AMMEX recently partnered with Resolve to help our customers obtain net terms. However, not everyone gets approved.
Here are three simple steps you can take to bolster your chances:
- Physical address and online presence. Having an easily findable physical address for your business is essential. Anyone who runs your credit will need this for validation. Even in the age of online commerce, credit reporting bureaus look to see if there is a real location from which operations are based. Many customers end up rejected for trying to pass off a temporary address—or some warehouse in a city far from where they live. An established online presence is just as important as a real-world address. A website, a Google business profile, or a company store on another channel will show that you are for real. Also important: Get an email address with a dedicated business domain, not a free ISP address like Gmail.
- Have two or three established trade lines. Ask your suppliers to report your trade lines to credit agencies. If you are new in business, your easiest path is to establish a record of transactions with core industry suppliers. If you are a jan/san distributor, work with the people who supply your cleaning products. Same with automotive and engine solvents or motor oil.
- Make all of your payments on time. Payment history is the single most important factor for any type of credit scores, and especially so for business credit. People may think that you only have to pay off your credit lines or loans. Make sure that everything is on time, including utility bills. Your credit score can be damaged if you pay just a day or two late.
Be safe, not sorry, with your credit choices
Don’t take unnecessary risks with credit. Establish your business early, build the proper foundation for solid ratings, and follow up regularly with reporting bureaus to ensure you have the best scores possible.
“Establishing business credit is an essential part of growing your company,” says Chris Tsai, CEO and co-founder of Resolve. “Healthy business credit makes it easier to secure financing when necessary and gives you greater purchasing power. Vendors are inclined to provide larger credit limits and longer net terms to creditworthy companies.
“A great way to build your business credit is to pay AMMEX with net [30] terms that are powered by Resolve. Your consistent payments to AMMEX will positively impact your business credit score. AMMEX’s online credit application is fast, simple, and does not impact your personal credit score. Our quick turnaround time enables you to maximize orders with AMMEX and secure inventory so you can focus on growth.”
Reach out: we’re here to help you
Talk with your AMMEX sales representative. We value your feedback and want to know how the credit process is going for you so we can keep improving our service. Don’t hesitate to reach out with questions or feedback.
Helping our customers grow their glove business will always be at the core of what we do. Trust AMMEX and Resolve to help you establish credit and start growing your business today.