Most popular features of all Finance & Accounting apps
25 reviewers had the following to say about Fundbox's features:
Occasionally my clients need more time to pay their invoices. It's no secret in small business.
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.
I've using FundBox for almost 1 year, and It's helped me with my company funding required. It's easy to use and most of all, available when you really need it.
As a freelancer, I frequently run into issues with late or delayed payments from clients.
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.
I received my first advance this morning via automatic ACH transfer.
The application is integrated and connected to the bank, so your payments are basically debited to your respective bank accounts.
Once an invoice is checked out to proceed, it takes nearly three working days to get it debited in your account.
Time used: 6-12 months
Frequency of use: Daily
Likelihood to recommend
Fundbox makes it easy and sends frequent reminder about upcoming withdrawls so it's easy to stay on top of things.
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.
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.
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.
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.
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.
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.
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.
-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.
It allows you to get your invoices paid immediately.
The fees are fair for what I'm getting, the payments are easily scheduled.
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.
Quick approval No bank-style credit applications Quick funding 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.
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.
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.
Super easy to clear invoices and you get the money quick so there's no waiting around when time is of the essence.
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.
Fundbox has given me the cashflow I desperately needed while waiting on full payment of invoices.
The user-interface is so clean and easy to use.
Having done software work for an invoice factoring company before I figured that clearing an invoice with Fundbox would be a long and painful process however I think I spent more time when I created my Facebook profile.
Fundbox is a really easy to use and inexpensive way to clear invoices allowing me to keep put cash towards business growth, instead of waiting 30 - 60 days for invoices to be paid.
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.
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.
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.
I haven't found any as yet.
Time used: Less than 6 months