Accounting
2018 Review of Fundbox – Invoicing Functions
Mar. 19, 2018
Fundbox – www.fundbox.com
From the 2018 reviews of invoicing apps.
Sometimes a single late payment can have catastrophic results for the small business owner. Fundbox is designed to proactively address cash flow issues that small business owners can face, providing owners with the ability to have consistent cash flow, regardless of the payment history of their customers.
Fundbox makes it easy to get started, allowing those interested to create an account at no cost, as fees are only assessed when funding is requested. After creating an account, users then connect either accounting software of their bank accounts for Fundbox to have access to during the review process. Supported accounting software includes Clio, FreshBooks, QuickBooks Desktop, QuickBooks Online, Xero, Zoho, and others. Once approved, business owners can then request funding when necessary. All of this is done without accessing personal credit.
If approved, business owners will receive a credit limit up to $100,000, which can be drawn upon when needed. Requested funding is typically available the next business day. Fundbox pricing depends on the amount of the load requested, and users will be able to view a repayment schedule and fees prior to accepting the advance.
Users have the option to pay back the requested loan in 12 or 24-week increments, with typical fees for a $1,000.00 that will be paid back in 12 weeks running $3.88 per week. Users can also prepay the loan, eliminating the fees altogether. All repayments are handled automatically, with payments deducted weekly from the business bank account.
For the very small business owner that relies on timely customer payments, Fundbox can truly be a lifesaver; or at least a business saver.