The JJ Gold net 30 account is a vendor tradeline that reports to D&B and Equifax Business.
Moreover, they offer an $80 minimum order threshold and simple qualification terms.
If you’re looking to build business credit, we believe their net 30 account would be an excellent place to start.
Our Verdict on JJ Gold’s Net 30 Account
JJ Gold’s net 30 account can help you start building business credit and managing cash flow. But there are caveats to this strategic tool.
JJ Gold proves to be a valuable net 30 account due to its extensive inventory. No matter your industry, you’re sure to find wholesale goods for your business.
Some of the products they sell include gift baskets, home goods, and desk supplies. Even better, many reviews claim they offer the best quality.
That being said, there are some downsides that accompany their net 30 terms. The first comes in the form of an annual membership fee. The second is in regards to how you initially pay off your account.
We’ll take a closer look at these cons further in this article.
JJ Gold’s net 30 account could prove useful if they offer great prices on products you sell. However, take care to thoroughly assess the terms before you open an account with them.
You should only seek out vendor credit from vendors you’re confident in using.
JJ Gold’s Net 30 Account Pros
Reports to Two Major Credit Bureaus
Not all tier 1 business credit vendors report to the major business credit bureaus. There are even vendors that don’t report to a single credit bureau.
This eliminates some of the key benefits of signing up for net 30 accounts.
Fortunately, JJ Gold International reports to two business credit bureaus. This includes Dun & Bradstreet and Equifax Business.
While it may not hit three or more like other vendors do, it’s certainly better than some. Failing to report to the third major business credit bureau won’t affect you heavily.
If you’re looking to raise your business credit score and build credit history, they’ll help you do it.
This makes it a viable choice if you have products you want to purchase wholesale from JJ Gold.
Fair Minimum Purchase
One main area to focus on when it comes to net 30 accounts is minimum purchase thresholds. While some vendors don’t have minimum purchase requirements, most do. Some go to the extreme and require rather large purchases as part of their net 30 terms.
This could put small business owners in precarious financial positions early on.
So, how does JJ Gold stack up to the rest of them?
JJ Gold offers a fair minimum purchase requirement of $80.
This is a low figure that will help you build credit without spending thousands you may not need to. Even better, you can pay for your purchases by credit card to build credit history and your credit score.
If you’re worried about cash flow and financial planning with net 30 accounts, JJ Gold is a good choice.
JJ Gold’s Net 30 Account Cons
JJ Gold’s net 30 account appears to be like many others. But beneath the surface, there are a few requirements that are easy to miss.
Here are a few of the cons to keep in mind as you take a closer look at their net 30 account.
Membership Fee and Payback Terms
Some net 30 vendors give you access to accounts without requiring additional fees. Others opt for extra charges. JJ Gold International is a vendor that falls into the latter group.
If you want a net 30 account with JJ Gold, you will need to pay $99 annually. This isn’t a massive fee, but it is a deal breaker for some small business owners.
The second drawback of their net 30 account is their net 30 payment terms.
Most vendors require you to pay back your outstanding balance in full in 30 days. This is a given as this is how net 30 terms are defined. Some vendors may even offer a discount to some businesses.
However, JJ Gold takes a different approach.
Their payment terms require you to pay 20% upfront as a new buyer. This means that you only get net 30 payment terms for the remaining 80% of your balance.
Since you’re getting the account to be able to use credit, this can leave a lot to be desired. However, it is worth noting that this will only be an issue for your first few transactions. It also will still be a way to improve cash flow.
You’ll have to wait six months or make three on-time payments before these credit terms change. Then, they switch to the traditional net 30 payment term model. They’ll still be reporting your payments to business credit reporting agencies as well.
Consider both of these drawbacks as you research the JJ Gold net 30 account. This way, you’ll be prepared for the net 30 payment term model that they offer.
JJ Gold’s Net 30 Approval Requirements
JJ Gold’s net 30 approval requirements are fairly standard.
In order to qualify for a JJ Gold net 30 account and begin credit building, you must:
- Be a U.S.-based business
- Have been in business for at least 30 days
- Have a clean business history
- Not have any late payments in your credit history
- Have an EIN (and a DUNS number for D&B reporting)
If you can clear all of the above, they’ll consider extending you their net 30 payment terms.
Build Business Credit Efficiently With Credit Suite
Finding the right tier 1 or tier 2 business credit vendors can be difficult. So too can sourcing the support you need as you navigate business credit.
The solution?
Start your journey here with Credit Suite’s Fundability System.
Our Fundability System is one of the most thorough ones in the industry. We help you:
- Understand why you’re constantly getting denied for a business credit card and other credit tools (and what you can do about it)
- Get a personalized list of step-by-step instructions to build business credit and acquire more financing
- Easily discover vendors and programs you pre-qualify for to streamline your applications
- Access higher limits to finance your business operations
- Protect your personal credit by identifying lenders and issuers that only require EIN
- Tap into the one-on-one support you need to thrive
- And more
If you’re ready to change your approach to business credit for greater results, get started with Credit Suite today.
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