There are a few things you’ll need before you can start setting up your Grainger business account. This contains the name of your company, your tax ID number, and your contact details. Additionally, you must choose whether to apply for net-30 terms, which we’ll go into more depth about later.
Visit the Grainger website and select the “Business Account” link at the top of the page to register for a business account. After that, you will be asked to provide information about your company on an application form. To apply over the phone, dial 1-800-GRAINGER (1-800-472-4643), which is their customer care number.
After submitting your application, you must wait for Grainger’s approval. Be patient; this may take a few days. If your application is accepted, you’ll get an email with your account number and login information.
Step 4: Establish Payment Terms You’ll need to give Grainger some more information if you’ve chosen to apply for net-30 terms with them. Financial statements and bank and trade references are included here. You can fax this information or submit it online. Grainger and Quill’s Business Credit Building Program
You might be wondering how to use your Grainger business account to establish your company’s credit now that it has been established. Paying your invoices on time is one approach to accomplish this. Make sure to pay your bill within 30 days if you’ve been given net-30 terms to avoid late penalties and interest costs.
Regarding Grainger sending your payment history to Dun & Bradstreet, yes, they do. This means that if you pay your Grainger bills on time, Dun & Bradstreet may give you a higher business credit rating.
Another industrial supply company that is subject to Dun & Bradstreet reporting is Quill. Thus, if you have a Quill business account, promptly paying your invoices might also assist raise your company’s credit rating.
In conclusion, opening a Grainger business account is a simple procedure that can assist your company in getting the supplies and machinery it requires. Pay your invoices on time and think about requesting net-30 terms if you’re interested in establishing your company’s credit. Additionally, keep in mind that Grainger and Quill both provide data to Dun & Bradstreet, so making on-time payments on your invoices with either firm can help raise your business’s credit score.
NAV reporting to Dun and Bradstreet is not mentioned in the article “Setting Up a Grainger Business Account: A Step-by-Step Guide”. It concentrates on the procedures and specifications for opening a Grainger business account.
“Net” typically refers to the entire amount owed for a good or service on company accounts and invoices after any applicable discounts or deductions have been taken into account. The net amount payable, for instance, would be $90 if a corporation made a purchase of $100 worth of goods with a 10% discount. To effectively manage spending and payments, it’s critical to comprehend the phrases used on invoices, especially net.