BlueVine, a provider of working capital financing to small businesses, has launched a new manual invoicing feature from beta after more than one-third of new customers successfully advanced millions of dollars on outstanding invoices without accounting software.
This feature allows small businesses to enter the details of paper invoices into BlueVine’s cloud-based invoice factoring solution, manually creating an online invoice. Without being required to connect accounting software to BlueVine, qualified customers can receive advances on these outstanding invoices within 24 hours. Tens of millions of dollars have already been advanced to small businesses through BlueVine’s platform this year.
“Just as we modernized the billion-dollar invoice financing industry, BlueVine is again lowering the barriers for small businesses to access working capital by adding manual invoicing to our online solution,” said Eyal Lifshitz, founder and CEO of BlueVine. “We are thrilled to bring an alternative financing option to small businesses that previously could not utilize these cash flow solutions. Our customers now have the choice to get funded in the manner most natural, efficient and flexible for them.”
According to a 2015 study from Robert Half and Financial Executives Research Foundation, 54 percent of U.S. firms rely on manual reconciliation of accounts, underscoring the need for services to create seamless solutions that accommodate these businesses. Industries such as trucking, manufacturing and field services, which typically use manual accounting systems, now have access to online invoice financing to grow their businesses.
BlueVine also announced it has increased its maximum credit line from $50,000 to $150,000 for qualified businesses. BlueVine, which offers credit lines starting at $5,000 with simple, transparent pricing, enables small businesses to get paid within 24 hours instead of waiting for Net 30, Net 60 or Net 90 payment cycles. This allows small business owners to access the cash they need for paying bills, purchasing inventory, funding payroll or growing their business.
“BlueVine is continually expanding our maximum credit line to become more accessible to growing SMBs that want to benefit from our easy-to-use, streamlined receivables financing solution,” added Lifshitz.
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Tags: Accounting, Financial Planning
