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E-invoicing, SCF & E-procurement

Fundbox, Intuit launch invoice financing program

Wednesday 2 December 2015 | 01:28 PM CET

US software company Intuit has partnered Fundbox to create a one-click solution for intermittent cash flow challenges faced by small and medium-sized businesses.

The solution entitled ‘QuickBooks Invoice Financing powered by Fundbox’ provides payments for outstanding invoices by employing QuickBooks data and Fundbox proprietary technology.

Via the partnership, both companies aim to eliminate the need for credit checks and paperwork which are the two important factors slowing down the approvals process.

QuickBooks users go to their dashboard, select an invoice, click on it and receive the money moments later in most cases. Registration takes 20 seconds, then one click gets the user on the network. Users that have QuickBooks embedded in their software do not have to make that one click.

The customer qualification has two levels: the first level involves obtaining permission to pull company data from all available sources to construct a company’s immediate business network. This enables Fundbox to calculate the probability of each partner company paying back a specific invoice. The second level is a deep dive into more specific data from multiple sources.

Fundbox operates exclusively in the US, although they intend to expand to additional countries.

More: Link