The customer owing the invoice then pays BlueVine. You’re paid 85 percent to 95 percent of the invoice amount and receive the funds within 24 hours of approval.
#INVOICE FACTORING VS LINE OF CREDIT FULL#
Approval can take from a few minutes up to a full business day, and repayment plans are for one to 12 weeks, depending on the invoice due dates. Invoice FactoringīlueVine’s invoice factoring provides loans from $20,000 to $5 million at an APR ranging from 15 percent to 68 percent, depending on your individual qualifications. There are two small business funding options: Invoice factoring and a line of credit. What Financing Options Does BlueVine Offer? All customer reviews discuss BlueVine’s business line of credit product, not the invoice factoring product. These reviews are centered on the fact that the company often evaluates accounts and lowers financing limits. It has an A+ rating with the Better Business Bureau, although the customer reviews on the BBB site are 100 percent negative.
The company offers this introduction video: These powerful strategic partnerships enable integration with QuickBooks and referrals from Citi’s small business lending unit. It has so far raised over $49 million, and its major investors include Citigroup, Intuit, and Menlo Ventures. What Financing Options Does BlueVine Offer?īlueVine is a Palo Alto-based financial technology company founded in 2013 by Eyal Lifshitz.
Let’s look at BlueVine and the financing options it offers. This means if the customer doesn’t pay the invoice, you’re responsible for paying it. The debtor then pays the invoice factoring company, who manages the invoices for a percentage of the amount due.Īlthough BlueVine states on its website it offers invoice factoring, it’s important to know the contract is a recourse factor. With invoice factoring, you sell the debt to the third-party company for a percentage of the amount owed. If the invoice isn’t paid by the debtor, you’re still responsible for keeping up with payments. Invoice financing companies give you a loan based on the balance of your outstanding invoices. Note that there’s a slight difference between invoice financing and factoring, so be sure to understand these nuances before signing up with any company. In this BlueVine review, we’ll look at what that entails and when it may be a good fit for you. BlueVine takes this concept one step further by offering invoice factoring. We’ve previously discussed invoice financing, in which a company uses your business’s outstanding invoices as collateral to finance a loan. BlueVine offers invoice factoring and lines of credit for improved cash flow while you’re waiting on payment from outstanding invoices.
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