I got to know the Fundbox team at Xerocon this past year and I am really excited about their product. They provide short term funding to cover your cash flow gaps by analyzing your receivables and providing funding based on open invoices. However, they do not take ownership of your open invoices . This is a great tool for businesses to cover cash flow shortages quickly and inexpensively.
I tested the process to get setup and it is very simple and easy. First step is to sign up on their site. You create a login and you link up Xero or Quickbooks Online. Within 24 hours, you will get an email from Fundbox on how much credit they are willing to extend to you based on their analysis of your accounting records. You can then go and login to Fundbox and you will see your outstanding invoices. Click on the outstanding invoice you want to receive payment for and the money will be sent to your bank account right away. You will see the full amount of fees associated with the invoice you want to clear The loan created from the funding you receive is payable in 12 weekly payments and will be automatically debited from your account.
Fundbox is a great solution for business who may need short term financing to cover cash flow gaps as well as businesses that have slow paying customers. There are no costs to sign up and register.
To learn more about Fundbox and sign up for their free account, click here.