Your credit score is an extremely important number. It plays a huge role in determining whether or not you can buy a house or take out a loan. If you’re a small business owner, however, you might not be aware of the fact that your company has its own rating that is equally vital for your financial standing.
Your business credit score factors into banks’ decision to give your enterprise the funding it may need to keep your dreams alive or expand into other territories. These ratings are calculated much in the same way your personal rating is and have a lot to do with how good you are at keeping up with various accounts.
Given how crucial this score can be to your success, it’s essential to understand how this process works and how you can keep your business credit score healthy. Of course, an obvious way is to always pay your bills on time, but there are other tips that can help give your numbers a boost. For example, you could open accounts with your suppliers to increase the number of positive payments that are added to your record each month.
For more best practices that help your company’s reputation with lenders, see the accompanying infographic.
About the Author
Kristen Gramigna is Chief Marketing Officer for BluePay, a leading provider of fast, easy and secure payment processing solutions. She brings 25 years of experience in the bankcard industry in direct sales, sales management and marketing.