A Wayfair Professional account offers a wide range of benefits for business owners. For US B2B customers, this includes net 60 terms.
Wayfair reports to two of the three major business credit bureaus. They also boast a seamless application process. This is on top of no additional fees or minimum purchases.
Their ease of application and numerous perks make them a great vendor for business credit.
Our Verdict on Wayfair’s Net 30 Account
The Wayfair Inc. Professional account is a stand-out example of a high-quality net 30 account. They demonstrate the kind of vendors that you should apply to in order to build credit.
They’re one of the few net 30 accounts that are accompanied by no fees or minimum purchase thresholds. They offer numerous discounts and extensive support as well. This goes beyond just the average Black Friday sale or Way Day.
Speaking to business credit, they report to two major credit bureaus. These types of tier 1 business credit vendors help you develop payment history.
Overall, we’re extremely satisfied with what Wayfair net 30 has to offer.
The only thing businesses need to know about Wayfair is that they aren’t a true net 30 vendor. Net 60 terms are extended to all U.S.-based B2B customers. Only non-U.S. customers can access net 30 terms if they complete a credit check.
Wayfair’s Net 30 Account Pros
Wayfair’s Professional account leaves little to be desired. Even more so given that they’re one of the top home goods sellers with a large market cap and market share. Here are a few of the advantages you get when you sign up for an account with this online furniture retailer.
No Annual Fees or Minimum Purchase Thresholds
One of the major downsides to many vendor tradelines is the fees and minimum purchases.
Annual fees are to be expected with some tier 1 credit vendors, but that doesn’t make them any less desirable. They can cut into your total net revenue and may not be desirable if you don’t use your net 30 account that often.
On the other hand, you have minimum purchase thresholds. Minimum purchase thresholds may require you to spend more money than you need to. If that amount for total orders is exorbitant, your small business could be at risk.
Plus, you’re piling this on top of income tax and other business expenses that could result in a net loss. The last thing you want to do is reduce profitability early on.
All you’ll need to do is apply for a Wayfair Professional Flex account to get net 60 terms.
They don’t charge any annual fees or require minimum purchases. This allows you to reap the benefits of a net 60 account or net 30 account without any restrictions. All of this comes with other perks like free shipping with the Wayfair delivery network.
They also offer several payment options like credit card, check, and more to help you pay off your balance. You could even use your Wayfair Mastercard for greater financial results.
Reports to Dun & Bradstreet and Experian Business
One crucial thing to look for when selecting a vendor is which business credit bureau they report to.
Reporting isn’t always a given across each retailer with net 30 terms, e-commerce or otherwise. If you work with vendors that don’t report to business credit bureaus, it will have no impact on your credit.
Wayfair Professional reports to both D&B and Experian Business. This gives you the support you need to build business credit effectively.
The only way it could be more favorable is if they also reported to Equifax Business.
Wayfair’s Net 30 Account Cons
Every vendor tradeline comes with its disadvantages, even the best places. We only found one issue with the Wayfair Professional account.
Net 30 Terms Only Available to Non-US Businesses
Wayfair may be reported to be a net 30 account online. However, that’s only partially true.
If you take a closer look at their terms, you’ll find that you’re eligible for a net 60 account. Net 60 terms are extended to all U.S.-based B2B businesses that apply and qualify.
Meanwhile, the only businesses that can receive net 30 terms are those that aren’t based in the U.S.
Net 60 terms can be considered to be more beneficial by businesses looking into Wayfair.
However, it’s important that this is known upfront so there are no surprises when you apply.
Wayfair’s Net 30 Approval Requirements
One of the pros of Wayfair is its application process. It’s a three-step process that’s easy to undergo when you start using the online store. In order to qualify for approval and shop Wayfair items, all you have to have is:
- A valid EIN
- Personal information and contact info
- Basic information about your business (start date, annual sales, net income, gross profit)
- The industry your business operates in
As long as you have all this, you should get through the process with ease. If you lack documents, customer service will help you join the Wayfair family over the phone.
Build Your Credit and Tap Into Financing With Credit Suite
Tier 1 and tier 2 business credit vendors can help you build credit with ease. The problem many businesses face is constant rejection. This only complicates things as they attempt to boost their business credit score.
Enter Credit Suite’s Fundability System.
Our fundability resource makes it easy to find vendors and lenders you can qualify for.
We offer personalized, step-by-step instructions on how to build business credit and secure financing. We also provide you with the education needed to help you understand why you’re currently being turned away for credit accounts.
With our support and comprehensive resources, you can start to see the changes in your business credit that you desire.
Get started with Credit Suite to discover how we can help you build your credit more effectively.
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