Office furniture, equipment, and tech are often some of the biggest expenses of any business. On the other hand, small office supplies may be cheaper, but the costs can add up over time.
Either way, these expenses can significantly affect your cash flow if you’re not paying attention. With Quill’s net 30 account, however, you can get your essentials immediately but still maintain a healthy cash flow.
And the best part about that cash flow? It all can directly benefit you now while also helping your business credit long term. Especially since with Quill’s net 30 reporting to Dun & Bradstreet (D&B) and Experian Business. That’s music to our business credit ears!
Let’s dig deeper into it.
Our Verdict on Quill’s Net 30 Account
Quill’s net 30 account lets you buy your office supplies and pay 30 days from the date of the invoice. Essentially, it’s like a short-term loan that allows you to receive your order immediately but pay your bill a month later (also known as trade credit).
Companies that let customers buy products and pay for them at a later date are also called business tradelines. Net 30 accounts are the most common, but some companies allow customers to extend the payment date to 60 or even 90 days.
Quill offers one of the net 30 accounts that we consider most valuable to business owners. Whether you’re in manufacturing, marketing, or real estate, you’re going to need office supplies to keep your operations running. But as we’ve mentioned before, these costs can make cash flow tight, especially if you’re a new business.
With Quill’s net 30 account, it’s easier to plan for expenses and organize them in a way that doesn’t hurt your budget too much. Plus, you won’t have to cut costs, negotiate with multiple vendors, or accrue excessive debt.
Quill’s Net 30 Account Pros
It’s Accessible
For most small businesses, the biggest concern is if they can qualify for a net 30 account. The application process can vary, as well as the minimum order requirements.
What we love most about Quill’s net 30 account is that it’s relatively easier to qualify for than other net 30 accounts. You only need a minimum order of $100 to qualify, which is easily doable for smaller businesses. Plus, you can instantly see whether you’re approved or not.
However, if you’re not approved, Quill will let you establish a payment history with them by using your business credit card to make your purchases for 90 days.
On another note, Quill makes returns and refunds manageable. Customers can return most products for a full or prorated refund, replacement, or store credit within 30 days. Some exceptions apply, such as returns for computers and business machines that must be returned within 14 days.
You can see their full return policy here. Make sure to read their net 30 terms, too.
Quill is generally accessible even for small businesses with tight budgets, regardless of whether you have a net 30 account or not. Prices are always fair, there are always discounts and sales, and they offer just about everything you need so you don’t have to order from another store.
Quill also has a shared cart feature wherein multiple people on your team can add products at the same time.
They Offer a Rewards Program
Part of a wise business plan is taking advantage of reward programs for vendors you regularly transact with. Quill offers a rewards membership for all customers:
- Rewards: With this reward program, you get free shipping on orders $25 and up and you earn 1 point for every dollar you spend. Best of all, it’s free.
- Rewards+: For $99.99 a year, you get to enjoy free shipping on all orders, a 5% additional discount on all purchases, 1.1x points for every dollar spent, and exclusive offers.
- Preferred: Large businesses can set up a Preferred account with Quill to receive free shipping on all orders, a dedicated account manager, and custom pricing for your specific needs. Get in touch with their customer service to see if you qualify.
Additionally, Quill offers a worry-free payment guarantee for businesses of all sizes. You can start earning points even if you only have the Free rewards membership program.
Rewards for your accumulated points can lead to extra savings for your business, and there are so many categories to choose from. Quill offers:
- Discounts
- Gift cards
- Electronics
- Restaurant gift cards
- Food and candy
- Kitchen and dining
- Purses and backpacks
Quill’s Net 30 Account Cons
Quill’s net 30 accounts have limited disadvantages, but you should still consider them, anyway. For one, you might hurt your credit score if you don’t pay on time according to the credit term. Of course, this is a natural consequence of not following the agreement, but it can be something that you might overlook.
Companies that help business credit like Quill and Strategic Business Solutions through their net 30 accounts can be advantageous for your credit history if you pay your invoices on time. Otherwise, they may report late payments to a business credit bureau like Experian or Equifax Business.
Aside from negative credit reporting, failure to pay your bill 30 days from the date of the invoice can also incur late payment fees. The amount may depend on the size of your bill and how long you failed to pay. Plus, Quill may also add interest to your next bill, which can make it even harder to settle your balance.
We highly recommend consulting Quill–or any vendor, for that matter–about late payment fees. It’s better to be prepared with information as business can be unpredictable, and you might encounter problems paying your invoices down the road.
Again, make sure to read and understand their net 30 terms clearly.
Quill’s Net 30 Approval Requirements
Quill boasts a short application process and instant approval, which immediately gives them an edge against other net 30 vendors. Their approval requirements for a net 30 account may include:
- Business Information: Expect to provide basic info about your business, including the name, address, legal entity type, contact details, and so on.
- Financial Information: A net 30 vendor will typically ask you about your business’s financial health, such as credit history and business credit score. Of course, having good credit means you’re more likely to get approved, especially if you’re a small business.
- Purchase History: Having previous purchases (and following the payment term) with this office depot can increase the chances of approval. However, companies with no payment history may qualify if they use a credit card for 90 consecutive days.
How Credit Suite Can Help
Net 30 accounts make life easier for businesses regardless of size. You get the supplies you need ASAP and, at the same time, keep cash on your balance sheet for other expenses and business plans.
Whether you’re familiar with this payment setup or not, Credit Suite is the best guide to making better business decisions. We can help you set up a net 30 account with your chosen vendor, understand net 30 terms, and even find other vendors that meet your specific business needs.
