Fundbox is a service that provides small businesses with advances to overcome cash flow gaps. Hooking in to your billing / invoicing software, Fundbox can see your receivable invoices and pay you based on an outstanding invoice balance. Your repayment is made over 12 weeks.
Fundbox operates by charging a percentage of the principal amount. As an example, the fee on clearing $1,000 is between $52-$72 on average.
How It Works
First, you sign up. When creating an account, you connect your bookkeeping software with Fundbox. Fundbox integrates with several popular applications including Quickbooks, Clio, Xero, Freshbooks, Wave, Harvest, and Invoiceasap.
Once you connect your software, you can choose which invoices you want to get paid on. Fundbox then sends the funds to your bank account within 1-3 business days.
Over the next 12 weeks, Fundbox withdraws 12 separate installment payments from your bank account. And that’s all there is to it.
Getting Paid for Lawyers
For many lawyers, getting paid in a timely fashion is often a dream. Chasing down clients for money owed can be especially painful when law firms need cash on hand to pay for rent and salaries. For lawyers dealing with situations like this, Fundbox may be the right solution.
We met up with Fundbox at the Clio Cloud Conference this year. At the conference, Jack Newton mentioned in his keynote speech that it takes lawyers, on average, 89 days to bill for their matters and even longer to actually get paid. Hopefully Fundbox is the solution to help lawyers get cash quicker for money they are owed.
If you are interested in trying out Fundbox, you can create a free account.