888-488-4145

Frequently Asked Questions

#dominofxgroup #abillioninfunding

Have a question about DominoFX Group, our loans, or our programs? Take a look at our most frequently asked questions.

DominoFX Group works with its sister organization, The Domino Effect, to connect Founders to Funders with technical assistance, business courses, business advisors, and access to other programs and services.

DominoFX Group

What is DominoFX Group

  • DominoFX Group is a minority-led small business online lender marketplace with a fully online application process offering a wide array of loan products. DominoFX Group partners with the best in non-bank financing, private capital and various state banks to administer programs using our technology enabled platform and team of experienced banking professionals.

Is DominoFX Group a bank?

  • No. DominoFX Group is an online lender marketplace, but not a bank. By definition, banks take deposits and keep them in accounts for customers. We partner with banks, CDFIs and private capital and other trusted, reputable lenders.

Where is DominoFX Group headquartered?

  • DominoFX Group is headquartered in Northern California, but has partnerships in multiple states, working with small businesses nationwide and building an entrepreneurship school in every state.

What are the Qualifications for a Business Loan?

  • Qualifications differ depending on the lender, so there's no simple answer.

  • When you apply with us, our team navigates a diverse lender marketplace to match you with the right lender for your business.

  • Whether you have challenged or perfect credit, our team will find you the right lender or program. We pull in the right lending partners for each client to provide them with with the best options they qualify for.

What can I expect when I apply for a loan?

  • Our online application requests information about you, your business, and your business's finances. It then asks you to upload official documents that support the information you provided. In order for us to provide you with the best options available to you as well as staying compliant with laws and lenders, we review these documents and perform verification on your identity and finances.

  • How quickly your application proceeds depends on the type of loan, how quickly you provide additional information, and other factors which vary on each business owner's need and unique situation.

  • We have guides, videos, and resources to help you every step of the way. Please visit https://www.dominofxgroup.com/blog.

How do I get an update on my loan application?

  • Visit dominofxgroup.com or login to your back portal, depending on the program you are in. If you prefer to talk to a persn, we want to speak to you! Please call us at the phone numbers on our Contact Us page.

Does DominoFX Group run my Credit?

  • Our in-house underwriting team does soft credit pulls. From there, we can understand which lenders will approve you.

  • We do this through our lender matching technology and, of course, our team of expert Business Finance Advisors.

  • A majority of the lenders on our platform will also do soft credit pulls. If you are going to get a hard inquiry when you want to accept your offer, we'll let you know upfront immediately.

What is the Interest Rate on a business loan from DominoFX Group?

  • The rates can change depending on the different lending products. At banks, interest rates are generally the prime rate +2%, but strict qualifications restrict many businesses from reaching an approval that aligns with their business goals.

  • We offer SBA loans, equipment financing, business term loans, lines of credit, inventory financing, A/R financing, and asset-based lending. All these products come with different rates, and they all change constantly.

    • For equipment and SBA funding, interest rates are in teh single digits (6-8% range)

    • A/R and asset-based lending come with single digit interest rates if you have high-quality receivables or collateral.

    • If you don't have B2B receivables or collateral, rates are around 1% per month and will increase from there. This equates to 10-18% annually.

  • We have all the lenders, banks and investors in one place. We look to get you the best deal and get you the most competitive interest rate for whatever you're looking to accomplish.

Do you have options to Build Business Credit?

  • ABSOLUTELY! Business Credit is a beast and a game changer that can help you start when you have challenged personal credit, no collateral or cash flow. OR if you're an established business looking to boost the value of your business, offset your business expenses by 50-90%, separate your business from your personal liability and provide more flexibility in your cash flow.

  • We've helped hundreds of businesses build their business credit. Schedule your FREE Funding Planning Assessment today. We'll look at your business' foundational aspects and
    make sure they're done the right way, that gives you the biggest chance of getting approved for credit, financing AND being able to get it at the best terms. ​

OUR BLOG

Latest News & Article

Easy Approval Net 30 Accounts for your Business

Easy Approval Net 30 Accounts for your Business

August 03, 202410 min read

Easy Approval Net 30 Accounts For Your Business

Subscribe on LinkedIn to stay connected with the best resources to grow your business. ♻️Thank you! We appreciate your continued support.

“New quote.” - Quote female

Of course, you know building business credit is crucial, right?

You've probably heard of the term, "net 30" accounts, but what exactly are they? What does net 30 mean and why are they so essential for boosting your cash flow and growing your business credit?

What's a Net 30 Account?

Net 30 is an invoice payment term. Basically it means, "Sara, here’s your bill, I expect payment (net amount) in full in 30 days."

FYI: That’s calendar days, and not business days. So if you receive an invoice on August first, then under net 30 payment terms it's due August 31st. 

It's 2024, so pay online. With some vendors, they'll draw directly from your account. If you're paying with a debit, be aware it could be DAYS before the funds are pulled out. If you're paying an invoice with snail mail, be sure to check with the vendor. They might count the postmarked date as the day they received your payment. But they might not.

Another word for this exact situation is trade lines.

These accounts help with business cash flow:

1. Uline

Uline is a well-known net 30 vendor. They distribute shipping, industrial, and packing materials throughout North America.

To qualify for vendor credit with Uline, you need:

  • A Credible Foundation

  • Business bank account

  • Business phone number listed in National 411

  • A good credit profile with D&B is preferred, but not required

Remember that small efforts can lead to BIG IMPACT. 🎯

To apply, first create an account, then place an order and select Net 30 term. Their credit department will review the account and may change to a few prepaid orders before granting net terms. A stronger application may be approved for net 30 at the time of order. 

They report to D&B and Experian. Read our full Uline net 30 review here.

2. The CEO Creative

The CEO Creative sells low-priced electronics, swag, and office supplies. You can also create marketing materials (like business cards) with them.

You will need to pay a yearly membership fee of $79, and they will require a minimum $40 cash purchase before they will report. Note: they are not going to report the annual membership fee to any business credit bureau.

To qualify for business credit with The CEO Creative, you will need:

  • A Credible Foundation

  • Business bank account

  • Business phone number listed in National 411

  • At least 30 days in business

Apply online or over the phone.

This business account will report to Equifax and CreditSafe. 

INSERT PIC OF BIZ BUILDING GUIDE HERE. ***

3. Creative Analytics

Creative Analytics sells products like desk accessories and small appliances. But they are also a digital marketing agency. 

You will need to pay a yearly membership fee of $79, and they are going to require a minimum $100 cash purchase before they will report. Note: the annual membership fee counts toward that minimum.

To qualify for trade credit with Creative Analytics, you will need:

  • A Credible Foundation

  • A D-U-N-S number from Dun & Bradstreet

  • Business bank account

  • No derogatory business reporting or delinquencies

  • At least 30 days in business

Apply online.

This net 30 account will report to Equifax and CreditSafe.

4. Grainger Industrial Supply

Grainger Industrial Supply sells hardware, tools, and janitorial supplies. They also offer fleet maintenance.

To qualify for a business credit card with Grainger Industrial Supply, you need:

  • A Credible Business Foundation

  • D&B D-U-N-S number

  • Business must be registered to Secretary of State at least 60 days

If your business doesn’t have an established credit, they will require additional documents like accounts payable, income statement, and balance sheets. There’s no minimal order amount to report, but Grainger prefers if a business has at least a $50 payment history.

Apply online or over the phone.

This net 30 account reports to Dun & Bradstreet. Read our full Grainger net 30 review here.

5. Supply Works

Supply Works, now called Home Depot Pro, sells PPE, plumbing supplies, and lighting products.

To qualify for business credit, you need:

  • Credible Business Foundation

  • Trade and bank references

  • At least one year in business (note exception below)

They will not accept a virtual address.

For under one year in business, they require at least two prepaid orders using their credit cards within 90 days. You must be an active web customer for 90 days to apply for Net 30. No minimum order required.

Apply online by filling out a credit application and emailing it.

This net 30 account reports to Experian. 

6. Advance Auto Parts

Advance Auto Parts is an automotive aftermarket parts provider. They sell parts and accessories to both professionals and the do-it-yourself customer. Advance Auto Parts also offers project guides, articles, and how-to videos.

To qualify for trade credit with Advance Auto Parts, you need:

  • A Credible Foundation

  • A D&B D-U-N-S number

  • All necessary business licenses

Your initial limit will be $1,000. Since this net 30 provider also offers net 7, check your application carefully and ask questions to be sure you are getting net 30 terms.

Apply in person at a branch.

This net 30 account reports to Dun & Bradstreet.

7. Wilmar

Wilmar is another net 30 account which is associated with Home Depot. But DO NOT APPLY FOR MORE THAN ONE account associated with Home Depot. 

They sell maintenance supplies exclusively for apartment housing. This includes paint, appliances, window treatments, door locks, and products for swimming pools and grounds maintenance.

To qualify for a business credit card with Wilmar, you need:

  • A Credible Foundation

  • A D-U-N-S number with D&B

  • At least one year in business

Note they will not accept a virtual address.

Apply online by filling out a credit application and emailing it.

This net 30 account reports to Experian.

8. Hardware Express

Hardware Express is also associated with Home Depot. They work as fill-in supplier for an industry that includes hardware retailers, home centers, and building supply and mobile home retailers. They sell water heaters, HVAC products, ducting, and pipe fittings along with other plumbing supplies.

To qualify for a Hardware Express business credit card, you need:

  • An established, credible Foundation

  • A D-U-N-S number with D&B

  • At least one year in business

👉But note that Hardware Express will not accept a virtual address.

Apply online by filling out a credit application and emailing it in.

This net 30 account will report to Experian.

9. HD Supply

HD Supply sells hand tools, power tools, concrete products and accessories, rebar fabrication, fasteners, connectors, erosion control materials, pipes and fittings, waterproofing needs, drywall accessories, and products to keep work crews safe. 

There are also tool repair service or rental forms, braces, hardware and decorative stamps at many of their locations.

To qualify for trade credit with HD Supply, you will need:

  • A Credible Foundation

  • EIN number from the Internal Revenue Service

  • D&B D-U-N-S number

  • Bank reference

  • Good Equifax business credit score

  • At least one year of credit reporting

Apply online.

This net 30 account will only report to Equifax.

10. Barnett

Barnett is also associated with Home Depot. They sell plumbing supplies, PPE, and HVAC supplies.

To qualify for vendor credit with Barnett, a business owner will need:

  • A Credible Foundation

  • Trade/bank references

  • A good Experian business credit history and prefer $5,000 – $10,000 credit established in your Experian business credit report. Must have strong business credit history on all trade lines—no late payments or past due accounts

  • At least one year in business

👉Barnett will not accept a virtual address.

Apply online by filling out a credit application and emailing it.

This net 30 account reports to Experian.

11. CDW

This last net 30 account is helpful for businesses to have. However, it is not exactly an easy approval account. Expect their tighter qualifications to lead to a denial if you apply too soon.

CDW sells hardware and software, and integrated IT solutions like security, cloud, data center and networking. They also offer services like configuration, data, cyber security, and can help a business set up its employees to work from home. 

Since you are going to need to have at least two years in business, be patient with this one, and make sure to tackle CDW only after all of the others. 

If you can meet their requirements (below), and have been managing your business credit history well, this vendor will essentially become an easy approval net 30 account.

To qualify for a credit account with CDW, you need:

  • An Established, Credible Foundation

  • EIN number from the IRS

  • D&B D-U-N-S number

  • All business licenses necessary for operations (if required by your industry and/or locale)

  • Your business must have a good D&B PAYDEX score of 80 or higher

  • At least 2 years in business

Apply over the phone.

This net 30 account only reports to Dun & Bradstreet.

Ask Your Current Suppliers for Net 30 Terms

🌟 DID YOU KNOW...you can talk to your current suppliers and see if they will grant you NET30 terms?

Most vendors don’t report positive payment experiences to credit bureaus for small businesses, but they do report negative ones like late payments and defaults.

Your best chance is with suppliers you've been working with for at least a year. A trusted relationship makes them more likely to listen.

Make sure you’re up to date on all invoices to improve your chances.

When negotiating, ask for what you need but be reasonable. For example, if you normally have 15-day terms but need more time, ask for 30 days—not 45 right away.

You can also ask your current vendors if they’d consider reporting to a business credit bureau.

How Do Net 30 Accounts Help You Build Business Credit?

One of the great things about net 30 vendor credit accounts is that they’re easy to obtain. By building a solid and established business foundation before applying, your applications are likely to be approved much more quickly.

Given the time in business requirements, it’s smart to use that period to build this foundation. Some accounts, like Uline and Creative Analytics, might require you to prepay some orders or meet a minimum spend.

It’s wise to make necessary purchases for your small business. If you’re buying essentials like toilet paper, paint, or a microwave for the office, why not get them from a net 30 vendor that reports your positive payment history?

Here’s how it works: buy what you need from several net 30 vendors and pay early, before the 30 days are up. They report your on-time payments to one or more business credit bureaus.

In about 90 days, these on-time payments will appear on your business credit score, boosting it.

Then, repeat the process.

Let's RECAP:

For startups and businesses just starting to build credit, net 30 accounts are a great way to get ahead.

They’re easy to qualify for, offer useful products from trusted brands, and help improve your business’s cash flow. You might even get an early payment discount!

Join our growing community of Founders & Small Businesses.

We’ll keep you up to date with all the latest news from The Domino Effect and our community. Hear from our Funders, receive exclusive offers from our partners and make the most of our handy guides and blogs designed to make your business run a little smoother, while accessing the best resources to capital.

Subscribe to our weekly newsletter that delivers the most actionable, tactical, and timely business financing tips you actually want and need for Free 

JOIN NOW


Resources to Help You Execute:

Here is a quick checklist to get you started. Remember imperfect action beats inaction, get started, stay consistent and let's Build! 🚀

Back to Blog

Testimonials

Real results from business owners just like you

Cheryl Reisner, a former bank lender from Shreveport, Louisiana. The suite’s business credit building process unlocked more funding options than she ever imagined, opening up new possibilities for her business. Cheryl believes every business owner can benefit from the Business Finance Suite, as it revolutionizes how they operate.

Louis, a Miami-based business owner found success using the Business Finance Suite, which helped establish a business credit profile. This enabled them to apply for funding without using their Social Security number, eliminating personal liability for credit applications. The speaker highly recommends this program to fellow business owners.

Edward from El Paso, Texas, struggled to secure funding for his small businesses until discovering the Business Finance Suite. Within a month, the suite helped set up his business correctly, establish trade lines and revolving credit, and now he’s on track to receive funding. Edward guarantees it’s worth the investment and only wishes he’d found it sooner.

Brian praises the Business Credit and Funding Suite for its exceptional service and support. Within 3 to 4 months, he was able to secure $50,000 in funding for his business and plans to refer more clients, grateful for the help he received.

© 2023 DominoFX.

All Rights Reserved. Privacy Policy. Terms & Conditions