Reasons to open a Net 30 account with Crown Office Supplies instead of Summa Office Supplies
If your business requires office supplies, you may be considering opening a Net 30 account with an office supply company so that you have 30 days to pay for your items. Both Crown Office Supplies and Summa Office Supplies offer a Net 30 option and are two industry leaders, but how can you choose between them? Here, we share the reasons why you should open a Net 30 account with Crown Office Supplies rather than Summa Office Supplies.
What is a Net 30 account?
A Net 30 account enables you to pay your invoices in 30 days, giving you more freedom when it comes to making payments. With more time to pay for your goods, you’ll experience less frustration and hassle when it comes to buying office supplies for your business. This type of transaction can also be called a vendor credit, supplier credit, or trade credit, because you can build up your business credit through making payments in this way. This is particularly useful for start-ups or small businesses who need to build their credit score, and no personal credit checks or guarantees are required.
Which business credit reporting agencies do Crown Office Supplies and Summa Office Supplies report to?
As mentioned previously, having a Net 30 account can help you to build your business credit score, as all payments made are reported to business credit reporting agencies. One of the benefits of Crown Office Supplies over Summa Office Supplies is that they report to more agencies, which helps to give your credit score a useful boost. One of these agencies is Dun & Bradstreet (D&B) – a leading agency that Summa Office Supplies don’t report to.
The great thing about D&B is that they are famous for their Data Universal Numbering System which generates a DUNS number for businesses. When you have a DUNS number, which is recognised worldwide, you’ll find that it will increase your creditworthiness and will enable you to access more funding from everyone from banks to suppliers. If you are planning on bidding for any government contracts you will need a DUNS number, so choosing a Net 30 account with Crown Office Supplies instead of Summa Office Supplies is certainly advised.
Another agency that Crown Office Supplies report to whereas Summa Office Supplies don’t is CreditSafe. CreditSafe is a leading credit bureau boasting global reach, and offers credit management solutions including monitoring financial statements and carrying out collection services. CreditSafe offer a very accurate service, and predict 70% of insolvencies a year in advance, plus their reports are almost always endorsed by major credit insurers. By choosing to open a Net 30 account with Crown Office Supplies, you’ll get all of the benefits associated with CreditSafe, whereas you won’t if you choose Summa Office Supplies.
There are a number of business credit reporting agencies that both Crown Office Supplies and Summa Office Supplies report to, including Equifax and Experian, but you’ll only have the advantages that come with having with having your credit reported to D&B and CreditSafe if you choose Crown Office Supplies for your office needs.
How much do Crown Office Supplies and Summa Office Supplies charge to open a Net 30 account?
When it comes to opening a Net 30 account, you can be rest assured that you won’t be subjected to a complex and costly approval process when you take your business to Crown Office Supplies. Crown Office Supplies will simply take a $99 annual fee which will give you a $2000-4000 Net 30 account, although this fee can sometimes be waived if you already have a great business credit score. This annual fee can help with your credit score should it not be where you want it at the moment, as Crown Office Supplies will report this to the credit agencies. You also don’t need to make an initial purchase in order to open your account.
In comparison, Summa Office Supplies require an initial purchase of $75 or more in order to open a Net 30 account with them. This will give you a Net 30 account of $2000. Their annual fee of $75 could make them appear like the cheaper option, but keep in mind that they don’t report to as many credit bureaus which will mean that you’ll have to work harder to improve your business credit rating. Plus, you’ll have access to fewer products as you can only purchase downloadable products using a Summa Office Supplies Net 30 account.
Now that you know the reasons why you should open a Net 30 account with Crown Office Supplies instead of Summa Office Supplies, you can go ahead and start ordering all you need for your office today.