Improve Your Cash Flow With Advances for Unpaid Invoices in FreshBooks

One of the most significant challenges of running a small business is managing cash flow. Regardless of how well your business might be doing, the 30 to 90-day wait to get paid can result in stressful financial circumstances that need to be addressed sooner rather than later.

Whether you’re paying staff and contractors, or buying supplies for the next job, you need to keep your business running while you wait to get paid. But, securing money through traditional means, like banks and other financial institutions, isn’t always easy. If you’re lucky enough to get approved for credit, the funds usually take quite a while to reach your bank account.

Say Hello to Steady Cash Flow with Advances, Powered by Fundbox

FreshBooks has partnered with Fundbox to help small business owners solve short-term cash flow challenges by quickly providing payment advances for unpaid invoices within 24 – 48 hours. These advances can help you bridge the cash flow gap, so you can pay your employees and contractors on time and avoid awkward payment conversations with your clients.

How Does It Work?

Signing up for Fundbox is free, and you only pay fees on what you use. Simply connect your account to Fundbox directly within FreshBooks and receive a credit decision in minutes. 

If your account is approved for funding, you’ll see a “Get an Advance” link on your unpaid invoices that are less than 90 days old. Before making any commitments, you see how much you’re advancing, how much you have to repay (including fees), and the repayment schedule. Confirm the advance, and funds will be sent directly to your bank account within 2 business days.

How Much Does It Cost?

Again, signing up for Fundbox is free—you only pay a fee when you choose to receive an advance on an unpaid invoice.

Here’s how it works: When you take an advance, Fundbox will add a fee on top of the invoice value. Fees may vary, but you’ll always know them before committing to anything. After receiving the invoice amount upfront, you then pay back the invoice amount plus fees, over 12 or 24 equal weekly payments—that’s it—no hidden costs or surprises.

Repay Early and Waive All Remaining Fees

If a client pays sooner than expected or you have the funds available, easily repay the advance within FreshBooks. Unlike other lending solutions that penalize you for early repayment, Fundbox has no prepayment penalties.

How to Connect to Fundbox

Getting started is easy. Simply create a free Fundbox account and connect it to FreshBooks to enable an assessment of your accounting history and credit eligibility. There are no forms to fill out. Once your account has been reviewed, every new invoice you issue in FreshBooks will automatically appear in your Fundbox dashboard. Here’s how to do that:

1. Create a free Fundbox account and give Fundbox a look inside your business to get a quick credit decision.
2. Share some basic information.
3. Then, connect your FreshBooks account (with at least 6 months of invoicing history) to pull in your unpaid invoices and determine your credit eligibility. We do not store your login credentials and applying will not affect your credit score.
4. Once your account has been approved, select an invoice, review the payment details, and click to confirm. Funds will transfer to your business bank account as soon as the next business day. Only pay when you draw funds.
5. You’ll pay over the course of your 12 or 24 week plan.. Your available credit replenishes as you pay. Fundbox has no early repayment penalties
6. Note: Fundbox is not a collections agency, meaning they’ll never meddle with your clients. Fundbox works directly with you and only you, which lets you preserve the relationships with your clients that you’ve worked hard to build.

Note: Applying for Fundbox credit does not impact your credit score, and you only pay for what you use. Interested in learning more? Checkout this page for more information.

If You Need Help, FreshBooks Is Here

If you have any questions about this feature, don’t hesitate to contact our support team here!