Faster Cash as Intuit, Fundbox Partner for Invoice Financing Through QuickBooks

Intuit and Fundbox just made it easier for QuickBooks customers to tap their outstanding business invoices for capital, a popular funding option  known as invoice financing.

Intuit, maker of the online accounting system, and Fundbox on Wednesday said you can now link your QuickBooks account directly to the invoice financing company’s platform.

“Small businesses who depend on QuickBooks for their accounting and invoicing will now be able to quickly get access to working capital with just a few clicks and without having to leave QuickBooks,” Fundbox CEO Eyal Shinar tells NerdWallet.

Alex Chriss, vice president of Intuit’s Small Business Group, said in a statement, “This is all about making it easier for small businesses to access the short-term financing they need.”

Invoice financing, also referred to as accounts receivable financing, allows your small business to get a cash advance payment on outstanding invoices.

Invoice financing is a variation on invoice factoring, where you sell your invoices at a discount to an invoice factoring company in exchange for cash. You can learn more about the two options in NerdWallet’s “How to Use Invoice Factoring to Finance Your Small Business.”

Invoice financing is a good option for business-to-business companies that need cash quickly to address a short-term need because of slow-paying customers. Invoice financing is also an option for small businesses that may not qualify for or don’t have the time to apply for traditional small-business loans.

Fundbox offers between $500 and $25,000 of financing to small businesses that sell products or services to other companies. Funding typically takes just three days after approval.

QuickBooks customers will now be notified about the Fundbox option on their account’s “Sales Transaction” page.

With quick access to your small business’ financing data, Fundbox could process your application in seconds, according to the invoice financing company. You could be approved in less than three hours.

If you qualify, you could get short-term financing of up to 12 weeks against outstanding invoices.

Invoice financing is generally more expensive than other forms of small-business financing. With Fundbox, you pay a weekly fee, which translates to an APR of 44% to 64%.

But the quick approval process could make Fundbox a good short-term option for many small businesses dealing with emergencies or looking to take advantage of a market opportunity.

If you’re ready to get started, apply here:

Get Started

Apply on Fundbox’s secure site (Read our Fundbox review.)

Find and compare small-business loans

If invoice financing is not for you, NerdWallet has come up with a list of the best small-business loans to meet your needs and goals. We gauged lender trustworthiness, market scope and user experience, among other factors, and arranged them by categories that include your revenue and how long you’ve been in business.

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Benjamin Pimentel is a staff writer at NerdWallet, a personal finance website. Email: bpimentel@nerdwallet.com. Twitter: @benpimentel

To get more information about funding options and compare them for your small business, visit NerdWallet’s small-business loans page. For free, personalized answers to questions about financing your business, visit the Small Business section of NerdWallet’s Ask an Advisor page.

from NerdWallet Credit Card Blog
http://www.nerdwallet.com/blog/small-business/intuit-fundbox-invoice-financing/