The Home Depot net 30 account reports to the three major credit bureaus: Dun & Bradstreet, Equifax Business, and Experian Business.
They reportedly offer net 30 terms. However, they’re best known for their net 60 terms. They’re also known for incentivizing early payments by offering you discounts.
For these reasons, we believe the Home Depot Commercial Account is a strong vendor tradeline.
Our Verdict on Home Depot’s Net 30 Account
The Home Depot net 30 account is one of the top net 30 accounts for specific businesses.
If you’re a construction business, for example, the Home Depot commercial account is a solid vendor.
Home Depot doesn’t charge anything to use its net 30 terms. That means no annual fee or application fee. It offers multiple incentives to pay early and purchase the goods you need as well.
You’ll receive maximum support building business credit. They report to the three major credit bureaus. You could even further bolster your efforts with one of their business credit cards.
The application process is simple and will help you access your vendor tradeline faster. Just expect to sign a personal guarantee and provide personal information.
Overall, the Home Depot net 30 account is a worthwhile net 30 account to apply for.
Home Depot Business Financing Account Pros
Build Credit While Purchasing Goods Your Business Needs
The biggest advantage of signing up for a Home Depot account comes when you start using it.
Home Depot’s credit center is clearly dedicated to the success of its business customers.
They offer ample discounts to help you make the most of your new credit line. This can include extended financing, additional cash upon qualifying for an account, and more. At the time of writing, this includes $100 off of a qualifying purchase.
They’re said to offer at least $1,000 in credit if you are approved for a commercial account.
It’s also worth noting that you can upgrade your commercial account to other accounts. They’ll extend this offer once you sign up for an account.
One such example is the Pro Xtra Credit Card. This Home Depot credit card comes with:
- The ability to earn perks 4x faster (the best credit card if you value rewards)
- More flexible payment options and payment terms with this Home Depot card
- Seamless purchase tracking and notifications for all home improvement good purchases
- Easily authorized user onboarding for each new credit card you need issued
If you have a bigger project, you could always opt for a project loan too.
The Home Depot net 30 account and similar credit options make it easy for you to fund your projects.
Expert Tip: Build credit with more net 30 vendors. Consider 30 day net vendors like HD Supply as well!
Desirable Terms and Early Payment Perks
No matter whether you’re researching tier 1 business credit vendors or tier 2 business credit vendors, you want to make sure that their offerings are suited to your needs.
What does a business owner get with the Home Depot commercial account?
- Net 60 Terms: Home Depot’s commercial account is often advertised as a net 30 account. While it’s reported that they offer net 30 terms, the only terms they explicitly advertise are net 60. Net 60 can give you a longer period to pay back your borrowed amount, which can be advantageous.
- Early Payment Perks: Are you looking to pay off your invoices early? If so, you could benefit. Home Depot Inc. offers a 2% Early Pay Discount if you pay online within 20 days. It’s 10 days less than you would normally have, but you get a nice incentive to make early payments. This business account can save you more money over time as you peruse the store directory. You don’t need to rely solely on the rebate center to save some money.
- Dedicated Account Manager: There’s no clear amount of annual spend required to tap into this. There’s no corporate information that describes when you’ll get more hands-on support. However, Home Depot does state that you may receive a dedicated account manager. You’ll just have to reach out to them after you’ve opened an account to see what the threshold is. Know that you won’t get a hold of customer service until after you’ve opened your account.
- Convenient Invoice Delivery: Invoice delivery is essential so you know when you’ve spent money and how long until your payment is due. They offer convenient invoice delivery so you can stay on top of your debt.
They’ll also help you build business credit quickly. Unlike other vendors, your payments will be reported to more than just one business credit bureau. They report to D&B, Equifax Business, and Experian Business.
Home Depot Business Financing Account Cons
Reportedly Difficult to Manage Invoices
Finding disadvantages of the Home Depot net 30 account was difficult. However, there are some areas current holders would like to see improved.
The main problem that some share is that it’s difficult to track invoices and make payments. While invoice delivery is reportedly seamless, paying invoices seems to be a bit trickier with the Home Depot commercial account.
Beyond that, they say certain accounting software may not be able to track card/account activity. This includes options like Quickbooks. Both of these elements can make paying as well as tracking net cash flow and net earnings difficult.
Keep the above in mind to avoid any potential issues moving forward.
Home Depot’s Net 30 Approval Requirements
The approval requirements for Home Depot’s net 30 account are fairly standard. To qualify for trade credit, all you’ll need is:
- Your SSN
- Information about your business (business name, address, contact)
- Legal business structure
- Annual revenue
- Time in business
- Number of employees
Build Business Credit More Effectively With Credit Suite
Scouring the web for the right net 30 accounts is a time-consuming endeavor. However, it’s essential to build business credit history and your business credit score. When you want to build business credit, you need a resource that can streamline the process.
Credit Suite’s Fundability System is the answer to your business credit-building needs.
Our software solution helps you identify the causes behind vendor and lender rejections. We provide you with the educational and one-on-one support you need to grow.
All the while, we give you step-by-step instructions to help you reach your target business credit goals and find the right lenders for your business.
Our system is one of the most comprehensive resources, listing lenders that you pre-qualify for so that there’s no guesswork involved in the application process.
Start building business credit now with the help of Credit Suite.
