Northern Tool + Equipment, a leading supplier of professional tools and industrial equipment, has entered into an agreement with Blue Tarp Financial that will provide commercial credit to the retailer’s contractor customers. BlueTarp will develop and implement a customized line of credit for Northern Tool under the private label NTE Net 30.
Northern Tool has already converted 40,000 of its contractors to the new credit program, effective July 11, 2012. Benefits of the NTE Net 30 program include guaranteed cash flow, risk reduction of contractor payments and back-office support that will free up staff to focus on delivering better service to contractors. The credit line will streamline transactions and improve contractor-store relationships for the Burnsville, Minn.-based tool supplier.
"At Northern Tool, we wanted one integrated system that would allow us to process transactions and applications, while allowing us to exact payment terms down to the store- and individual-transaction level," said Rick Thonet, director of credit, Northern Tool + Equipment. "BlueTarp's NTE Net 30 program is customized to meet those needs, while allowing us to serve contractors faster and with less hassle than ever before. We're very pleased to have BlueTarp as our credit provider and are excited to bring the program to our stores nationwide."