Intuit® announced partnership with FundBox® earlier this month to tap into the powerful features of the invoice financing software. Intuit’s QuickBooks is one the most popular accounting software programs available, especially among small business owners. The company’s collaboration with the invoice financing software will allow it to further extend services to its customer by capturing customers that use FundBox for invoice financing and also provide financing options to QuickBooks customers.
QuickBooks online users can now link their accounts with the FundBox. This will offer greater convenience to the users in performing accounting function and tasks. As a result of the partnership between the two companies, small business owners that depend on QuickBooks accounting software will be able to get quick access their capital or funds in FundBox from the QuickBooks interface.
Users won’t have to leave QuickBooks to get access to the working capital. This will make it easier for small business owners to gain access to the capital to finance short term needs of the business.
FundBox: How it Works?
FundBox is an invoice financing software that helps small business owners to obtain cash advance on outstanding invoices. Also known as account receivable financing, invoice financing is similar to invoice factoring that large companies use to obtain cash by selling their customer invoices at a discount to a factoring companies.
The financing option is useful for B2B companies that need instant cash to meet short term financing need. Invoice financing allows companies to address the issue of slow paying customers that negatively affects their cash flow position. The option is ideal for businesses that want quick cash without having to apply for loans. The financing option is also helpful for small business companies that do not qualify or don’t have the time to go through the lengthy process associated with traditional loans.
FundBox is a type of invoice factoring company that offers online funding ranging from $500 to$25,000 to B2B companies i.e. companies that sell products and services to other companies. The funding is usually provided to the companies about three days after approval of the application.
The online software is the most transparent and easiest solution for small businesses to fulfil gaps in cash flow. The process of obtaining fund through FundBox is as simple as 1-2-3.
The first step is to sign in for the service. This process takes about one minute. You need to enter your email, select a password, and choose your online bookkeeping software. The online software will automatically sync outstanding invoice information that you can access in your FundBox account.
Step 2 – Select Outstanding Invoices
Next, you have to select the outstanding invoices that you want to sell for obtaining the cash amount. Instead of waiting around 30 to 90 days or even more for the invoices to clear, you can easily obtain invoice cash by selling them to the FundBox for a discount.
Step 3 – Obtain Money in the bank Account
FundBox automatically transfers the cash amount to your account. As mentioned previously, the cash amount is usually transferred to the account three days after approval of the application. The instant cash may have greater value to you because it can be invested elsewhere to earn additional income.
FundBox Fees and Other Charges
You have to pay a specific clearing fee to the company. When you select the outstanding invoice, you will be shown the exact fees (in US dollars) that you will have to pay the company.
The fee is based on your business’s financial health and also on the amount of outstanding invoices that you want to clear. For instance, the fee for a $1,000 invoice with a due date of three months will be in the range of $52 to $72. The clearing fee is set automatically based on your business health and the specific invoice you want to clear.
The fee is paltry as compared to the amount you can earn on the cash that is obtained earlier. This is due to the time value of money, which basically means that the money that you invest right now will earn greater profits as compared to investing in the future.
Is FundBox Safe and Secure?
FundBox is completely safe and secure. In fact, FundBox claims that safety is the highest priority for the company. In fact the invoice financing company has incorporated state of the art bank level security in its systems that conform to strict safety requirements specified for online companies.
The funds arrive in the accounts safely without much risk of online theft. The highest level safety standards implemented by the company ensure that there is no incidence of hacking or online attacks. In order to assure the fastest delivery of funds into the accounts of the customers, the company sends the amounts before 1:00pm PST on weekdays.
Small business QuickBooks users will benefit greatly from the integration of QuickBooks with FundBox. You can ramp up your cash flow positions with the obtained funds. Moreover, the funds can also be used to earn additional income that can boost cash position of the company.
As a QuickBooks user, you will be notified about the option to link your accounts with FundBox on the Sales Transaction page. By linking your accounts with the online invoice financing software, the application process may be cut down from days to even minutes.
Eligible individuals can obtain short term financing against outstanding invoice for up to 12 weeks. FundBox may charge a higher weekly fee as compared to traditional business invoicing companies, but the ease and convenience of obtaining the fund more than makes up for small business owners by easing their short term financial needs.
With a service like FundBox, you will no longer have to worry about cash flow problems. You can easily obtain the required cash to settle your outstanding debts or invest in lucrative investment avenues. The QuickBooks partnership with FundBox will make it even easier for B2B small business owners to obtain funds by selling outstanding invoices.