How Does the Fundbox App Work?
The Fundbox app enables you to get an advance for your unpaid FreshBooks invoices within 24-48 hours and you only pay for what you use. Waiting 30 to 90 days for your clients to pay can be stressful, especially when you have employees and contractors to pay every couple weeks. With advances from Fundbox, you can say goodbye to worrying about paying your own bills and hello to smooth and steady cash flow.
How do I know if I'm eligible to use Fundbox?
If your business is registered in the U.S and you have at least three to six months worth of active invoicing history, you will meet the minimum requirements in order to be considered for funding from Fundbox. It’s important to note that credit approval is based on an assessment of your accounting history and approval is not guaranteed.
What information does Fundbox access in my FreshBooks account?
Once you’ve connected your accounts, Fundbox will analyze your accounting and invoicing activity to determine a credit decision.
Will my data be secure?
Fundbox and FreshBooks both take your information and privacy very seriously, and follow the most strict set of industry security and privacy standards. Fundbox servers are housed in a bank-grade facility and all interactions are protected with state-of-the-art data encryption and transfer protocols.
How much does it cost to get an advance?
Fundbox has no subscription fees or hidden costs, only a clearing fee that is added to the repayment amount. The fee varies slightly, depending on the invoice and the repayment schedule you choose; for example, on a $1,000 invoice you pay roughly $60 in fees over a 12 week repayment period - this equates to about $5 per week.
How are the funds delivered to me?
Once you’ve confirmed your first advance, you’ll be prompted to enter your banking details which Fundbox will use to deposit the advance amount directly into your bank account.
How are repayments made?
You can choose to repay over a 12 or 24 week period. Repayment typically begins a week after funds arrive in your bank account for a "cleared" invoice. Repayment will happen automatically by debiting the same bank account in which the funds were deposited, so all you have to do is make sure there's enough money in your bank account on the day of the debit. To help you keep track of repayment, you'll receive a schedule by email for each invoice you clear. The schedule will specify the dates and amounts of each payment in the repayment plan.
How long will it take me to get setup and actually receive the funds in my account?
Creating an account is super quick and painless. After sign-up, there's an initial assessment period whereby Fundbox will determine whether your account is fit for funding, as well as how much credit you’re eligible for. This takes anywhere from 2-3 hours to a maximum of 48 hours. This process only occurs once - once you’re approved, any time you "clear" an invoice, funds are sent right away. Typically funds will arrive in your bank account the next business day. Depending on your bank, they may sometimes show up 3 business days after the invoice is cleared.
What happens if I'm not approved?
Read more about the Fundbox app here.