Solve your cashflow issues and take advantage of invoice financing - Claim this offer
If your business is experiencing cash flow problems due to slow-paying accounts receivables, FundThrough may be the solution you need. Check out our FundThrough review for more details below.
A lack of cash flow can be detrimental to a business’s success. When it comes to paying creditors or employees, there can be added stress on business owners. FundThrough is a leading fintech company that specializes in both invoice factoring and invoice financing. They fund unlimited capital to businesses in several industries based on unpaid client invoices.
Without working capital, organizations can experience stagnation in growth and expansion.
About 37% of Canadians experience delays in receiving payments from customers and clients. It is estimated to take more than 30 days for an account to be settled.
While obtaining a loan can solve cash flow issues, not every business will be approved for financing. In this case, organizations can look at alternatives such as invoice factoring and invoice financing.
This comprehensive FundThrough review will delve into what FundThrough offers and how businesses can use their services.
Here’s a summary of why you should choose FundThrough to kick off our FundThrough review. If you make sales to customers on credit, then you may have experienced delays in payments. In such instances, you’ll need rapid solutions to increase your available cash.
FundThrough caters to businesses in any industry, from construction to staffing. They give millions of companies access to an online invoice funding platform, which saves time and makes it more convenient to solve cash flow issues.
They offer two funding solutions tailored to different scales of organizations. You can choose which best suits your business depending on the value of your customer invoices. What’s more, is you’ll have access to your funds in as little as 24 hours.
They comprise a helpful team and demonstrate a solid determination to help small businesses thrive. Their customer support is top-notch, and they’re upfront about the costs and fees involved in every transaction.
Here’s a snapshot of the pros and cons of FundThrough in our FundThrough review.
|+ Rapid funding|
+ 100% advance rate
+ Transparent fees
+ Saves time
+ Simple application process
|– Technology requirements|
– Weekly repayment schedule
For the short version of this FundThrough review, check out our list of pro’s and con’s for their brand and services.
When dealing with some factoring companies, it can take anywhere from one week to a month to receive your funds. FundThrough trumps that time by sending businesses the money they need in no more than one business day.
I’ve found that some factoring companies are only willing to fund 80% to 90% of the value of an invoice. What’s impressive about this invoice funding service is that they deliver 100% of the invoice amount.
They charge businesses one price upfront. This way, customers can avoid hidden costs such as excessive processing fees, late fees, and early termination fees.
Invoice factoring and financing saves you the time it would take to track down clients and settle accounts. In other words, you can focus on your business operations while ensuring your expenses are paid.
Unlike applying for a loan, you won’t have to jump through multiple hoops to receive funding with invoice factoring and financing.
You’ll have to provide business and personal documentation. However, not every aspect of your business will be scrutinized. This can be especially useful for companies that have just started operating.
And now for the con’s in this FundThrough review. The con’s are pretty honest and reflect the customer experience.
Your business must use online banking to qualify for invoice factoring and financing with FundThrough. In addition, the use of accounting software such as QuickBooks may also be a requirement for eligibility.
Their Invoice financing service offers a weekly repayment structure, unlike traditional loans that allow you to pay monthly or bi-weekly.
Their principal service offerings are invoice factoring and invoice financing.
They provide businesses of any scale with capital for outstanding customer invoices. Moreover, companies can receive unlimited funding depending on the size of their invoices.
There are two types of funding solutions you can apply for depending on the needs and scale of your organization. These are velocity invoice factoring and express invoice financing.
|Express Invoice Financing||Receive funds within 24 hours to keep your cash flow going|
|Velocity Invoice Factoring||Best for businesses that make credit sales with a value ranging from $15,000 to $10 million|
Businesses that make credit sales with a value ranging from $500 to $15,000 can benefit from this financing solution.
Express Invoice Financing is similar to a loan or a line of credit. Once you receive your funds within 24 hours, you’ll be responsible for repaying the loaned amount in 12 weekly installments.
You’ll be charged a weekly fee of 0.5% of the outstanding amount when using this service.
This alternative rapid financing solution is best for businesses that make credit sales with a value ranging from $15,000 to $10 million.
With Velocity Invoice Factoring, you can receive funding for unsettled customer invoices in as short as one business day. In addition, they pay out the total of the invoice all at once. Unlike other platforms that often pay a portion upfront and the remainder when your customer settles their account.
You’ll incur a monthly fee depending on the terms of the invoice.
The following is a breakdown of the fees per period:
The primary difference between these cash flow solutions is who receives payment on the business’ outstanding invoices.
When you factor your invoices, your customer will pay the invoice amount to FundThrough, as per the terms of the invoice. However, with invoice financing, your customer pays you as arranged.
FundThrough ensures that your information remains safe as you apply for either invoice financing or factoring. Sensitive information receives bank-grade encryption. In addition, they only collect and store information they need to offer you the relevant solution for your business.
Third parties, except credit companies, aren’t privy to your information without your permission.
They perform regular security sweeps to ensure data is secure and not susceptible to external threats. Their use of top-class infrastructure ensures the physical safety of data and the maintenance of up-to-date hardware and software.
FundThrough is top-rated in terms of customer satisfaction in its industry.
When it comes to getting in touch with their personnel, there are many options available. You can either reach them by phone, email, or live chat on their website.
In my experience, their customer support team is always friendly and readily available to answer queries during business hours.
As a leading online invoice funding platform, you would expect efficiency from the moment you land on the site. And I can confirm that this is precisely what you’ll get.
The website has a sleek and simple user interface with a gentle blending of the company’s brand colours.
Visitors can easily find what they’re looking for via the navigation bar at the top of the screen. Readability is excellent and, depending on your internet connection, you shouldn’t experience delays in load times.
Setting up an account with them is pretty simple. The first step is to create a free account either on the website or mobile app.
After that, you’ll be required to provide the following documentation:
Bear in mind that you may be required to provide more information to verify your identity and business details.
Next, the system will prompt you to connect to your organization’s accounting software. You’ll then have to fill in basic details about your company, as well as information about your revenue and customers.
The final step is to link your business’s bank account to your profile and set up a direct deposit.
After completing these steps, the approval process begins. If approved for financing, you’ll receive the value of your invoices within one business day.
Perhaps you’re looking for an invoice funding service with fewer technology requirements and the option to pay monthly. If that’s the case, you may want to consider the following alternatives.
Capital Hands is a company based in Canada that specializes in business funding. Dealing in invoice factoring, Capital Hands is an alternative to consider if FundThrough doesn’t seem like the right fit for your business.
They cater to a wide range of industries and organizations. And the application process for financing on their online platform is straightforward.
Greenbox Capital is an alternative lender with a sole focus on Canadian and American small businesses. They offer invoice factoring for outstanding credit sales, amongst other services, for most business types and industries.
Unfortunately, they don’t payout for the total invoice amount. However, they do guarantee that relationships with your customers won’t be tarnished during the collection process.
FundThrough is the ideal solution for any business that is low on cash due to overdue debtor accounts. Their wait time is shorter than most invoice funding services. But if approved, you’ll have access to funds in as little as 24 hours. If you’re strapped for cash and need an immediate injection of funds into your business, I recommend you give them a try. With their quick turnaround time, you can cover necessary business expenses without delay. This concludes our FundThrough review.
Customers from Many Industries Choose FundThrough Invoice Factoring5 minutes
FundThrough is online-based that allows you to access capital your own way. FundThrough allows for your money to grow with the size of your invoices.
FundThrough allows you to access your cash that is connecting with your outstanding invoices immediately. This means that you are in control of your own fund.
Recommended for businesses that regularly invoice $15,000 or more on a single customer(s). Learn more about Velocity on FundThrough’s website.
Recommended for businesses that invoice less than $15,000 for each customer. Learn more about Express on FundThrough’s website.
You will need business documents (which will be stated upon application), driver’s license or passport, direct deposit form from your business, tax history reports and banking history.
FundThrough prioritises to ensure that your data stays private. They use the same encryption as bank and does regular thorough checks to see any threats.