Have a generic credit application on hand. We even made a sample one you can use as a reference below. This is a document to provide basic info to a supplier about your lab that includes
Lab shipping and billing addresses,
bank info and contact
FEIN and D&B number
date founded and where it was incorporated
Contact email addresses for purchasing and invoicing
Credit applications generally also include trade/credit references. These are suppliers who can say your lab reliably pays its bills on time.
This document can also allow you to get credit terms with a supplier. Rather than pre-paying for everything with a credit card, the supplier will invoice the lab and they will have 30 days to pay that invoice by bank transfer or other means.
Suppliers Vary in Account Setup
Suppliers vary widely in their requirements to set up an account and extend Net 30 credit terms. The simplest is registering online and ordering (Amazon). Some suppliers require more work to set up account, but extend terms immediately (Thermofisher). Some are draconian, requiring the most stringent requirements like multiple bank accounts to check as well as full financials of the lab (BD Biosciences).
Some account set up requirements are negotiable, some aren’t. No matter what though, a generic credit app will save your lab time in getting set up to order with suppliers.
Glossary of useful terms
FEIN – Federal employer identification number (like social security number for a business)
We are grateful for our scientists, suppliers, and accountants.
The Virtual Lab Manager team at HappiLabs sends thank you cards to scientists, individuals at suppliers, operations managers, and accountants that genuinely help us in our work to make scientists happy and improve the quality of their research.
We thank scientists for being scientists working to improve our world and our lives.
HappiLabs knows it takes a team and special effort to change the world and we say thank you to those helping us do that.
Fridays are 20% slower in terms of orders compared to the rest of the week.
HappiLabs took a snapshot of the last 10,000 orders placed by the Virtual Lab Manager team by day of the week.
Why ordering slows on Fridays
Tuesdays and Wednesdays are busiest for order requests, perhaps reflecting scientists ordering for the next work week or VLMs working hard to get orders in that will deliver by week’s end.
Scientists may not be making as many order requests on Fridays because the weekend is calling. Scientists like to have fun too.
Many suppliers will not ship on Fridays or process an order until the following week (especially if a West coast scientists requests an item from an East Coast supplier on Friday afternoon). VLMs know this and may hold off on ordering until Monday morning because the order will not ship or sometimes even be processed until then anyhow. Scientists likely have a sense of this as well.