How does the approval process work?
When you connect your bank account or accounting software to Fundbox, we review your business's transactions and perform a business health assessment. During the assessment, we determine whether we are able to approve you for Fundbox Credit and, if so, what your credit limit is.
How much does it cost to use Fundbox?
When you draw funds, you repay the amount you drew, plus a fee, each week. Fees start at 4.66% of the amount drawn. Fees may vary over time, but you'll always know them before you draw. Repay early and we waive all remaining fees. There are no registration or subscription fees at Fundbox. You only pay when you draw funds.
How long does it take for funds to arrive in my bank account?
To receive funds as soon as the next business day, be sure to draw funds before noon PST, Mon—Thurs. If you draw after this cutoff, on weekends, or near banking holidays, we'll process the transaction on the next business day, so it could take a few extra days before you receive the funds.
What accounting software do you support?
We're proud to support Clio, Ebility, FreshBooks, Harvest, InvoiceASAP, Jobber, Kashoo, PayPal, QuickBooks Desktop, QuickBooks Online, Xero, and Zoho. Our team is adding more all the time. If your accounting software is not supported, you can still apply for Fundbox Credit by connecting your business bank account when prompted.
What if I currently don’t use accounting software?
No accounting software? No problem. We offer Fundbox Credit to businesses that do not send invoices through a supported accounting software. When prompted, simply connect your business checking account and we'll review the transactions in that account to assess the health of your business. Fundbox can connect to most national, regional, and local banks and credit unions—over 12,000 financial institutions in all.
Security is our top priority. Fundbox uses industry best practice security protocols.
Connecting my accounting software vs. my bank account?
We assess the health of your business based on your accounting or bank account data. You can choose which account you connect, but you should select the one where we can see the best, most complete picture of your business. When you connect your business bank account, we review the transactions in that account to gain insight into your business and to make a credit decision. If approved, you will be able to use Direct Draw to draw any amount up to your limit. When you connect your accounting software, we review your transactions in that system to gain insight into your business and make a credit decision. If approved, you will be able to use our invoice financing product to draw against your outstanding invoices. For both products, if you're approved, you'll be able to receive funds as soon as the next business day, repay early and we'll waive the remaining fees, and speak with someone if you have any questions.