Fundbox, found online at Fundbox.com, is a company that offers business owners a way to have peace of mind about their company cash flow by providing them with easy access to cash advances when they need it.
How Does It Work?
Undeniably one of the most difficult aspects of successfully getting a small or medium sized business off the ground is not always having the cash flow you need when you need it. Though you know you have the money coming in from outstanding invoices, that isn’t much help when you need to offer a deposit on a new office space or to make payroll.
To solve this problem and give businesses a better chance of success, Fundbox has a network of investors who are willing to advance them the money they need based on the outstanding invoices they have.
Specifically, businesses are asked to connect their Fundbox account directly to their accounting software. The Fundbox dashboard will show you a due date and funding price for each of the unpaid invoices you have outstanding, so you can make informed decisions about which invoices to clear.
To create your Fundbox account, all you need is an active email account, a password, and the ability to give this company access to your accounting software, and you can get started for free.
The website is very clear that there are no subscription fees, no origination fees and no hidden fees of any kind. Each repayment you will owe to Fundbox will be paid out over the course of twelve weeks in equal payments that consist of the principal that was borrowed, any applicable transaction fees, and the clearing fees for the advancement of the principal.
The minimum clearing fee for repayments made over three months is $52 while the maximum clearing fee of $72, but clients are welcome to pay down their balances early with absolutely no penalty. In fact, balances which are paid down early will only be required to pay the remaining balance and the fees that were originally scheduled for that month’s payment – all the remaining fees that would have been applied over the rest of the twelve weeks will be waived.
Clients are always able to use their online calculator to enter an invoice amount and see the estimated range of the clearing fees that will be applied, and it is important to note that the longer you responsibly use Fundbox, the lower your fees will get.
Since this company does not charge any subscription or membership fees for their services, there is no applicable Refund Policy offered by this company at this time, especially since the fees they do charge are waived if you pay your balances early.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 855-572-7707 or by email at [email protected]
Fundbox does seem to have a very positive reputation around the internet, though all the reviews you find are from third party independent sources, like business blogs and publications including Forbes Magazine.
Because these are reviews from outside sources and not from actual business clients of this company, they are still theoretical reviews about the potential of this business and any negatives they point out about the company are generally speculation.
One such speculative review did comment that giving Fundbox access to their accounting software was worrisome, because it was unclear what exactly was being done with the data they had access to, which prompted Fundbox to email the blog with a specific response to this concern and then to update the information available on their website as well.
This indicates that this company is genuinely concerned about consumer trust in their services, which is a good sign for potential clients.
Competitors and Alternatives?
There are many other companies that offer basic, straight forward business loans, like Kabbage.com, LoanMe.com, Biz2Credit.com, Lendio.com, and many others, as well as another company which offers invoice advances, called BlueVine.
If you have experience with Fundbox or their products, please leave your reviews below.