The Lowe’s net 30 account, or their Lowe’s Commercial Account, reports to Experian Business and Dun & Bradstreet.
They actually offer two billing cycles to pay off your purchases, making this a net 60 account, along with additional discounts on in-store and online purchases.
If you frequently purchase Lowe’s products, we believe this account is worth signing up for.
Our Verdict on Lowe’s Net 30 Account
Finding the right net 30 accounts can be challenging. It’s even more so when you’re looking for products like building supplies and appliances or even a tool.
Enter the Lowe’s net 30 account.
It’s important to note upfront that the Lowe’s Commercial Account offers net 60 terms. However, there’s nothing stopping you from paying a bit earlier if you would like.
The Lowe’s Commercial Account reports payments to both Experian Business and D&B.
There are also very few downsides to signing up for a Lowe’s net 30 account to see if you qualify. They have high ratings for their credit solutions.
Overall, the Lowe’s Commercial Account is a strong account to sign up for. If you frequently purchase goods from Lowe’s and want to build your business credit, consider the Commercial Account.
Lowe’s Net 30 Account Pros
Net 60 Terms Give You Longer to Make Repayments
If you’re looking strictly into net 30 accounts, you might not know about other repayment options.
Vendor tradelines typically come in three different types: net 30 (30 days), net 60, and net 90 (3 months).
Lowe’s provides Lowe’s Commercial Account holders with the second option.
With a net 60 account, you get 60 days to repay whatever purchases you have made.
This extended period can be helpful for many businesses. It’s even more so when you’re purchasing large appliances and other expensive technology.
You could always pay off the full amount. However, unlike other vendors, you won’t receive an early pay discount because of it.
The only thing to be aware of when using net 60 accounts is that it’s crucial to have accounting systems in place. It can be easy to lose track of how much you owe when you’re signing up for multiple vendor tradelines.
Besides that, you’re sure to get a lot from your Lowe’s Commercial Account.
Added Discounts and No Fees Will Help You Save More
When you’re looking into vendor tradelines, you’re looking for more than just payment terms.
The added perks of signing up are often the main motivation to choose one vendor over another.
What do you get when you sign up for the Lowe’s Commercial Account? The main highlights of signing up for this account include:
- No annual or sign-up fees, which helps you save more over time and bolster profitability.
- Save an additional 5% on any eligible purchase online or in-store. For larger purchases, this added discount can make a world of difference in what you pay. Of course, you’re saving overall with these offers no matter what type of material supply or items you need.
- The Lowe’s Commercial Account doesn’t report to just one business credit bureau. Your payments are reported to the major credit bureaus, Experian Business and D&B. Since you’re a business and not one of their many consumers, this is important.
- Billing upon delivery. You can also opt-in for more seamless invoice PDF delivery. This is much more convenient to track than your typical receipt of sale.
- Every invoice includes information like itemized transactions, SKU-level detail, authorized buyers, and PO/job names. This will help you organize your invoices and track them with greater accuracy.
- Any approved account will be added to your MVPs Pro Wallet. This can help you tap into even more cash savings.
- Strong customer services center to reach out to if you have issues.
If you want to make sure you’re getting more support and perks with your net 30 account, choose Lowe’s.
Lowe’s Net 30 Account Cons
Net 60 Terms Only Available for One Account
It’s hard to identify any disadvantages of the Lowes’ Commercial Account.
However, one disadvantage is that you won’t get net 60 terms across the board.
Rather, each category of Lowe’s account or each of its cards offers its own unique payment terms.
The Business Advantage Account, for example, operates like a business credit card. You can pay in full monthly or you can make minimum monthly payments on these cards. Of course, the latter will cost you if you reach your limit or spend too much.
Meanwhile, the PreLoad Plus Mastercard is different from a business credit card. It’s a pre-loaded debit card. You pay immediately when you make a transaction with these cards.
That being said, it’s still great to have net 60 terms available in any capacity. You might not benefit from an array of different perks that you’d get with the other cards. Still, receiving net 60 terms on one account is sufficient.
Lowe’s Net 30 Approval Requirements
All you need to get approved is:
- An established business
- All of the information needed to file your application
- A DUNS number or Taxpayer ID number
Some report that a positive credit score and credit history will improve your chances of approval. That being said, it isn’t a must. You can still get an account without a stellar credit check. Just keep in mind that Lowe’s does state these terms are subject to credit approval.
You will also want to be careful to request a credit line that is reasonable. Consider your annual revenue and the current state of your credit. So long as you do those things, you should experience little to no issues.
Find the Right Vendors and Build Your Credit With Credit Suite
Finding the right vendors and learning to build business credit doesn’t come naturally. Finding tier 1 business credit vendors and tier 2 business credit vendors might be harder than you expect.
How can you navigate your credit-building journey with greater ease?
Start here with Credit Suite! Credit Suite is your solution to faster credit building.
Our Fundability System provides you with personalized step-by-step instructions that will help you build business credit and tap into financing with ease.
More than that, we offer ample educational resources, personalized support, and connections with vendors and lenders you pre-qualify for.
Streamline your credit-building journey now with the support of Credit Suite! Sign up today to get started.
