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.
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.
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.
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.
Great As A Backup Funding
Fundbox is very simple to use and easy to get funding provided that you have some receivables. It took a few hours to set it up and it was approved, it took only a few clicks to request the fund. You have the option to pay back weekly in 12 weeks or 24 weeks. However, if you can always choose to pay back earlier than 12 weeks, so you don't incur unnecessary interest.
It is very, very easy to use.
Because it is so easy to get funding, you could get stuck in to constantly running your business with some sort of loan all the time which is a dangerous practice.
Good Product for Short Term Gaps
I really enjoyed using FundBox for a short period of time when I was needing some funding in between client payments. The entire system is pretty easy to use, it links both to your bank account and your invoice application. Gives you a limit as to what you can borrow against invoices. Fees are pretty reasonable compared to other short term lending.