WHERE HAS FUNDBOX BEEN ALL MY LIFE!!!?
Every small business owner is well aware of the bane of their existence: managing cashflow and playing the revenue game. Clients like to delay payment as long as possible, creditors/vendors want their money NOW. You could go to banks for a line of credit, but banks don't want to talk to you unless you're on your feet. Your only option is to hustle or drown in overdraft fees.
Along comes FundBox who offers advances on unpaid invoices listed my online Harvest account, without the cumbersome (and near-degrading) bank approval process. I have up to 12 weeks to pay off each advance, along with a small fee added each week. I received my first advance this morning via automatic ACH transfer. Likewise, payments are automatically debited from my bank account.
This will save my business.
Super clean interface, very easy to use. The first advance came immediately as promised (ACH transfer takes 2-3 business days). Signup was easier than expected. My advance limit is $2500, which will increase the more I use the system.
It may be premature to write this, but I wish the web interface had a screen listing all upcoming payments from my bank account for me to plan.
Great tool for outstanding invoices, but not for long term.
Overall I believe it's a great idea and a good start, I can't imagine leaving a 5 star review because of a few things. Note: I have only used it a couple times but will list my pros and cons in the respective sections below.
-Easy sign up and integration with HarvestApp (what I use for invoicing among other things).
-Cash direct to bank.
-Option to pay out early and avoid future monthly fees. From what I've seen it's about 5-7% of the total invoice and the fee is split up and added on to each payment, so rarely you will need to pay the full fee unless you actually pay them back over a 3 month period but also having the option to pay out over quite a bit of time if you need those 3 months to pay off the invoice is nice and cheaper than a credit card and obviously a cash advance.
Overall, I'd recommend in hopes they will roll out future (very nice) review
-Overall, the website has a good design but is lacking a LOT of features - even finding the support/FAQ page was a little hard because it was hidden under my username (visible on click of my username). Also just a lot of open, unused, space. I can think of quite a few things off the top of my head that could take up some space and give users good insights (such as prfileinfo.
-Lack of history and records, total fees paid and total fees avoided, etc.
-Not as 'fast' as they lead you to believe, once you choose to clear an invoice it takes 3-4 business days to hit the bank- compared with Stripe, a built in CC processor in Harvest so clients can pay directly while viewing the invoice, this is a bit longer than usual. Stripe is usually 1 business day if paid before 4-5pm EST.
-Even once the invoice hits your bank, it takes a while if you to edit the payback settings (per invoice) so no matter what you will get a small fee (probably minute) if you chose clear a specific invoice
-If you clear an invoice and the customer pays next day, well you just lost a bit of money during that waiting period.
They pester you to use their funding, even if you don’t need it
Great service when you need and money comes in 1 business day. The ability to borrow money based on pending AR is amazing and gives our business flexibility to use it “when” we “need” it
I signed for fundbox to solve a problem that “may” come up in the future with delayed AR as we are growing. I signed up for the account and immediately within a few weeks I was being bombarded with calls and emails asking why I haven’t used there service. I told them I will use it if I “need” it, they never once said that it is “required” to use the service. After almost 6 months of signing up, I got a call from fundbox telling me that they’re closing my account because I haven’t “used” their service “yet”.
My conclusion is that they want you to keep using their financing on invoices so they keep making money. It’s an awful business model and a terrible approach to business.
Owe and funny enough their competitor bluevine who I also signed up for an account the exact same time as fundbox haven’t bothered me once. I’ll happily take my business to bluevine.
I would not recommend fundbox, they will pester you just to use the financing so they can make money,
I signed up with this service to relieve the pressure of not being able to pay contractors if a client paid late, and I didn't have the funds available. When I signed up, I accidentally entered the WIRE transfer routing number instead of the regular ACH routing number from my check. When I let the support team know, they monitored the transaction, and updated me daily. When it came through as failed, they immediately corrected the information, and resubmitted the deposit.
The best part is that they used my Harvest invoicing history as a "guarantor" of sorts. No hit to my beacon score as a credit inquiry!
INCREDIBLY easy to setup.
OUTSTANDING Customer Service.
A little notice that says "DO NOT USE YOUR WIRE TRANSFER ROUTING NUMBER" on the front-end for people who were moving too quickly like I was. ;)
I suppose you could say that paying a fee would be a con, but it's much less than most other services that offer the same thing. The option to make the payments with an account other than the one it was deposited in would be nice, but not absolutely necessary.
Fundbox understands small business
I have started up four businesses over the past three decades. I have sold one, and also purchased a couple of businesses as well. Truth be told, as it was in the late 80s, and same now, banks have no clue how to deal with start ups. Fundbox is a great way of getting through tight spots that every small business person has without getting into trouble.
Fundbox is easy to sign up for, and easy to access. It also takes payments on a weekly basis so you can plan for them. If someone gets in a tight spot for a week, they add the payment on to the back end of the payment plan (normally 12 weeks). One can also pay the loans back early. It is a very good program for small businesses. I highly recommend it.
Fundbox allows you to build up your relationship with them as you pay back the invoices you clear with them. I would only like to see them be able to clear invoices of a bit larger size.
Fundbox is a lifesaver!
Sometime you just need an extra little push to keep things running smoothly or even upgrade and improve your existing services, and Fundbox makes it super easy to do so. More importantly, you can do so without getting yourself stuck in a long-term or high-interest loan that patches things for the moment but ultimately creates major cash flow issues later down the line.
Super easy to clear invoices and you get the money quick so there's no waiting around when time is of the essence. What's more, the interest/fee on the loans are basically non-existent compared to other loans.
I would prefer to align my Fundbox payments with my income which is bi-weekly (instead of paying FB every week), but that's ultimately a minor inconvenience.
Shameless Plug to Follow
I stumbled across Fundbox by, of all things, a Facebook ad. Like most of the advertising there, it should be taken with the tiniest grain of salt. In fact, it took nearly three weeks for me to muster the courage to fill in my banking information for fear of a scam. Even so, after using Fundbox for about a month or so, I can sum up my review in five words:
It's real. And it works.
Click the button and, within 1 - 2 business days, said invoice is paid. On average, the repayment plans are easy-to-swallow for even the smallest business, and it allows us to clear out invoices for clients that would generally drag their feet. No hidden fees. No BS.
Clear, concise and simple.
Sounds like a scam, at first, and takes a little bit of faith to click the button that first time.
I love Fundbox! As a freelancer, I frequently run into issues with late or delayed payments from clients. Fundbox helps me pay my own bills on time and keeps me sane. I feel a lot less stress knowing I have somewhere to turn when I'm waiting on a check that I needed in my account, say, yesterday.
Easy to use! You receive the money fast. The no-hassle re-payment structure lets me focus on my business instead of worry about finances.
There's no way to clear half an invoice if you just want to get an advance on a smaller amount. At first you only get a small amount of credit. This is great because you won't over-extend yourself, but you won't be able to clear a large invoice.
A Great Asset for Small Businesses
Fundbox makes it easy and affordable to borrow against your outstanding invoices. As a small business owner it can be tremendously helpful to get this sort of short term credit. I just borrowed $1,000 and will pay it back over 12 weeks at about a 5% return. To get that kind of a deal with just a few clicks and no credit check is incredible. And as I borrow more, my rate will go down. Fundbox makes it easy and sends frequent reminder about upcoming withdrawls so it's easy to stay on top of things.
Easy to use.
No stress / no hassle
You can only clear an entire invoice at a time, so you need to have invoices that match the amount you wish to borrow (you can combine multiple invoices to do this too though).
Don't Do Small Business Without Fundbox
Occasionally my clients need more time to pay their invoices. It's no secret in small business. Fundbox takes all the worry out of waiting. Before, I was maxing out the business credit card to keep cash flow going for our office and it was risky. Not to mention high interest. Fundbox helped our company take a step forward in how we do business. Now we can accommodate more clients at a time and ensure quality work without having to pull all-nighters just to save a buck. In the web & graphic design business, this is a huge improvement. Thank you!
Second day funds, easy terms, simple signup/interface, integrates with most accounting softwares.
Weekly Payments as opposed to monthly, but way smaller and easier to handle.
Issues caused due to outstanding invoices easily resolved using the Fundbox application
It a very easy job to get done with the registration and get started with the application. The application is integrated and connected to the bank, so your payments are basically debited to your respective bank accounts. The interface is very straightforward and easy to use. The advance amount gets increased to the times you use the system. The customer support is very responsive and the support team takes it to resolve your issues in no time. Highly recommended for smaller firms where you find it difficult in dealing with the cash flows.
Some features are lacking in the system. It is quite time-consuming to find out the frequently asked question lists. Once an invoice is checked out to proceed, it takes nearly three working days to get it debited in your account. It is suited only for small firms, it is not recommended in the case of huge firms where bulk invoices need to be processed.
Overall good. A little pricey
Overall, Fundbox is great. Their web interface is easy, it integrates with my accounting system, and the money is delivered quickly. Their payment terms are not terribly flexible, and their clearing rate is likely much higher than what you would get from a bank, but they are not really designed to replace a bank. They are here to provide quick liquidity from your invoices. If you pay them off early - for example, you expect a client to pay you within 30 days but need their money right now - it is very inexpensive. If you leave it for the full 12 weeks, it is only a few % less than what you would pay to a credit card company. But - it keeps it off your credit card. We like them. They fit our business. I recommend them highly, but go in with open eyes and be aware of the limitations/caveats.
No bank-style credit applications
Good web interface
"Flexible" repayment - ie you can pay early and avoid fees
High effective APR if the funding is taken to term (12 wks)
No flexibility in timeframe. Terms are 12 weeks, period. You can pay the entire amount early and avoid some of the clearing fee, but there is no other flexibility.
we love it, easy to use, flexible, can reduce service costs by paying off sooner - but needs REPORTS
Nothing but positive things to say about this service that is integrated with our accounting system. except ONE thing...the Reports. They dont have any. A simple report that shows the total service fees you paid by date range, and perhaps also showing total amount funded for same date range....that could be exported to excel....would be amazing and i would give them the 5th star on this rating. Until then they get 4 solid stars, as a great product.
ease of use, improving terms after using for awhile, great customer service.
needs some reports in order to give it the elusive 5th star on rating.
Extremely happy so far
Like pretty much every small business, we're at the mercy of our clients' AP departments. This has caused cashflow issues from time to time as we've had to pay expenses for services that we haven't yet been paid for.
Fundbox is a fantastic solution for us. The greatest benefit is that I don't have to chase payment so vigorously and can give our clients more leeway in paying outstanding invoices - which allows me to provide better service. Knowing Fundbox has our back has been a great stress relief.
I also want to mention the great customer service. After I signed up I got a call from a client account manager who walked me through the whole process and answered questions I didn't even know I had, which I wasn't expecting but which made for a great experience.
I haven't found any as yet.
What a great service!
Fundbox has provided me with a unique line of credit with a very easy approval process. Since everything is linked to my Quickbooks Online account, they always have a good understanding of my business health. As my business has started to grow, they've even been able to provide me with a credit line increase! Their customer service is friendly and I've always received a fast and friendly response.
Receive funds with 1 click. Repay loans with 1 click. Automated monthly payments and very clear communication when it comes to how much is owed.
No monthly statements nor the ability to obtain a list of transactions without contacting customer service.
A Real Safety Net
Although I'm a new user of FundBox, I've already reaped the benefits. As a small business owner, funding gaps are quite common and often very difficult to address. Traditional avenues of funding simply don't exists for far too many small business owners. FundBox gave me almost immediate access to cash I would not have had otherwise--REAL CASH! I would recommend this for any small business owner with net 30-day invoicing or longer.
Near immediate access to cash without having to wait 30+ days for payment from clients. Interface with accounting software seamless. Website easy to navigate. You receive funding with 1-3 business days.
Too soon to tell.
Just In Time
It never fails that almost every month I have at least one client that doesn't pay on time. They pay eventually but that doesn't help me get my team paid or keep the lights on. Fundbox helps me to efficiently manage those late payments so I can stay afloat until their payments finally get made!
Quick Payout after you clear an invoice
Low cost repayment fees
Manageable weekly payments
Would like to be able to draw out the payments longer on larger invoices. I can't afford to clear out some really invoices because I flat don't have that kind of money coming in each week. Monthly payments would be good, too.
Simple Solution to Cashflow Issues
We're a small agency so a few clients paying late can really throw our financials out of whack. We've spoken to other firms that offered to 'buy our invoices' but it required a long commitment and our clients actually paying a different service than ourselves. I wasn't comfortable trying to explain that. Fundbox is literally as difficult as clicking a button and I'm really happy with it thus far.
Dead simple! Automatic deposit and withdrawls, sensible repayment plans, average interest rates. I really love that I can simply pay back the entire amount as well.
None so far!
Love me some Fundbox
I am a freelancer and contractor for several other various companies. They all pay at different times and never on the invoice date. Fundbox allows me to continue to pay my developers and bills without a gap in funds or late fees.
extremely low fees, bi monthly payments keeps things from being too tight. No penalties for paying off early.
Can not use paypal as a payment form, cannot pay fraction of an invoice say half or 1/4. You must pay it all at once. Been with fund box for over 6 months with no credit limit increase.
Easy way to clear invoices
I have a business where it's not just Net 30, but Net 60. There are times I need the money to run my business and I know it's not going to be there. With Fundbox, you don't have to pay exorbitant fees or outrageous interest rates to clear the invoices. And when I get the money in, I simply pay it off. It's quick, easy, and extremely helpful.
The turnaround time is fast, it's easy to set up. They interface with multiple online accounting programs.
It starts off at a $250 limit, which is fine, but most of my invoices are larger than that.
Fundbox is the best application for easy transactions.
The procedure to take a role in the application is easy. One could easily sign up into it. The customer care unit is very friendly and helpful. If ever a technical support is needed, they solve the issue wholeheartedly.
The application lacks in design features. The elements are scattered and not organized properly. When a transaction is made, it takes a minimum of three days to get it credited or debited into/from your account. Hence, it is not as fast as compared to other similar applications. There is no iPhone or Android version for it. Only a desktop version exists.
Just what I needed!
Fundbox came around at exactly the right time. I had just launched my new content marketing agency, and during that initial period between my first two clients and my next sales goals, cash grew tight due to Net 30 payment terms. A friend recommended Fundbox and when I discovered it, and the reasonable fees, I jumped at the chance.
Low fees, it's run as a Software-as-a-Service (SaaS) offering, it connects directly to my accounting application.
I've got to build up a track record in order to fund larger invoices.
Fundbox is a winner for cashflow!
Since being introduced to Fundbox through Freshbooks, we have found Fundbox to be an amazing resource for our business. We are a Creative Agency who work on projects that last for extended periods of time. The cashflow of any business is most important and Fundbox gives you the flexibility and resources to manage the timing of those funds being delivered at the right time to keep your business running smoothly!
Thank you Fundbox and Freshbooks for partnering and providing resources for businesses of all sizes!
Go Vertical Creative
Much needed service for small startups
My painting business is less than a year old, and was started quickly without much capital. Fundbox has given me the cashflow I desperately needed while waiting on full payment of invoices. It's given me the flexibilty of a larger business.
Easy, fast access to lagging payments. At first I thought the once weekly payment structure was too frequent, but it just helped me understand how to structure my terms differently to receive promt payment from clients.
My Money When I Need It!
Fundbox is so easy to use, the terms are great and best of all I get to use the money I earned when I need! The short terms and weekly payments are very easy to handle, and I can pay the balance at any time.
The short terms and weekly payments are very easy to handle, and I can pay the balance at any time. Simple and cost effective, just the type of financing that a small business needs!
So far I haven't found a downside...