by the National Credit Union Administration (NCUA), which provides similar coverage up to $250K per depositor.

Conclusion

In all, SCCU offers personalized business financial solutions with competitive rates and flexible terms. They excel in community engagement and social responsibility, contributing actively to local causes. 

While their branch network may be somewhat limited, SCCU provides robust business credit cards, loans, and merchant services. And, you can take advantage of the credit union’s educational resources whether you are a member or not. SCCU stands out for its commitment to supporting local businesses and fostering lasting relationships with its members.

If your business operates or plans to expand outside of Florida, SCCU might not be the best fit for you. The credit union primarily serves Florida, so if you need extensive branch access beyond this state, their geographic coverage is limited. So, if your business requires convenient physical banking locations across multiple states, consider a financial institution with a broader network.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Is Sound Credit Union’s Business Banking Right for You?

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Sound Credit Union

Sound Credit Union primarily serves the Puget Sound area in Washington. They are known for their low cost banking and fair rates, but they also offer business banking and credit. 

Credit unions tend to stand out from big banks in many ways. While giving back to the communities they serve, they usually offer better rates on loans and lines of credit. Sometimes, credit unions offer better business credit options for members. 

Let’s take a closer look at Sound Credit Union’s business products and services, so you can see if this is the institution for you. Here, we’ll explore their business banking, credit cards, loans, and more. 

This is what’s in store: 

Now, let’s get started!

What is Sound Credit Union?

Sound Credit Union login

Sound Credit Union is a financial institution with a strong emphasis on trust, collaboration, and shared success. Established in 1940, it has a long history of providing accessible and affordable financial services to individuals and businesses in Washington state. 

Over the years, Sound Credit Union has maintained its commitment to helping its members achieve financial well-being, continuously expanding its services to meet their evolving needs.

A key aspect of Sound Credit Union’s mission is its dedication to supporting small businesses. 

It offers a variety of services tailored specifically for business owners, like:

  • Business checking and savings accounts
  • Business credit cards
  • Specialized cannabis business accounts
  • Small business loans
  • Commercial real estate loans
  • Business auto loans 
  • Treasury services 

The credit union further supports business growth by offering educational resources on topics like developing new business models, scaling operations, and implementing contactless payments.

Joining Sound Credit Union is a simple process that involves opening an account online in just a few minutes, with no minimum deposit required. 

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Sound credit union near me

Sound Credit Union primarily serves four counties in Washington state: 

  • King
  • Pierce
  • Snohomish
  • Thurston

In King County, you can find branches in cities like Auburn, Bellevue, Burien, Federal Way, Kent, Redmond, Shoreline, Tukwila, and West Seattle. Pierce County locations include Bonney Lake, Tacoma, Gig Harbor, Graham, Lakebay, Lakewood, and Puyallup. In Snohomish County, branches are located in Lynnwood, Bothell, Edmonds, Everett, and Mukilteo. Thurston County is served by a branch in Olympia.

Sound credit union routing number

And, Sound Credit Union offers online services that ensure broader accessibility for businesses nationwide—This includes online banking, mobile banking, and remote deposit capture, which enables you to manage your finances easily from anywhere in the country.

Membership and Eligibility

Puget Sound credit union

To become a business member of Sound Credit Union, you need to meet a few simple eligibility requirements. 

  1. If you live, work, or attend school in Washington state, or if you are directly related to someone who does, you qualify for membership. 
  2. Additionally, if you work for one of Sound’s Select Employer Groups (SEGs), you are also eligible to join.

To join Sound Credit Union as a business member:

  • Gather your identity docs – Have your Social Security Number, a government-issued ID (like a driver’s license, passport, state, or military ID), and a valid email address ready. These are necessary for identity verification and to comply with government regulations.
  • Start the online application – Start the application process online with basic information such as your name, home address, date of birth, and contact details. You will also need to select your employment status and provide any additional required details.
  • Add a co-applicant or beneficiary (optional) – If desired, you can add a co-applicant or beneficiaries during the application process. You will need their name, Social Security Number, and date of birth.
  • Wait for the final decision – After submitting your application, Sound Credit Union will review it. Upon approval, you will become a member and gain access to the credit union’s products and services.
  • Fund your account – While there is no minimum deposit required, you can choose to fund your new account using a credit card, debit card, checking account, or savings account.

Once you’re a member, you can open any business account with Sound Credit Union. 

You’ll need to verify your business with the usual documents: 

  • Articles of Organization 
  • Employer Identification Number (EIN)
  • Verification of ownership 

Contact the credit union or visit a branch to open a business account. 

Business Financial Products and Services

From their banking to their robust loans, lines of credit, and business services, here’s what Sound Credit Union can offer in the way of small business financial products. 

1. Business Banking/Checking

Sound credit union review

Sound Credit Union offers a variety of business checking accounts designed to cater to different business needs: 

  • The Business Free Checking account requires no minimum balance and incurs no monthly fees, which provides essential banking services without additional costs. 
  • The Business Checking account offers 300 free check deposits and withdrawals per month, with a $5K minimum balance to waive the monthly fee—It also includes free debit cards for employees and access to mobile check deposit. 
  • The Business Interest Checking requires a $10K minimum balance to avoid fees and offers 200 free check transactions monthly. 
  • The Analysis Checking account uses an earnings credit to offset fees, which makes it suitable for those with substantial banking activity.

Here’s a wider look at their business checking offer. 

Minimum BalMonthly FeeFree Check TransactionsMore Benefits
Business Free Checking$0$0100/month ($0.20/item after)No fees or minimums, basic essentials
Business Checking$5K or Cash Management$0 if above $5K, otherwise $10300/month ($0.20/item after)Free employee debit cards, mobile check deposit
Business Interest Checking$10K$0 if above $10K, otherwise $10200/month ($0.15/item after)Interest earnings on balance
Analysis CheckingAnalyzed*Analyzed*Analyzed*Uses earnings credit to offset fees, suitable for large balances

Each account type also benefits from Sound Credit Union’s commitment to security, with features like:

  • EMV chip debit cards
  • Email and text alerts
  • Card lock/unlock options in the Sound Mobile app. 

Moreover, businesses can leverage nationwide access to over 30K surcharge-free ATMs, enhancing convenience for cash management needs.

You might also like: Amex Business Checking Review: What You Need to Know…Really 

2. Business Credit Cards

Sound Credit Union Federal Way

Sound Credit Union offers several business credit cards tailored to different business needs: 

  • The Business Rewards Credit Card is great if you want to earn rewards on every purchase, like Sound Rewards points and travel perks—It also includes features such as auto rental collision coverage and travel assistance, making it handy for business trips. 
  • The Business Platinum Credit Card offers competitive APRs and benefits like purchase security. 
  • The Business Platinum Secured Credit Card is available for businesses looking to build credit with a secured option. 
Sound Credit Union Business Credit Card rewards

Sound Credit Union’s rewards program notably is robust—With every purchase made using the Business Rewards Credit Card or Business Debit Card, you earn points that can be redeemed for: 

  • Travel
  • Merchandise
  • Gift cards
  • Cash back
  • Charitable donations

Plus, new cardholders can kickstart their rewards journey with a generous 10K bonus points upon opening a Rewards credit card account, making it even easier to start enjoying the perks.

All of the business credit cards skip annual fees, balance transfer fees, and foreign transaction fees, keeping things straightforward for managing business expenses. And, they come with EMV chip security and real-time alerts to keep your business transactions safe and secure.

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

Sound Credit Union Tacoma

Sound Credit Union offers a variety of business loan options designed to meet diverse needs and support your business growth. 

Get flexible financial solutions, whether you’re looking to: 

  • Purchase commercial real estate
  • Acquire equipment or an automobile
  • Maintain cash flow with a line of credit

With competitive rates and terms available on both owner and non-owner occupied properties, including SBA loan options for qualifying businesses, you can benefit from lower down payments and longer repayment terms backed by the U.S. government. 

Sound’s commitment to personal service means you’ll receive support from application through funding and beyond.

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

4. Business Savings & Investment Opportunities 

Sound credit union CD rates

Sound Credit Union offers competitive rates across its business savings and investment products to help you maximize financial returns:

  1. High-Yield Business Savings Account – Earn a competitive interest rate on balances. Rates are tiered, typically offering higher rates for larger balances. No monthly fees or minimum balance requirements. Interest is compounded and credited monthly, optimizing your savings potential.
  2. Business Money Market Account – Enjoy competitive tiered rates that increase with higher balances. Benefit from liquidity with no penalties for withdrawals or transfers. No monthly fee when maintaining the minimum balance requirement.
  3. Business Certificates – Rates for Business Certificates vary based on the term and type chosen (Basic, Bump, Flex, Jumbo). Generally, longer-term certificates and jumbo certificates (balances of $100K or more) offer higher dividend rates. Interest is compounded monthly. Certificates allow for additional deposits (varies by type) and rollover options.

These rates are subject to change, so it’s recommended to check with Sound Credit Union for the most current rates and terms applicable to your business savings and investment needs.

You might also like: Bluevine Review: Free, High Yield Small Business Checking! Are They Serious? 

5. Banking Services 

Sound credit union Puyallup

As you probably expect, Sound Credit Union offers a robust suite of treasury services: 

  • Merchant services
  • Payroll services
  • Quickbooks® integration
  • Tax payments 

With a focus on convenience and efficiency, their offerings include merchant services through Total Merchant Concepts (TMC), providing solutions for card payments with options like POS systems and mobile processing. 

You can also benefit from comprehensive payroll services via Paychex®, which offers payroll processing, tax management, and HR services with 24/7 support. 

Integration with QuickBooks® allows seamless access to real-time financial data, while the Electronic Federal Tax Payment System (EFTPS) simplifies tax payments by enabling scheduling up to 120 days in advance. 

These services are designed to streamline operations, enhance financial management, and support growth, backed by local expertise and competitive pricing from Sound Credit Union.

Recommended: What’s the Best Payment Processor for a Small Business? Really 

6. Mobile App 

Sound Credit Union Mobile App

The Sound Credit Union mobile app is available on iOS and Google Play. 

With the app, you can manage your finances from your mobile device by: 

  • Checking balances
  • Making transfers
  • Paying bills
  • Sending money to others
  • Depositing checks
  • Setting security alerts
  • Managing your cards
  • Finding branch locations and co-op network ATMs

Recent updates have improved the login process for biometric users, enhanced visibility for closed accounts, and included various bug fixes to enhance user experience—Despite occasional issues reported by users, such as challenges with check deposit photo alignment and some usability concerns, the overall feedback is positive with 4.4 stars on Android and 4.7 stars on Apple devices.

Overall, the Sound Credit Union mobile app is a valuable tool to manage your finances conveniently and securely on the go.

You might also like: The PEX Card: Is it the Best Corporate Card for Your Business? 

Sound Credit Union Customer Service

Sound credit union log in

Sound Credit Union prides itself on high-quality customer service. The institution offers multiple support channels to ensure you can get the assistance you need. 

Business members can access phone support through the Sound Contact Center from Monday to Friday, 8:00 am to 6:00 pm, and on Saturdays from 9:00 am to 1:00 pm by calling 253-383-2016 or 800-562-8130. 

Sound credit union phone number

For general inquiries, live chat support is available during the same hours (you can get quick responses in real-time).

Additionally, you can send your questions via email using a secure form on the Sound Credit Union website—this helps make sure your sensitive information like account numbers and Social Security Numbers remain protected. 

If your card is lost or stolen, immediate assistance is available by calling 844-332-4899. For those who prefer written communication, Sound Credit Union can be contacted by mail at PO Box 1595, Tacoma, WA 98401-1595, or by fax at 253.383.2079.

Sound credit union reddit

For face-to-face interactions, a comprehensive list of branches and ATMs with their hours of operation is available, making it easy to find and visit a local branch. 

Sound Credit Union Support

The credit union’s website also features a robust Support section, offering 24-hour access to answers for common questions and detailed instructions for various services. You have continuous access to important information and resources. 

Sound Credit Union Community Involvement

Sound federal credit union

Sound Credit Union is deeply involved in the community, showing strong social responsibility and local support. For instance, they’re running the Auto Loan Payoff Sweepstakes from May 1 to December 31, 2024. If you open or refinance an auto loan during this time, you’ll be entered into a drawing to have your loan paid off, up to $40K. It’s their way of saying thanks and helping you financially.

They also support Washington Women in Need (WWIN). In a recent auction, Sound employees and business partners raised over $25K to help women in Washington get scholarships and career resources. This shows their commitment to empowering women and reducing student loan debt.

Sound Credit Union promotes financial tech innovation through a partnership with the University of Washington Tacoma. They host the FinTech Incubator Challenge, encouraging new financial tools. The 2023 winner, Prasanth Chaitanya Gupta Arisetty, created an app called Spendalyze, which tracks and analyzes transactions. He received $10K and a membership to CoMotion Labs in Seattle.

South sound credit union

They also host community events like the Annual Shred Day. This event helps you safely dispose of sensitive documents and supports local food banks with canned food donations.

Through these initiatives, Sound Credit Union shows its dedication to social responsibility, community support, and helping members like you achieve financial security and success.

You might also like: Y Combinator: Fast Track to Success or Waste of Time? 

Frequently Asked Questions

What time does Sound Credit Union open?

Sound Credit Union opens at 8:00 am from Monday to Friday. On Saturdays, it opens at 9:00 am.

What time does Sound Credit Union close?

Sound Credit Union closes at 6:00 pm from Monday to Friday. On Saturdays, it closes at 1:00 pm.

How secure is Sound Credit Union?

Sound Credit Union is highly secure. It employs robust security measures, including encryption, fraud monitoring, and secure login protocols to protect members’ personal and financial information. Additionally, it is federally insured by the National Credit Union Administration (NCUA), providing an extra layer of financial security.

Does Sound Credit Union accept Zelle?

Yes, Sound Credit Union accepts Zelle, allowing members to send and receive money quickly and securely using the Zelle service through their Sound Credit Union account.

Conclusion

Sound Credit Union provides business checking accounts with no monthly fees and robust transaction allowances. Their commitment to community involvement, like the Auto Loan Payoff Sweepstakes and support for Washington Women in Need, shows their dedication beyond financial services. 

With personalized service and local support, Sound Credit Union stands out for businesses seeking efficient financial solutions and responsive customer care. Leveraging their digital banking tools and treasury services can streamline operations and support long-term growth effectively.

If you prioritize competitive rates and community involvement, Sound Credit Union provides a solid option for businesses in the Puget Sound region. However, if you require extensive branch access outside Washington or specialized banking services like international transactions, exploring other institutions may better suit your needs.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Should You Open a Business Account at Gesa Credit Union?

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Gesa Credit Union

When it comes to banking, Gesa Credit Union is like a friendly neighbor who’s always there for you. Unlike big banks, Gesa is all about community, putting members first and focusing on what really matters–financial well-being. 

If you live in the Pacific Northwest, they may be able to provide you with business credit solutions tailored to your needs, whether it’s a credit card, loan, or savings account. 

So, in this review, we’re diving into Gesa’s lineup of business-friendly offerings, from rewards on credit cards to flexible loans and savings options. Let’s find out if Gesa is a good match for your business banking needs. 

This is what’s in store: 

Now, let’s dive in!

What is Gesa Credit Union?

Gesa credit union login

Gesa Credit Union is a member-owned financial institution. It serves the financial needs of individuals and businesses, especially small businesses. 

This credit union was founded in 1953 by a group of General Electric supervisors. Since then, it has grown into one of the largest credit unions in Washington state. Gesa’s mission is to serve its members and communities by providing affordable financial products and services. This includes a strong commitment to supporting local businesses and community development.

Gesa credit union routing number325181248

Gesa Credit Union is dedicated to helping small businesses thrive. They understand that small businesses are vital to the local economy and community. 

Hence, the credit union offers a range of products and services for small business owners:

  • They offer a variety of business checking and savings accounts to meet different needs.
  • Gesa participates in Small Business Administration (SBA) loan programs, providing access to funding with favorable terms.
  • Their treasury management services help businesses manage their cash flow efficiently.
  • Gesa offers term loans and lines of credit to help businesses finance operations and growth.
  • They provide business Visa cards with competitive rates and rewards.

Gesa Credit Union focuses on keeping money within the community, supporting local schools, organizations, and businesses. When you bank with Gesa, you help support these local initiatives and contribute to the overall well-being of the community.

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Locations Served

Gesa credit union near me

Gesa Credit Union serves businesses primarily in Washington state, with branches in Richland, Pasco, Kennewick, Walla Walla, Moses Lake, Yakima, Wenatchee, Pullman, Spokane, Puyallup, Seattle, Tacoma, Kirkland, Lynnwood, and Bremerton. Additionally, they have a branch in Post Falls, Idaho.

To enhance accessibility, Gesa offers extensive online services, including online and mobile banking through their “Gesa to Go” app. Members can manage accounts, transfer funds, pay bills, and deposit checks remotely. 

Plus, Gesa Credit Union is part of the CO-OP Financial Services Network, the second largest branch network in the U.S. This allows Gesa members to access almost 200 locations in Washington State and conduct banking at credit unions nationwide. Additionally, members have access to over 77,000 surcharge-free ATMs across the country, which ensures convenient banking wherever you are.

You might also like: A Complete Northwest Registered Agent Review & Analysis 

Membership and Eligibility

How to become a Gesa credit union member

To become a business member of Gesa Credit Union, the business must meet certain eligibility criteria. Businesses qualify if they are located in Washington state, or select counties in Idaho and Oregon.

Specifically, these counties in Idaho include Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, and Shoshone. In Oregon, eligible counties are Clackamas, Clatsop, Columbia, Gilliam, Hood River, Morrow, Multnomah, Sherman, Umatilla, Union, Wasco, and Washington. 

Additionally, businesses owned by individuals who live, work, worship, or attend school in these areas, or those who have a close relative who qualifies, can also join.

Here’s what you’ll need to do: 

  1. Make sure your business is located in the eligible regions of Washington, Idaho, or Oregon.
  2. Open a personal checking or savings account with Gesa.
  3. Prepare key business details, including the business name, address, and tax identification number.
  4. Owners or authorized signers should be ready to provide personal identification (e.g., driver’s license) and verification information as per Federal requirements to combat terrorism and money laundering.
  5. Visit a local Gesa branch or call their customer service to begin the membership process.
  6. Inform the representative that you are interested in opening a business account.
  7. Fill out the necessary membership application forms.
  8. Provide all required documentation and identification for both the business and its owners or authorized signers.
  9. Make an initial deposit into your new business account.

And, voila! As long as you meet the eligibility criteria, the process of becoming a member is no different than opening any other business bank or credit union account. 

You might also like: Unlock Business Success with Oregon Community Credit Union 

Business Financial Products and Services

From business banking to credit, loans, and beyond, here’s what Gesa Credit Union offers in the way of small business financial products.

1. Business Banking/Checking

Gesa Credit Union Business Checking

Gesa Credit Union offers a range of business checking accounts to meet a variety of small business checking needs. 

Each checking account comes with: 

  • Free access to online banking 
  • Automated and online bill pay
  • Competitive rates 

Here’s a side-by-side comparison of their business checking accounts. 

Analysis Business CheckingValue Business CheckingVersatile Business Checking
Ideal ForBusinesses with high monthly transaction volumes.Small businesses with a lower volume of transactions.Businesses with moderate account activity.
Costs & FeesCharges based on account activity.No fee per deposited or cleared check if 100 or fewer checks presented monthly.No fee per deposited or cleared check if 200 or fewer items presented monthly.
RequirementsLow $100 minimum deposit to open.Low $100 minimum deposit to open.Low $100 minimum deposit to open.
Daily balance of $5,000 required to waive monthly service fee.
AdvantagesEarns credit back based on balance.
Can use earned credits to offset service fees.
Includes Cash Management Services.		No monthly service charges.Flexibility and freedom for your business.

Gesa Credit Union shows support of small business growth through its tailored business checking accounts. They also have options tailored to nonprofits and municipalities. See their website for details. 

You might also like: Amex Business Checking Review: What You Need to Know…Really 

2. Business Credit Cards

Gesa Credit Union Business Credit Cards

Gesa Credit Union offers two business credit card options designed to meet the diverse needs of business owners. Both cards provide business owners with the ability to manage expenses efficiently while enjoying additional perks such as enhanced security features and separation of business and personal finances.

The Gesa Business Visa® Credit Card provides flexibility, convenience, and security, enabling easy separation of business and personal finances. With variable rates ranging from 14.74% to 26.99% APR, this card offers instant purchasing power and 24/7 member service support. 

Similarly, the Gesa Business Visa® Rewards Card is ideal for businesses seeking to earn cash back on everyday purchases. Featuring variable rates between 19.24% and 28.99% APR, this card offers 1.5% cash back for net purchases, along with the same benefits of instant purchasing power and 24/7 member service support. 

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Business Loans 

Gesa Credit Union Business Loans

Gesa Credit Union offers various types of business loans tailored to meet the diverse needs of local small businesses. Gesa is well-known for its over 50 years of SBA lending experience, local decision-making, and commitment to prompt customer service. 

The SBA loan programs available through Gesa include: 

  • The 7(a) Business Loan
  • Express Lines of Credit
  • 504 Loan
  • CAP Lines

These programs offer low down payment requirements and longer terms, making them popular choices among small business owners. The loans can be used for various purposes such as acquiring an existing business, purchasing, constructing, or renovating owner-occupied commercial real estate, financing long-term working capital, purchasing vehicles and equipment, and refinancing debt.

 The 7(a) Business Loan, in particular, offers terms up to 10 years for business acquisitions, equipment, and working capital, and up to 25 years when commercial real estate is involved. Loan amounts can go up to $5 million, providing businesses with the financial flexibility they need to thrive. 

And, Gesa provides Business Term Loans and Lines of Credit with competitive interest rates, local decision-making, and personalized service from experienced commercial lenders. 

Recommended: 6 Best Business Credit Cards for Entrepreneurs: Fuel Your Growth 

4. Business Savings & Investment Opportunities 

Gesa Credit Union Commercial Savings Account

Gesa Credit Union’s Business Savings Accounts are ideal for those seeking competitive rates and overdraft protection for checking or money market accounts. With a balance of just $100 to open and maintain the account, businesses can benefit from competitive rates that ensure their funds are working for them—You can earn 0.04% APY when you maintain a minimum balance of $500 each month.  

Additionally, the low monthly service charge can be waived based on the aggregate average daily balances in all other Business Accounts, providing flexibility and cost savings.These accounts also offer online banking access for convenient account management and ensure membership as a business account member.

Business Certificates are perfect for businesses looking for higher-yield, fixed-rate savings accounts for excess funds. 

Gesa credit union CD rates for business

With terms ranging from 3 to 60 months, you can choose the option that best suits your financial goals. Interest is compounded and paid monthly and at maturity, allowing businesses to maximize their earnings. Plus, certificates can be used as collateral to secure a loan at a competitive margin, providing added flexibility. 

5. Treasury Management Services 

Gesa Credit Union Merchant Services

Gesa offers a comprehensive suite of Treasury Management services tailored to streamline business operations and maximize financial efficiency. 

These services include:

  1. Online and mobile banking
  2. Online bill pay
  3. Sweeps (Automatic funds transfers to investment products)
  4. ACH services 
  5. Wire transfers
  6. Merchant services
  7. Merchant Deposit Capture (MDC)
  8. Electronic Federal Tax Payment System (EFTPS)

These Treasury Management services are designed to simplify financial processes, enhance cash flow management, and provide flexibility and convenience for businesses. And, Gesa’s dedicated Treasury Management Officers are available to assist with inquiries and provide personalized support to optimize business banking experiences. 

Recommended: What’s the Best Payment Processor for a Small Business? Really 

6. Gesa Mobile App 

Gesa Credit Union mobile app

Gesa digital banking mobile app is available on Google Play and the iOS app store. Users rave about Gesa Credit Union’s mobile app for its convenience and user-friendly interface. With the app, you can handle all your banking needs on the go – from transferring money between accounts to depositing checks and even applying for loans or credit cards. 

Plus, Fast Balances lets you check your account snapshots without logging in. While some users have reported minor issues like slow loading times or search limitations, overall, Gesa’s app is a hit among members, making managing your finances a breeze wherever you are.

Gesa Credit Union Customer Service

Gesa credit union phone number

Gesa’s member contact center, available Monday through Saturday, provides personalized assistance via phone and email, addressing various inquiries related to new accounts or loans, online banking, debit/ATM cards, account inquiries, stop payments, payments by phone, telephone banking, and general Gesa information. 

Gesa credit union reddit

In addition to traditional communication channels, Gesa also offers Live Chat support, available Monday through Saturday from 9:00 am to 5:00 pm Pacific Time—This feature enables quick access to assistance for inquiries such as branch locations, account balances, payment due dates, loan payment help from Gesa accounts, and general credit union questions. 

Plus, Gesa recognizes the importance of feedback from its members and encourages business members to share their suggestions, appreciation, or concerns through the member feedback form. 

Gesa credit union sign in

This shows that they’re probably committed to continuously improving their services and ensuring that business members’ voices are heard and valued.

Overall, Gesa Credit Union offers a pretty robust customer service framework.

Gesa Credit Union Community Involvement

Is Gesa or Hapo better?

When you bank with a credit union that supports the local community, your funds contribute to initiatives that matter most to your small business customers. 

Thankfully, Gesa Credit Union is committed to giving back to the community. 

In 2022, they gave $3.8 million to local communities, including $630,000 in scholarships to local students and $1 million to local schools through their Affinity Card Program—These efforts extend to financial education, having reached over 55,000 participants since 2015 through various programs and seminars.

You might also like: Should You Open a Navy Federal Credit Union Business Account? 

Frequently Asked Questions

What does Gesa Credit Union stand for? 

In 1953, the General Electric Supervisor’s Association (GESA) established Gesa Federal Credit Union to serve the exempt employees of the Hanford contractor.

Does Gesa use Zelle? 

Yes, Gesa offers the option for members to enroll in services provided by Zelle.

How much can you withdraw from Gesa ATMs? 

You can withdraw up to $1K in a single day from an ATM, provided that your account has enough funds available.

Are accounts with Gesa Credit Union insured? 

Yes, accounts with Gesa Credit Union are insured as Gesa is federally insured by the National Credit Union Administration (NCUA).

Does Gesa have a minimum balance on business accounts?

Yes, Gesa Credit Union has minimum balance requirements. To open a business checking account, there is a $100 requirement. And, a daily balance of $5K is required to waive the monthly service fee. The minimum to open a business savings account is $100, and you must maintain a minimum balance of $100 to avoid a service fee. Finally, to earn Annual Percentage Yield (APY), a minimum daily balance of $500 must be in the account each day.

Conclusion

Gesa Credit Union offers business members personalized service, competitive rates, and a range of financial products and services tailored to meet their needs. 

While its limited branch network and membership eligibility criteria may pose some challenges, Gesa’s commitment to supporting small businesses and involvement in the community set it apart. As a federally insured institution, Gesa provides security and peace of mind for deposits, and its participation in networks like CO-OP Financial Services expands access to surcharge-free ATMs and branches nationwide. 

However, while Gesa offers a ton of financial literacy resources, they don’t seem to have dedicated business financial education—while this isn’t a dealbreaker, I think it’s certainly worth mentioning. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today! 

What is the SBFE & How Do They Impact Small Businesses? 

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SBFE

As you build your business credit, you’ll start to see the Small Business Financial Exchange (SBFE) mentioned here and there. It’s probably immediately apparent that they’re involved in business credit data. But, how does this apply to you, as a small business owner?

Here, I’ll break down what the SBFE is, what they do, who they are affiliated with, and how this applies to small business and business credit. And, I’ll answer a couple of the most common questions I hear about the SBFE. 

This is what’s in store: 

Now, let’s roll! 

What is the Small Business Financial Exchange? 

SBFE tradelines

The SBFE is like a guild for over 135 U.S. small business lenders, including big banks, merchant acquirers, and credit card companies. It started in 2001 and gathers info about how businesses pay their bills—This info goes to the major credit reporting companies, helping them figure out how risky it is to lend to businesses. 

The goal is to make sure lenders have accurate insights into business’ credit health. However, it’s not a commercial credit reporting agency. Instead, it collects payment history from its member lenders and provides that data to the credit reporting agencies.

Here’s how it works:

  1. SBFE member lenders report business payment history to SBFE.
  2. SBFE shares the data with commercial credit reporting agencies.
  3. The agencies use this data – along with information from other sources – to create credit reports and scores.

Payments to suppliers, loan payments, commercial lease payments, and auto payments are examples of payment experiences that can end up on your business credit file via the SBFE. They collect and share both positive and negative payment information, which includes on-time payments as well as late payments.

And, unlike personal credit data, business credit data is not protected under the Fair Credit Reporting Act FCRA, which means that anyone can access your business’s credit information without your permission. However, SBFE data is available only to SBFE members for credit risk assessment purposes, not for marketing.

As for membership, small businesses can’t join SBFE or report payment history directly to it (the reason they don’t allow you to submit your own trade references is to prevent duplicate account reporting). SBFE membership is open to those who originate small business financing.

Recommended: 41 Companies That Help Small Businesses Build Business Credit 

What You Need to Know About the SBFE Score 

SBFE score range

The SBFE maintains independence from business credit reporting bureaus, which enables bureaus to set their own criteria for data sharing. Meanwhile their regulations help make sure the data remains unaltered once bureaus incorporate it into their systems. So, commercial credit reporting agencies come up with their own SBFE scores based on (accurate) information obtained from the SBFE as well as other sources. 

For example, Dun & Bradstreet’s (D&B’s) SBFE Score predicts how likely a business is to have financial problems like severe delinquency, charge-offs, or bankruptcy within the next year—It ranges from 706 to 999, with higher scores meaning lower risk. 

The score is based on data from SBFE and other sources, including tradelines that report directly to D&B. D&B’s SBFE score available for most U.S. businesses, except for some with missing info or those flagged as high risk. The score is used to help lenders determine a business’ credit risk and optimize profitability. 

So, what is a good SBFE score for a business? Well, typically one on the higher end of the scale, which indicates lower risk for financial issues.

Experian, Equifax, and Lexis Nexis have their own, comparable business credit scoring models. I am most familiar with D&B’s scoring models, since it’s the business credit bureau that I primarily work with (in my experience, it has the greatest breadth). 

Recommended: Everything You Need to Know About a DUNS Number – and Why You Should Care 

Company Overview

SBFE phone number

Small Business Financial Exchange Inc. (SBFE, LLC) is a trade association that was founded in 2001 to support the safe and secure growth of small businesses. According to Crunchbase, they’re based in Illinois, but the Ohio Secretary of State’s Website lists them as an actively-registered, foreign (registered in Delaware) Limited Liability Company headquartered in Cleveland. Their LinkedIn profile lists them in Shaker Heights, Ohio. 

Sbfe login

The organization has raised a total of $15.8 million in funding from investors, and recently made headlines with their efforts to strengthen small business credit decisions. 

Prior to taking her role as the current CEO of SBFE, Elisabeth Hughes Macdonald (New York) was the Managing Director of Investment Banking at Chase and the Senior Vice President at Citizens Bank. She’s also served as a board member at Lafayette College and Impact 100 Garden State.

SBFE CEO

The SBFE apparently doesn’t have a lot of employees, so they don’t have a presence on Glassdoor or Indeed. As a result, we don’t know what employees think about working there or whether they approve of company leadership. And, you won’t find user reviews on Trustpilot or complaints with the Better Business Bureau because they’re not a consumer or small business-facing institution. 

What Companies are Affiliated with the SBFE? 

SBFE members list

The SBFE collaborates with various entities that can significantly impact small businesses’ financial health and creditworthiness. While SBFE doesn’t publicly disclose its entire list of members, here are some key entities they work with that small businesses should be aware of.

By understanding SBFE’s partnerships with these entities, you can gain insights into the credit ecosystem and make informed decisions about their financing options and credit management strategies.

Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

1. Major Banks

Does Chase report to SBFE?

Many of the largest banks in the United States are members of SBFE. These banks often offer a wide range of financial products and services to small businesses, including loans, lines of credit, and business credit cards.

You might also like: Chase Ink Business Preferred Credit Card: A Deep Dive Analysis 

2. Credit Card Issuers

SBFE credit card issuer members

SBFE partners with credit card issuers who provide small businesses with credit cards tailored to their needs. These issuers play a crucial role in helping small businesses manage cash flow and access credit for various business expenses.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

3. Alternative Lenders

Alternative lenders that report to SBFE

In addition to traditional banks and credit card issuers, SBFE may also work with alternative lenders such as online lenders and fintech companies. These lenders often provide innovative financing solutions to small businesses that may not qualify for traditional bank loans.

You might also like: No-Doc Business Loans: Get Funds Without Proof of Income 

4. Business Credit Bureaus

Does SBFE report to Dun and Bradstreet?

SBFE shares data with four major commercial credit reporting bureaus: 

  1. Dun & Bradstreet
  2. Equifax
  3. Experian
  4. LexisNexis Risk Solutions

These bureaus compile and analyze small business payment data to create credit reports and scores used by lenders to assess creditworthiness.

Recommended: Dun and Bradstreet / How to get a DUNS Number 

Frequently Asked Questions

How do I find out my business credit score?

You can find out your business credit score by contacting commercial credit bureaus like Dun & Bradstreet, Equifax, Experian, or LexisNexis Risk Solutions. They can provide you with your commercial credit report, which includes your business credit score.

What is a small business as defined by the US SBA?

According to the US Small Business Administration (SBA), a small business is typically one that has fewer than 500 employees for most industries—The definition can vary based on industry and other factors.

Conclusion 

In sum, the SBFE isn’t super transparent with small businesses when it comes to how they operate and what information they report to bureaus. They’re primarily a lender-facing institution. So, when you have questions about your business credit as it relates to SBFE reporting, it’s best to go straight to the business credit bureaus that they report to (D&B, Experian, Equifax, or Lexis Nexis). 

If you’re unsure whether or not your lender is an SBFE member, you can ask them directly. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

JJ Gold Net 30: Build Business Credit Buying Jewelry +More

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JJ Gold Net 30

Did you know you could build business credit with jewelry, self care, and home decor purchases through JJ Gold? Well, you can—But, is it worth it? I mean, JJ Gold isn’t the only account that offers net 30 terms and reports to business credit bureaus.

Here, we’ll take a close look at JJ Gold’s net 30 offer, minimum purchase requirements, and more. I’ll also share links to some of your other options that could help you accomplish the same end-goal and answer some of the top questions people ask. 

This is what’s in store: 

Now, let’s dive in! 

What is JJ Gold Net 30? 

Jj gold review

JJ Gold’s main brand – Lauren G Adams – is particularly known for its colorful enamel jewelry and bold designs. After almost 30 years in business, they’ve expanded their offering beyond jewelry to cater to various personal needs and preferences.

Today, JJ Gold International is an online retailer that offers a variety of products, including: 

  • Hair & beauty
  • Jewelry
  • Home decor
  • Personal accessories
  • Eyewear

They offer products for both men and women.

JJ Gold price

As for “JJ Gold net 30,” this  refers to payment terms where the customer has 30 days from the date of invoice to pay for the goods or services. So, JJ Gold International offers products with “net 30” payment terms, and this means you have 30 days to pay for their purchases after receiving an invoice.

For new customers, JJ Gold only provides net 30 terms on 50% of purchases, meaning you have 30 days to pay for half of your order after receiving an invoice—For the remaining 50% of purchases, you would need to pay upfront.

These drawbacks, however, aren’t necessarily deal breakers. I mean, it’s the only net 30 offer I know of that sells jewelry. And, you can save 10% on your first purchase with vendor credit by subscribing to their newsletter.

You might also like: This is How to Get Grainger Net 30 Terms (+Build Business Credit)

Can JJ Gold Net 30 Help You Build Business Credit? 

JJ Gold Net 30 reports to Dun & Bradstreet and Experian, which can help you build business credit as long as you pay your account on time. 

Any overdue or unpaid balances will incur a late fee of $25.00 after the due date has passed, plus a 17.99% annual APR interest charge until the balance is paid in full.

If you sign up for the Credit Plus Plan, you’ll agree to monthly automatic payments of $9.99. As a plan holder, you won’t be charged late fees or annual APR for past due invoices for the first 15 days after the original invoice due date. 

Keep in mind, one net 30 account that reports to business credit bureaus typically isn’t enough to help you obtain larger lines of credit. 

Recommended: Using 30 Day Net Vendors to Build Your Business Credit Score 

JJ Gold Net 30 Requirements

To qualify for a JJ Gold net 30 account, businesses must meet specific criteria. 

The requirements include:

  • Active, registered business based in the U.S.
  • Have been in business for at least 30 days
  • Maintain a clean business history, free from late payments or derogatory reporting
  • Possess an Employer Identification Number (EIN) and a Data Universal Numbering System (DUNS) number

If you can meet these terms, you can consider applying. 

Recommended: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

Company Overview

Jj gold address

JJ Gold International, Inc. is a Florida for-profit corporation that was established on March 19, 1986. The company is currently active and operates out of its principal address at 383 NE 2nd Ave, Hallandale Beach, FL 33009. The registered agent for the company is Joseph Ovadia,who serves as the President and Director. 

The company has maintained its compliance by consistently filing annual reports. Though it appears that JJ Gold filed for a reinstatement with the Florida Division of Corporations on October 25, 2010, which indicates they may have been inactive for a while.

JJ Gold International, Inc. has an A+ rating with the Better Business Bureau (BBB), but is not BBB accredited. Over the past three years, they’ve garnered only one complaint, which was resolved right away. 

JJ Gold net 30 Reviews

They don’t have much of an online presence other than a handful of (completely positive) reviews scattered across social media sites like Facebook. And, I couldn’t find a single open lawsuit—So, while there aren’t a ton of online trust signals, everything I did find looks promising. 

In sum, JJ Gold seems to be a legit company that can help you build business credit. 

Recommended: This is How to Build Business Credit Fast [Step-by-Step Guide] 

How to Apply for JJ Gold Net 30 Terms to Build Business Credit

Before applying for JJ Gold Net 30 terms, ensure that your business meets specific eligibility criteria. Once you’re ready, here’s how to make it happen. 

1. Have Your Documentation Handy

Jj gold net 30 login

Gather all necessary documentation before starting the application process. 

This includes your: 

  • Business registration information
  • EIN
  • DUNS number
  • A digital copy of your (the owner’s) photo ID 
  • A business bill or bank statement 

These documents help verify the legitimacy and identity of your business. Make sure that all documentation is up-to-date and accurately reflects your business information.

2. Review the Purchase Requirements

Before applying for JJ Gold Net 30 terms, ensure that your intended purchase meets the minimum requirement. JJ Gold International typically requires a minimum purchase amount – $80 – to qualify for Net 30 terms. 

Consider your business needs and plan your purchase accordingly to meet the conditions of the terms. 

3. Submit Your Application

Once you’ve confirmed eligibility and prepared all necessary documentation, proceed to submit your application. Visit the JJ Gold International website and locate the application page for Net 30 accounts. 

Fill out the application form accurately, providing all required information and documentation. Take your time to double-check the information entered to avoid any errors or delays in the application process. 

4. Wait for Approval

Jj gold customer service

After submitting your application, be patient and allow JJ Gold International time to review it. The approval process may take some time as they assess your business’s eligibility and creditworthiness. While waiting, you can follow up periodically if there are any updates or inquiries regarding your application status. 

If your application is approved, you’ll receive confirmation from JJ Gold International. This confirmation may come via email or through the online portal where you submitted your application. Review the confirmation carefully and take note of any instructions or next steps provided.

5. Start Using Your Account

Jj gold login

Once you’ve received confirmation of approval, you can start using your JJ Gold Net 30 account to make purchases. Ensure that you understand the payment terms and adhere to them consistently. 

If this is your first order, you’re only eligible for 50% net 30 financing, so order at least $160 to make sure your payment is reported to D&B and Experian. 

Making timely payments is crucial to build your business credit and maintain a positive relationship with JJ Gold. Consider setting up reminders or automated payments to avoid missing deadlines and negatively impacting your credit profile.

Frequently Asked Questions

What is the minimum for JJ Gold net 30?

JJ Gold net 30 typically requires a minimum purchase amount, often set at $80, to qualify for reporting to business credit bureaus.

How many net 30 accounts do I need?

While having multiple net 30 accounts can diversify your credit profile, having just one can also help build business credit. The general recommendation is 3-5. In our Business Credit Workshop I teach exactly how to get a perfect business credit score. 

Do net 30 accounts build business credit?

Yes, some net 30 accounts can help build business credit if payments are made on time and reported to credit bureaus. Timely payments demonstrate your business’s creditworthiness and can positively impact your credit score over time.

Which net 30 reports to Dun and Bradstreet?

JJ Gold and many other companies report to Dun & Bradstreet, one of the leading business credit bureaus, helping you establish and build your business credit profile. 

Conclusion

Still want to build business credit with jewelry purchases through JJ Gold? Here’s the gist of what you need to know. 

JJ Gold International offers a range of products, including jewelry. While the net 30 terms give you 30 days to pay invoices, only 50% of purchases qualify—This is a minor hitch that isn’t typical with all net 30 vendors. But, JJ Gold net 30 does report to major credit bureaus, which can help you build business credit if payments are on time. 

Keep in mind, building business credit takes careful money management—It’s important to pay bills on time and keep a clean credit history to gain trust and access better credit terms. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

The Revenued Business Card: What is it & Do You Need it? 

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Revenued Business Card

The Revenued business Visa® card is a popular new way for businesses manage their spending (and to get funding in as little as an hour after you apply). So, if not a loan or line of credit, what is it? And, is it worth it? 

Here, we’ll look at the details of the offer including an overview of the company, rates and fees, limits, and get answers to questions you might have about the Revenued business card. 

This is what’s in store: 

Now, let’s roll! 

What is a Revenued Business Card?

Revenued business card review

The Revenued business card is a “fee-free,” 3% cash back, commercial prepaid card issued by Sutton Bank, designed specifically for business needs—It’s not a credit card, loan, or a gift card, and it’s meant to purchase goods and services related to your business activities.

There are no: 

  • Monthly maintenance fees
  • Card replacement fees 
  • Expedited delivery fees
  • Statement fees 

However, if you use an out-of-network ATM, additional fees might apply.

With the Revenued business card, you also get access to a “Flex Line” feature, providing you with a flexible “line of credit” up to $500K. And, it’s funded through a Pearl Capital account, using merchant cash advance (MCA) funds (Originally, this made me think the company was a white label solution for Pearl Capital funding). 

Within the flexible line of credit, there are spending limits: you can spend up to $10,000 per day, $50,000 per month, and no more than $10,000 per transaction.

You might also like: Is Carputty Legit? A Complete Auto Financing Review 

What is Pearl Capital MCA Funding?

Revenued business card login

For individuals considering a Revenued business card, Pearl Capital MCA funding offers a financial solution worth exploring. MCA, or Merchant Cash Advance, funding is essentially a factored loan, wherein a lump sum is provided upfront in exchange for a percentage of future credit card sales—This means that instead of a traditional loan with fixed payments, repayments are based on a percentage of daily credit card transactions. 

It’s a quick and flexible option for businesses in need of immediate cash flow, although it’s important to note that MCA funding typically comes with higher fees and shorter repayment terms compared to traditional loans. 

You might also like: A Deep-Dive Credibly Review: Is Their Financing Right for You? 

Revenued Business Card Requirements

To obtain a Revenued Business Card, you’ll need to meet certain requirements—Firstly, you must have a valid email address and reliable access to the internet. 

You also need: 

  • A legally registered LLC or corporation 
  • At least a year in business
  • A dedicated business checking account
  • At least $20K in monthly deposits

Other factors may limit your ability to obtain funding during the underwriting process. However, your credit shouldn’t impact your ability to obtain a Revenued business card.

You might also like: Could a Stripe Capital Loan Get Your Business Through a Rough Patch? 

Company Overview

Revenued loan

There are several companies at play here (Sutton Bank, Pearl Capital, Marqeta). For the sake of staying relevant, let’s peek behind the curtain at Revenued – the company presenting the actual product. According to their own marketing, “Revenued is a card that cares less about FICO and more about your business.”

Revenued LLC is a New Jersey-based, private, for profit financial solution provider that was founded in 2017. The company’s current CEO, Solomon “Sol” Lax, is claimed to have been at his current position since 2015 (but the entity wasn’t officially established until a couple years after this). 

Revenued business card + flex line

Now, what’s interesting is that, according to his LinkedIn profile, Sol became the CEO at Pearl Capital in 2015, where he moved up from COO—This shows that the two entities are very connected.

Business revenued credit card

In fact, Revenued and Pearl Capital share most of the same company leadership. 

Revenued business card reviews

Technically, they are two different entities, so let’s not dwell too long on that subject. For 6 bucks or so, we could pull more info about the companies from Secretary of State records or Open Corporates. But, I think we have enough info to dig up the dirt. 

Revenued isn’t listed on Glassdoor, but Pearl Capital is. And, only about ⅓ of employee reviewers approve of Sol as the leader of the company. Staff rate diversity and inclusion efforts on the poor side and declining. What employees think of a company can imply a lot about the internal culture. 

Revenued business card reddit

More importantly from a borrower’s perspective, existing customers can tell us more. On Trustpilot, The reviews for Revenued are overwhelmingly positive, with a TrustScore of 4.7 out of 5 and the majority of reviewers giving 5-star ratings. Customers praise the company for its easy application process, helpful customer service representatives, and quick issue resolution. 

Revenued customer service

While they’re not accredited with the Better Business Bureau (BBB), they maintain an A- rating. Most if not all of their complaints must’ve been closed in a timely manner.

Revenued business card report to credit bureaus

I ran across a few open lawsuits where Revenued LLC was a party—they appeared to be the company filing breach of contract against business borrowers. It’s worth noting that they do collect on debts owed to them, which is completely understandable. 

In all, despite some internal concerns and a few disputes, Revenued LLC garners high customer satisfaction ratings for its efficient services, suggesting that it effectively meets the needs of its clientele.

You might also like: This is the Truth About LenCred’s Small Business Financing 

How Does a Revenued Business Card Work? 

From the card itself to the Flex Line and more, A Revenued business card is a simple, but powerful offer. Let’s take a look at the features and benefits of a Revenued business card. 

1. Flexible Line of Credit

Revenued business card limit

The Revenued business card offers access to a flex line of credit that adapts to your business’s revenue fluctuations. This feature allows you to borrow funds as needed, providing financial flexibility to cover unexpected expenses or seize growth opportunities. 

Unlike traditional loans with fixed repayment terms, the line of credit adjusts based on your business’s performance, ensuring that you have access to the capital you need when you need it most.

Moreover, the factor rate remains constant throughout the repayment period and usually falls within the range of 1.1 to 1.5.

You might also like: How to Get Approved for Amazon Net 30 Terms (“Pay by Invoice”) 

2. Control & Monitoring

Revenued business credit card

Managing your spending and monitoring transactions is made simple with the Revenued business card. They use Marqeta (the same platform as Ramp and Divvy (Bill)) to issue cards and – in my experience – this technology is great. 

Through an intuitive online dashboard or mobile app, you can track your purchases, review transaction history, and monitor your available credit in real-time—This visibility and control level can empower you to make informed financial decisions, identify trends in your spending patterns, and proactively manage your cash flow.

Moreover, authorized users are allowed, which could be convenient or needed for some borrowers. 

You might also like: Can Tradeline Supply Reviews Be Trusted? The Full Picture 

3. Super Quick Funding

Revenued business card visa

One of the key advantages of the Revenued Business Card is its quick and streamlined funding process. When you apply for the card online, you can receive a funding decision in as little as an hour. 

Once approved, you’ll gain access to your funds within 24 hours, allowing you to address pressing business needs promptly—This rapid funding turnaround time ensures that you can seize opportunities for growth and respond to unexpected challenges without delay, which can help you keep your business operations running smoothly.

You might also like: Is Biz2Credit Legit? A Complete Review 

4. Dedicated Support

Revenued business card customer service number

As a Revenued business card holder, you’ll have access to dedicated support from a team of experienced professionals. From the moment you apply for the card, you’ll be assigned a dedicated Account Manager who will guide you through the application process and provide ongoing assistance with managing your account. 

However, live chat support is limited to certain hours and days of the week. 

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

Frequently Asked Questions

Does Revenued do a hard pull?

Revenued typically conducts a soft credit pull during the application process, which doesn’t impact your credit score. However, in some cases, they may perform a hard credit pull, which can affect your credit score.

Is there an annual fee for the Revenued business card?

As of January 2024, the Revenued Business Card is fee-free. It doesn’t charge an annual fee, monthly fee, application fee, or card replacement fee.

What is the minimum credit score for Revenued?

Revenued considers various factors beyond just your credit score when evaluating applications. While there isn’t a specified minimum credit score requirement, having a higher credit score may increase your chances of approval and potentially result in better terms.

Who does the Revenued business card report to?

The Revenued business card typically reports to the major credit bureaus, such as Experian Business, Equifax Business, and Dun & Bradstreet (D&B). This means that on-time payments can help you build business credit.

Conclusion: Is the Revenued Business Card Legit? 

I almost never recommend MCA funding unless there is no other choice because they are typically too expensive. While MCAs may not always be the preferred option for financing, the Revenued Business Card stands out for its potential to serve dual purposes. 

Not only does it offer a pathway to access working capital quickly, but it also presents an opportunity to build and strengthen your business credit profile. And, the potential for 3% cashback on MCA spending adds another layer of benefit, making it a compelling choice for businesses seeking flexible financing solutions while aiming to improve their creditworthiness.

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Is Bitty Advance Legit? A Full Merchant Cash Advance Review

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Bitty Advance

If you applied for a loan with OnDeck, Lenzi, or another online loan marketplace, you may have been referred to Bitty Advance for business funding. But, their advertising isn’t super transparent about terms and fees. So, I wanted to do a deep dive to explain what you might expect. 

Here, you’ll find out what Bitty Advance is, get some insights into their terms, and explore all the features of a Bitty merchant cash advance. Plus, I’ll answer some of the most common questions that people ask. 

This is what’s in store: 

Now, let’s go! 

What is Bitty Advance? 

What is MCA for Bitty Advance?

Bitty Advance is a newer financial services company that specializes in funding small businesses through Merchant Cash Advances (MCAs)—An MCA is a financial product where a business receives a lump sum of cash in exchange for a percentage of its future credit card sales or overall revenue. 

It’s not a traditional loan but rather an “advance” against future earnings. They offer funds from $2K to $250K, and the company is known for its quick funding process and transparent terms. 

Bitty Advance caters to businesses in various industries, including: 

  • Restaurants
  • Trucking
  • Healthcare
  • Construction
  • More

Bitty Advance aims to help small businesses by providing the capital they need to grow and thrive…even if they have bad credit. 

Now, Bitty is supposed to offer early payoff discounts. But, some user reviews suggest that this isn’t always the case, which can be disappointing if you expect savings. 

Bitty advance review

Right away, in case you don’t already know, I should also say that MCAs are a factored loan, as opposed to a traditional interest-based loan. And, factored loans tend to be more expensive in the end. 

You might also like: Full OnDeck Review: All You Need to Know About the Business Funding Offer 

Company Overview

Bitty Advance 2 LLC

Bitty Advance 2 LLC has been actively registered in the state of Florida since December of 2020, though cited as operational since 2018. The company’s registered agent is “Registered Agents Inc.,” and the current manager is Craig Hecker (the same Craig Hecker who founded Rapid Capital Funding, no longer operational).  

Right away, there are some red flags with Sunbiz records: 

  1. I’m assuming there was a Bitty Advance 1 before Bitty Advance 2. 
  2. Rapid Capital Funding II LLC last reported on their business in 2018.
  3. The first Rapid Capital Funding LLC was also active until 2018. 

This just looks messy…

To me, the inconsistency indicates that there could have been some problems that led to re-registration and re-branding. After a 5-second search, I found about half a dozen lawsuits against both Rapid Capital and Rapid Capital II. Without delving into the specifics of each case, there are disputes ranging from breach of contract to unspecified claims.

And, if you do some digging of your own, it will shed light on legal matters involving Bitty Advance, including lawsuits, debt relief options, and complaints—Hinting at potential challenges faced by individuals and businesses dealing with Bitty. 

Bitty Advance lawsuit

With that out of the way, I notice that Bitty isn’t at all transparent about their terms, rates, and fees on their website or in their advertising (I’ll try my best to shed some light on that soon). I see this as a red flag too, since it doesn’t enable comparison shopping. 

Bitty Advance apply online

And, Bitty doesn’t allow you to apply online without speaking with a loan agent…This isn’t completely unheard of, but it appears they’re not keeping up with the industry. 

Now, on Trustpilot, Bitty Advance maintains a 4.2-star Trustscore, which is pretty high. Trustpilot reviewers have varied opinions on Bitty Advance, with some praising the company for its efficiency, quick disbursement, and helpful staff, while others express dissatisfaction with issues such as lack of communication, unexpected charges, and difficulties with early payoffs. Overall, the reviews highlight both positive and negative experiences.

Bitty Advance reviews Trustpilot

The Better Business Bureau (BBB), on the other hand, paints a different picture. Of ten BBB complaints filed against the business, three remain unanswered by the company. And, with the business not being super well established, BBB has given Bitty Advance an F rating.

Bitty Advance BBB rating

This isn’t great, especially where some businesses have hundreds of complaints and maintain A ratings on BBB. 

Altogether, the background of Bitty Advance 2 LLC raises some concerns, with past legal entanglements and a lack of upfront transparency, despite some positive reviews on Trustpilot. The Better Business Bureau’s F rating and unresolved complaints add to the complexity and might point at the potential for challenges. 

You might also like: A Complete Northwest Registered Agent Review & Analysis 

What to Expect With a Bitty Advance MCA

Bitty Advance pre approval

The main appeal, and most common highlight of Bitty’s offer is that you can get quick access to cash. You can call Bitty Advance at (800) 324-3863 to start the application process. 

Bitty advance phone number

Based on the hundreds of user experiences I scoured through, I estimate that the factor rate range for Bitty Advance is likely between 1.5 and 2.5—This estimate is based on the “high fees,” “unexpected charges,” and substantial repayment amounts mentioned in reviews on Trustpilot and other platforms. 

While Bitty Advance doesn’t provide exact figures for the factor rate, the significant costs incurred by borrowers suggest a factor rate higher than the industry average (I often see rates between 1.1 and 1.5).

Let’s break this down: 

When you enter into an MCA agreement with a company like Bitty Advance, you would receive a lump sum upfront in exchange for a portion of your future credit card sales—This portion would be calculated using a factor rate, which is a multiplier applied to the amount funded.

For example, let’s say you receive a $25K advance from Bitty Advance with a factor rate of 1.8. The total amount you would need to repay would be $25K * 1.8 = $45K.

Bitty advance reviews

Now, repayment is typically made through a percentage of daily credit card sales. So, let’s assume that the agreement specifies a daily repayment percentage of 15% (anecdotally, it could be higher with Bitty, up to 35%)—If your credit card sales for a particular day total $3,000, they would need to remit 15% of that amount to Bitty Advance. 

So, $3,000 * 0.15 = $450 (or more) would be remitted to Bitty Advance for that day’s repayment.

This repayment structure would continue until the total repayment amount of $45k was reached. And, the actual repayment amount would vary depending on your daily credit card sales.

Frequently Asked Questions 

How do I get approved for Bitty Advance?

You need to meet their criteria, which usually includes a monthly revenue of around $5K or more and business history (established for at least 30-90 days). Apply online and provide requested documentation for review – there is no hard credit pull, so the main risk is paying any hidden fees. 

Can a merchant cash advance hurt your credit?

Generally no, but defaulting on repayment could indirectly impact your credit score through collections or legal actions.

How do I know if a loan company is scamming me?

Watch out for unsolicited offers, upfront fees, lack of transparency, pressure tactics, unlicensed lenders, and trust your instincts.

Conclusion: Is Bitty Advance Legit? 

Technically, yeah, Bitty Advance is a legitimate business, registered and active in the state of Florida. They are operating legally, but several lawsuits allege that leadership may be sitting in a gray area.  

And, Bitty’s repayment structure could have both advantages and disadvantages: 

  • On the one hand, it provides quick access to capital without the need for collateral or a lengthy approval process. 
  • However, the high factor rate and daily repayment percentage can result in significant costs, which can impact your cash flow and profitability over time.

Personally, I never recommend factored loans unless there is absolutely no other option. And, always read the fine print before you sign anything. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

This is How to Get Grainger Net 30 Terms (+Build Business Credit)

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Grainger net 30

If you’re a business owner looking to manage your cash flow better and build business credit, Grainger’s net 30 terms can be a great option. 

This guide will walk you through everything you need to know to get started, from understanding what Grainger net 30 is, to applying for it, and leveraging it to build your business credit.

This is what’s in store: 

Now, let’s dive in! 

What is Grainger Net 30? 

Does Grainger offer credit?

Grainger is a leading supplier of industrial products, including tools, equipment, and supplies for various industries. And, it doesn’t hurt that their shipping speeds tend to be super fast. 

Grainger net 30 reddit

Grainger Net 30 is Grainger’s credit program, extended to businesses to buy now and pay later—30 days later. This means you can make purchases immediately and have 30 days to pay the invoice, giving your business more cash flow management flexibility.

You might also like: 41 Companies That Help Build Business Credit [Beyond Net 30 Vendors] 

How Does Grainger Net 30 Help Build Business Credit? 

One of the early steps to build business credit is to set up a number of tradelines with companies that report your payment history with business credit bureaus, including: 

  • Dun & Bradstreet (D&B)
  • Experian Business
  • Equifax Business

Once your business credit is established, you can apply for and obtain business lines of credit that are typically substantially larger than what consumer credit provides. 

When you pay your Grainger net 30 account, Grainger reports to D&B, a business-exclusive bureau. If you have your DUNS number associated with the net 30 account, in this case, your payment history will be reported. 

So, a net 30 account in good standing can have a considerable, positive impact on your business credit score. 

Recommended: How to Use 30 Day Net Vendors to Build Your Business Credit Score

Grainger Net 30 Requirements

To qualify for Grainger net 30 terms, you need to meet some basic criteria. Luckily, they’re not difficult to meet.  

Here are the key requirements:

  • Business based in the U.S. 
  • Confirmed DUNS number 
  • In operation for at least 90 days

Some sources say that you may need to spend at least $50 before you qualify for credit terms, but this isn’t my experience. If your experience is like mine, you should be able to make a $50 purchase with net 30 terms right away, pending that you follow the right steps. 

You might also like: Summa Office Supplies: Should You Use Net 30 Terms for Your Business? 

How to Apply for Grainger Net 30 

Applying for Grainger Net 30 terms can be a straightforward process. If you follow these steps, you can successfully apply for and make the most of Grainger’s Net 30 terms to manage your cash flow and build your business credit. 

1. Establish Your Business

How to get Grainger net 30

Your business should be legally established with a verifiable address. This means having a business license in your state, a registered business name, an Employer Identification Number (EIN), and a DUNS number. 

Ensure you have all your business documents in order before applying. And, use the same business name and address consistently across all your documents.

Recommended: Low-Risk NAICS Codes +Best SIC Codes for Business Credit in 2024 

2. Register Your Grainger Business Account

How do you quality for net 30?

You need to register your Grainger account as a business. Do not register for a personal account. During registration, select “Register and create a new business account.” This ensures you are eligible for business credit terms and reporting. 

To do this:

  • Visit the Grainger website.
  • Click on “Register” at the top right corner.
  • Under “Registration type” select “Register and create a new business account.”
  • Fill out the required information about your business.

This part is pretty straightforward.

You might also like: How to Convert Credit Cards into Cash 

3. Have Clean Business Credit History 

How to get net 30 with Grainger

Grainger doesn’t check your business credit history for the starter $1,000 credit line. However, a clean credit history is helpful for future credit limit increases. For the starter limit, they will verify your business registration with the Secretary of State (SOS) database, a quick and efficient process. 

For a Grainger net 30 account, make sure your business is registered with the SOS and keep your business information up-to-date. It’s also crucial to pay all of your accounts on-time as agreed when establishing business credit history. 

Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

4. Provide Trade References (Optional)

Grainger net 30 application

While not required, providing trade references can strengthen your application. These references are other businesses or suppliers that you have successfully conducted transactions with and who can vouch for your creditworthiness. Including them can make your application more robust.

Gather contact information and permission from your trade references. Use references who can confirm timely payments and good business practices.

Recommended: Trade References: Learn Everything You Need to Know [+Templates] 

5. Choose the ‘Credit’ Billing Option

After your account is established, you should have the option to request payment by credit or billing. To leverage net 30 terms, choose ‘credit.’ You may need to contact Grainger (via chat or customer service) to enable this option—This allows you to use the net 30 terms effectively.

Log into your Grainger account to check your billing options. Contact Grainger’s customer service if the credit option is not automatically enabled.

While Grainger doesn’t officially have a minimum purchase amount on an invoice to qualify for net 30 terms, they prefer that you spend at least $50. This helps ensure that your payment history is reported to a business credit bureau, which is beneficial for building your business credit profile.

Plan to make purchases of at least $50 to ensure your payment is reported. Track your purchases and payments to maintain a good credit record.

Recommended: How to Establish Your First 5 Trade Lines of Credit 

Frequently Asked Questions

What is the credit limit for Grainger?

The default credit limit for Grainger’s net 30 account is $1,000. For this initial limit, Grainger does not perform a credit check but verifies your business registration with the SOS database. If you need a higher limit, you may need to provide additional financial documents and have a good payment history.

Does Grainger sell to individuals?

Yes, Grainger does sell to individuals, but net 30 terms are typically reserved for business accounts—If you are an individual looking to purchase from Grainger, you can still buy their products, but you will need to pay at the time of purchase rather than receiving credit terms.

How many net 30 accounts do you need?

While there is no specific number of net 30 accounts you must have, it is generally recommended to have at least 3-5 Net 30 accounts to build a strong business credit profile. These accounts should be from different vendors and report your payment history to business credit bureaus.

Final Thoughts

Setting up net 30 terms with Grainger can be a valuable step for your business, since it gives you cash flow flexibility and can help establish your business credit profile. By following the steps outlined in this guide, you can ensure a smooth application process and take full advantage of the benefits Grainger offers. 

Whether you’re just starting out or looking to strengthen your existing business credit, Grainger’s net 30 program can be a useful tool in your financial strategy.

Do you want to learn exactly how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

Apple Federal Credit Union Business Banking in North Virginia

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Apple Federal Credit Union

In the realm of business banking, Apple Federal Credit Union (Apple FCU) is a local cooperative institution that caters to the needs of small businesses in Northern Virginia—Unlike traditional big banks, credit unions like Apple FCU operate as member-owned entities that prioritize personalized service and community engagement over profit margins. 

Here, we’ll delve into Apple FCU’s array of business banking solutions, including their credit card, loans, and other tailored products. Learn about their commitment to supporting local businesses while providing competitive financial offerings to decide if this is the place to do your business banking.

This is what’s in store: 

Now, let’s roll!

What is Apple Federal Credit Union?

Apple federal credit union review

Apple FCU is a member-owned financial cooperative located in Fairfax, Virginia. It started in 1956, initially serving educators, and has since grown to include a broader membership. With 21 branches in Northern Virginia and access to over 33,000 ATMs nationwide, Apple FCU aims to make banking convenient for its members.

Apple FCU is particularly dedicated to supporting small businesses—They offer a range of services designed to meet the needs of business owners, including various types of loans, checking accounts, and financial planning resources. 

The credit union understands the challenges small businesses face and provides products to help manage finances effectively:

  • Apple FCU offers competitive rates on business loans, which can help you fund growth or manage day-to-day operations.
  • Their business checking accounts are designed to meet different business needs, often with no monthly fees and easy access through online and mobile banking.
  • You can find resources and tools to help manage your business’s cash flow, ensuring financial stability.
  • Apple FCU provides articles and seminars on important financial topics, helping you make informed decisions for your business.

As a business member, you’ll get personalized service, with professionals available to guide you through your financial decisions and help optimize your operations.

Apple Federal Credit Union Reddit

They aim to positively impact the communities they serve and make their products and services easy to understand and use. Whether you’re looking to manage your personal finances or support your small business, Apple FCU offers resources and support to help you achieve your financial goals.

Recommended: 3 Best Credit Unions for Small Business Banking in 2024 

Apple FCU Locations Served

Apple Federal Credit Union near me

Apple Federal Credit Union (Apple FCU) serves businesses primarily in Northern Virginia, where it has 21 local branches. The branches are strategically located in various communities to ensure easy access for members. You can find branches in cities such as Ashburn, Falls Church, Burke, Centreville, Chantilly, Fairfax, Gainesville, Herndon, Alexandria, Woodbridge, Manassas, Springfield, Stafford, Sterling, and Winchester.

Despite its focus on Northern Virginia, Apple FCU offers online services that provide broader, nationwide accessibility. Through their online and mobile banking platforms, you can manage your accounts, make transactions, and access a wide array of financial tools and resources from anywhere in the country. Additionally, Apple FCU is part of a nationwide fee-free ATM network, which allows you to withdraw cash and manage your accounts without incurring extra fees, even if you are outside Northern Virginia.

By combining local branch access with comprehensive online services, Apple FCU ensures that both local businesses and those operating on a broader scale can benefit from their financial products and personalized service.

You might also like: Should You Open a Navy Federal Credit Union Business Account? 

Apple FCU Membership & Eligibility

How long has Apple Federal Credit Union been around?

Apple FCU offers membership to a wide range of individuals and businesses—To become a business member, there are several eligibility criteria you can meet: 

  1. First, you can qualify based on your location if you live, work, worship, volunteer, or attend school in specific areas of Northern Virginia, including Fairfax County, Prince William County, the City of Fairfax, and several others. 
  2. Second, you can join if you are affiliated with various school systems or educational institutions. This includes faculty, staff, students, and immediate families of schools such as Fairfax County Public Schools and universities like George Mason University.
  3. Third, relationship-based eligibility allows immediate family members of existing members to join, as well as household members living with a current member. Additionally, joining certain associations, like the Friends of the W&OD Trail, can also make you eligible.
  4. Lastly, employment at one of the numerous partnered businesses or organizations can qualify you for membership. This includes a wide range of companies and associations, from Alexandria Bar Association to Costco Sterling.

To join Apple FCU, you need to complete an online application, which takes less than five minutes. You start by choosing a Checking account (which includes Regular Savings) or just a Regular Savings account—Once you’re a member, you can open business accounts or apply for loans through Apple FCU Online or the Mobile App.

Now, let’s dive into the specific business banking and loan features Apple FCU offers. These include a variety of commercial loans, credit cards, and other services designed to help your business manage finances and grow effectively.

Business Financial Products & Services

Is Apple a good credit union?

Apple FCU offers a comprehensive suite of services to support business members, including a variety of banking options, credit cards, and loan products. They provide several types of checking and money market accounts designed for different business needs, such as Core, Core Plus, Core Advantage, Core Corporate, and Money Market accounts. 

Their credit card offerings come with flexible spending limits and rewards, while their merchant services help manage transactions efficiently. Moreover, they offer advanced business management systems, including retail POS and mobile solutions, cash management tools, payment acceptance and processing, and fraud prevention measures.

Here, we’ll dive into the specific features of their business banking services and loan products—explore how Apple FCU can support your business operations and growth!

1. Apple FCU Business Checking Accounts

Apple Federal Credit Union pre approval

Apple Federal Credit Union (Apple FCU) offers a variety of business checking accounts designed to meet the needs of businesses of different sizes and transaction volumes. Here’s an overview of what they offer and how they support small business growth.

All business checking accounts come with several key features: a free Apple Visa® Commercial Debit Card, online banking and mobile app access, online bill pay, free eStatements, and a free initial check order:

  • Core checking account
  • Core Plus checking account
  • Core Advantage checking account
  • Core Corporate checking account

The Core checking account is perfect for small businesses looking for a simple, cost-effective option. It requires no monthly maintenance fee and has a $50 minimum opening deposit. You’ll get 200 free items per month, including paid checks, items deposited, deposit tickets, and ACH credits/debits received. If you go over 200 items, there’s a fee of $0.30 per item. Cash deposits and withdrawals over $5K cost $2 per $1K.

For businesses with moderate transaction activity, the Core Plus checking account is ideal. It also has a $50 minimum opening deposit and offers 300 free items per month. If you exceed 300 items, there’s a $0.30 per item fee. This account has a monthly maintenance fee of $15 if the average daily balance falls below $2,500. Cash deposits and withdrawals over $5K also cost $2 per $1K.

The Core Advantage checking account is designed for larger businesses with higher transaction volumes. It requires a $5K minimum opening balance and pays dividends monthly at an APY of 0.05%. You get 500 free items per month, with a $0.30 fee for each additional item. The monthly maintenance fee is $25 if the average daily balance falls below $5K. Cash deposits and withdrawals over $5K cost $2 per $1K.

For businesses with substantial balances and transaction needs, the Core Corporate checking account is the best option. It requires a $15K minimum opening balance and pays dividends monthly at an APY of 0.40%. The monthly maintenance fee is $25 if the average daily balance falls below $15K. The excessive items fee is $0.15 per debit, $0.30 per credit, and $0.10 per item deposited. Cash deposits and withdrawals over $5K cost $2 per $1K.

2. Apple FCU Visa® Business Rewards Credit Card

What bank owns Apple card?

Apple FCU offers the Visa® Business Rewards Credit Card, which provides robust spending power, rewards, and features to streamline expense management.

The Visa® Business Rewards Credit Card has credit lines up to $50K, which caters to businesses with varying credit needs. One of its key advantages is the absence of an annual fee, combined with a competitive, variable interest rate (13.24% to 18%)—This makes it an affordable option to manage business expenses. 

Cardholders can earn points for every purchase, which can be redeemed for: 

  • Cash
  • Gift cards
  • Other rewards. 

Additionally, the card includes Visa’s Zero Liability policy – protection against unauthorized charges – and 24/7 account screening to help prevent fraud.

The card also offers several tools to make managing business finances easier. You can track expenses online or through the mobile app, reconcile accounts, and set up multiple users with “sub-accounts.” These features help streamline daily cash management and provide detailed tracking and reports.

Recommended: Corporate vs Business Credit Card: What’s the Difference? 

3. Apple FCU Business Loans 

What is the interest rate for Apple Federal Credit Union savings accounts?

Apple FCU offers a wide array of business loan options to support different financial needs. As with their other products, the rates are competitive and tend to be lower than what you would expect from a big bank. 

Their business loan options include: 

  • Term loans
  • Equipment financing
  • Working capital loans
  • Real estate loans
  • SBA 504 loans
  • SBA 7(a) loans
  • Vehicle loans

Term loans provide funding for long-term investments or purchases, while equipment financing helps businesses acquire necessary equipment. Working capital loans assist with managing cash flow and covering operational expenses. Real estate loans support businesses in purchasing, refinancing, or renovating commercial properties. 

SBA loans, including 504 and 7(a) options, offer government-backed financing for various business purposes. Additionally, vehicle loans are available to assist with purchasing business vehicles. 

Recommended: How to Get Money for Real Estate Investing: 18 Practical Ideas 

4. Apple FCU Business Savings & Investment Opportunities 

Apple FCU Savings and Investment

Apple FCU doesn’t have a “regular” share for business—Instead, they offer a couple of other savings options as ways to manage your excess cash: 

  • Business “Sweep” Accounts
  • Business Money Market Accounts (MMAs)

Both the Business Sweep Account and the Money Market account offer secure and NCUA-insured options to help your business manage and grow its funds with peace of mind. 

The Business Sweep Account provides a convenient way to maximize the potential of profits—With no transaction limit, you can seamlessly manage your funds while earning tiered dividends. By setting a target balance for your checking account, any excess funds are automatically transferred into an interest-bearing account each night.

 This streamlined approach allows you to focus on running your business while Apple FCU helps your money work harder for you. With a minimum balance requirement of $25K, the Business Sweep Account offers a cost-effective solution to grow your business’s funds.

Next, the MMA offers a premium rate of up to 5.00% APY, allowing you to put your capital to work for your business. With no monthly maintenance fees or ongoing balance requirements, this account provides flexibility and accessibility to your savings. 

You can make deposits into your business MMA in any amount at any time, and dividends are compounded daily and paid monthly, helping your funds grow steadily over time. With a minimum opening deposit of $1 million, this account is designed to support your business’s savings goals effectively.

5. Apple FCU Business Treasury Services

Apple Federal Credit Union Merchant Services

Apple FCU offers a comprehensive range of business treasury services designed to help businesses manage their finances efficiently and effectively. 

Apple FCU provides payment processing solutions tailored to businesses’ needs, with competitive rates, personalized customer service, and the latest technology to streamline transactions. The credit union offers a suite of tools and services to manage business operations seamlessly, including POS systems, back-office solutions, industry-specific products, and more.

Smart POS systems provide customizable and integrated transaction experiences, offering options like: 

  • Clover Station Duo
  • Clover Station Solo
  • Clover Flex
  • Clover Mini 

Advanced payment terminals boast speed, versatility, and integration with back-office devices like: 

  • Desk/3500
  • Move/5000
  • Lane/3000 

They also offer a range of additional services, including software integration, website development, municipal invoicing, donation management, check services, gift/loyalty cards, and property management tools.

Overall, Apple FCU’s business treasury services aim to provide businesses with efficient, secure, and customizable solutions to manage their finances, streamline operations, and drive growth.

Recommended: What’s the Best Payment Processor for a Small Business? Really 

6. The Apple FCU Mobile App 

Apple Federal Credit Union login

As a business member, Apple Federal Credit Union’s mobile app is gonna be your go-to tool for managing your personal and business finances on the fly. 

Here’s what you can expect:

  1. Check your balances, transfer funds between accounts, view your loan and credit card history, make payments, and even deposit checks—all from the convenience of your phone.
  2. Say goodbye to the hassle of paper bills. With the app, you can pay your bills with just a few taps, making it super easy to stay on top of your finances.
  3. Set up alerts and notifications based on your account activity. Whether it’s a low balance alert or a payment confirmation, you’ll always be in the know.

Some users mention occasional login glitches, such as difficulties with Face ID or biometric authentication, and slower performance compared to other banking apps. There are also requests for additional features like a dark mode for users with visual impairments. 

However, many users appreciate the app’s modern interface and ease of use, acknowledging the improvements made over previous versions. Overall, while there are some minor issues, Apple FCU seems committed to addressing user feedback and enhancing the app’s functionality for its members.

You might also like: Meet the Emburse Card: An Inclusive Cash Back Corporate Card 

Apple FCU Customer Service

Apple Federal Credit Union customer service

Apple FCU offers dedicated customer service for business members, providing support via: 

  • Phone
  • Secure email
  • Live chat
  • In-person at branches (during business hours)

Business members can contact representatives Monday through Friday from 8 a.m. to 6 p.m., and on Saturdays from 9 a.m. to 1 p.m. 

And, there are specific contact channels for Visa card inquiries, mortgage questions, and even the option for virtual appointments via Video Banking to discuss financial goals. This array of communication options ensures that you’ll have access to assistance tailored to your needs, whether you prefer online, phone, or face-to-face interactions.

Apple FCU in the Community

Apple Federal Credit Union in the Community

In all, Apple FCU demonstrates a strong commitment to community initiatives and social responsibility, particularly through its Apple FCU Education Foundation—The foundation awards college scholarships to high school seniors who have shown dedication to their schools and communities. 

Plus, Apple FCU recognizes educators like Jeffrey “JJ” Kuchan, who received the New Educator of the Year award for his exceptional contributions to Osbourn Park High School. Through volunteerism and philanthropy, Apple FCU supports various causes, including scholarship programs and COVID-19 relief efforts, with employees contributing over 1,000 hours annually. 

However, it’s important to mention recent criticism, including a class action lawsuit alleging unlawful overdraft fee practices, which may impact the credit union’s reputation among its members.

Frequently Asked Questions

How to use Zelle with Apple Federal Credit Union?

To use Zelle with Apple Federal Credit Union, you can access Zelle directly through the credit union’s mobile app or online banking platform. Simply log in to your account, navigate to the transfer or payments section, and select Zelle. Follow the prompts to enroll and start sending or receiving money with Zelle.

How to find account number on Apple Federal Credit Union app?

To find your account number on the Apple Federal Credit Union app, log in to your account and navigate to the account details section. Your account number should be listed there along with other account information such as balance and transaction history.

What time does Apple Federal Credit Union close?

Apple Federal Credit Union typically closes at 6 p.m. on weekdays and 1 p.m. on Saturdays. However, it’s always a good idea to check the specific branch hours on the credit union’s website or contact them directly for the most accurate information.

What time does Apple Federal Credit Union open?

Apple Federal Credit Union typically opens in the morning on weekdays, but the exact opening time may vary depending on the branch location. It’s best to check the specific branch hours on the credit union’s website or contact them directly for the most accurate information.

Is Apple Federal Credit Union owned by Apple?

No, Apple Federal Credit Union is not owned by Apple Inc. Despite sharing a similar name, Apple FCU is a separate financial institution that operates independently, providing banking services to its members.

Conclusion

Apple FCU offers a range of financial solutions tailored to the needs of small businesses in Northern Virginia—With competitive rates on loans, diverse checking account options, and a Visa Business Rewards Credit Card, Apple FCU provides valuable tools for business growth. 

However, recent criticism, including a class action lawsuit alleging unlawful overdraft fee practices, raises concerns about the credit union’s transparency and adherence to fair banking practices. 

Despite these challenges, Apple FCU remains committed to addressing user feedback and enhancing its services, aiming to provide comprehensive support for business members while maintaining a strong community focus. 

Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

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