We will now have a look at the meaning and operation of this account; outlining its requirements for operation, payment methods, benefits and advantages, etcetera.
What then is the Pay Home Depot Commercial Account?
This is a net 30 vendor account which enables businesses to purchase goods and other products at the Home Depot. The users of Pay Home Depot Commercial Account are usually given a withdrawal approval from $500- $2000 and are required to pay their balance in full each month or pay as penalty, a fee.
This account is only provided by the Citibank in the United States and is suitable for construction firms and small-scale businesses.
Requirements for the account opening?
In order to operate a valid Pay Home Depot Commercial Account, the following will be required by the bank.
The business must be legally registered and provide the following details:
The legal name of the companyThe business structureBilling informationBusiness details
The information of the primary shareholder of the company or the owner’s details. A letter of authority from the majority shareholder of the company. A credit score of over 640 is usually required. May require personal guarantor.
When all these are available, the next step would be to open the account. How then can a prospective Pay Home Depot Commercial Account holder proceed from here?
How do I open the account?
In order to open this account, you will be required to log into the Citibank Retail Services Platform where the option to open the account will be provided. When you are logged in, you will be required to do the following:
Download the account form from the Citibank retail services platformFill the online form based on the requirements and be careful to provide the correct information After filing the form correctly, you submit accordingly on the platform.
After doing all these successfully, a review will be made by the Bank and the account, when considered will be open.
How can I make payment?
The Citi account portal provides only two payment options with the Pay Home Depot Commercial Account. To make payments in this account, you will have to log into the ‘Home Depot @Credit Card store.
These payment options are the Payment online and the Mail to pay. In order to understand how these payment options work, we will be discussing them hereunder.
Payment Online Option:
This payment option is the fastest method of payment in this account and the easiest. For you to use this, you can log into the doxo try plus or the Citi retail service platform, log into your account, fill in all the required details and click on the payment option.
Mail to Pay:
The Mail to pay option on the other hand, usually takes five to seven days to reach the processing facility. In order to make your payment here, you will have to log your account on the platform and click on the ‘manage my account’ option. After doing that, you click on the ‘statements online’ option and navigate from there to make your payment request.
Why should I be bothered about having this account?
Having the Pay Home Depot Commercial Account comes with some outstanding benefits. Some of these benefits are:
No annual fees are requiredIt is easy to open and operateCash flow can be optimized. Online account managementSome employees of the company or organization can operate the account. Fuel discounts are available for account holders who apply and select payment terms, which are usually 30 to 60 days. Itemized billing statements of all purchases are made available. Purchases can be tracked through the account.
Apart from these benefits, are there other things one should know before opening this account?
Other things one should know about the account
Yes! This account provides its users with IDs which are used for transactions, like the purchase of goods. The use of its commercial credit card can make its user to be eligible for the Pro Xtra membership and the use of this card is limited to the account’s website and store.
Also, account holders who fail to pay their bills based on their billing term, will be charged a penalty fee, with its maximum as 21.99%.
As part of the banking policy, only those legally empowered by the company can operate this account. This means that the operation of the account is not open to all and sundry of the company, but to only the those recognized and authorized by the company.
Conclusion
The Home Depot Commercial Account comes with so many advantages that if properly explored, will contribute to organizational growth and increase in the profit margin of the company. For this account to be utilized to the fullest, prospective holders must ask questions concerning its operation and customers already operating the account should be diligent to know all that is required concerning the account.
Is it very difficult to have a Home Depot Commercial Account?
Answer:
The opening of this account has proven to be the easiest so far, provided all requirements are met, it does not take long to have this account running.
Does the account provide any credit limit?
Answer:
Credit limits are usually set based on the credit reports. Every card user of this account gets to know their credit limit when their card is issued.
