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QuickBooks Online Payments and FundThrough

by Intuit Updated 2 months ago

If you need more cash flow for your business and are waiting on invoice payments, QuickBooks Online's partnership with FundThrough may be of benefit to you.

Follow this article to learn about:

Invoice factoring

Invoice factoring, Also known as invoice financing or invoice funding, is a way to fund your business with your own receivables. A factoring company, like FundThrough, pays your invoice early — ahead of net terms — to improve your cash flow.

Many thriving businesses choose to get their invoices paid early to fund big projects, to cover payroll with peace of mind, to pay suppliers, and more. It's also quicker and easier than bank financing, and new businesses often find it is easier to qualify for.

There are 2 programs available through FundThrough: Express and Velocity.

FundThrough Express

Express allows factoring invoices through the FundThrough platform up to a certain limit. Once you go through the guided setup, you'll receive a customized pre-qualification offer. Next, you'll provide basic business information and documents. The platform then will suggest eligible invoices to fund synced from your QuickBooks account. Finally, you’ll see your pricing and confirm your funding.

FundThrough Express approval is based on a review of provided documents, your cash flow, and publicly available data about your company.

FundThrough Velocity

Velocity allows of factoring invoices through the FundThrough platform to get unlimited funds. If you qualify for Velocity, you'll complete setup in the platform by providing basic business information. You can then choose the invoices you'd like to fund. Once full approval is complete, we pay you the invoice total less a flat fee and wait for your customer to pay us according to the net terms.

Your QuickBooks account information is used to generate your Velocity pre-qualification.. Approval is based on a review of provided documents, your cash flow, and publicly available data about your company. Once your business is approved, and you submit invoices to fund, we assess your customer based on third-party data. We then verify your invoices and customer relationship.

Frequently asked questions

How much does it cost to use FundThrough?

FundThrough will charge a fee of 2.75%-8.75%. The final amount is determined by FundThrough.

What languages is FundThrough available in?

Currently FundThrough is available in English only.

Do I have to use QuickBooks Online to get funded by FundThrough?

At this time, Express is only available to QuickBooks Online users in Canada. Velocity invoice funding doesn't require any accounting software and is available to businesses in the U.S. and Canada.

How will I receive my funding?

Funds are deposited using Electronic Funds Transfer. You can request wires for same-day payments, for which they charge a small fee.

Does funding invoices require a long term commitment?

No. Once your balance is paid off, you have no more obligations to FundThrough.

Is there a funding minimum?

With Express, you can fund invoices from $5,000 to $100,000, up to your available limit. With Velocity, you can fund invoices of $100,000 with no limit. Invoices must be less than 90 days old.

Is my data secure?

Yes. FundThrough and Plaid, which we use to connect to your bank account, use secure, bank-grade, 256-bit encryption to protect your data. We never see or store third-party usernames or passwords.

Will having a FundThrough account or advancing invoices affect my credit score?

No. Creating a FundThrough account and advancing invoices will not affect your credit score. However, we are obligated to report any bad-faith or fraudulent activity to the appropriate credit bureau.

How do I get to the guided setup for FundThrough?

In Payments, select the Fund my invoices button. You are then directed to the FundThrough opt-in page.

Where can I access account statements and reports?

Reports are available on your dashboard in the left menu. Reporting depends on whether you fund with Velocity or Express. Velocity reporting includes a Transactions-to-Date Report, which provides a detailed overview of all of your invoice funding transactions with FundThrough, and Outstanding Invoices (Aging) Report shows any invoices and their amounts that you owe to FundThrough along with any accrued fees. Express reporting includes the same information with the addition of delayed, restructured, or missed payments.

What documents are required for my application?

FundThrough requires Articles of Incorporation, a government issued ID, a bank connection, signing our funding agreement, and authorization for read-only access of your tax balance.

We require the first 2 documents to verify your identity and your business, and to protect you from fraud. Bank connections are required for determining approval and funding limits. This is also where we will deposit your funds or debit payments if you need to repay us directly for an advance. We need to check your tax balance because if a business is behind on its taxes, governments can seize receivables to repay the balance.

What happens if my customer doesn't pay an invoice I funded with Velocity?

As soon as an invoice becomes overdue, the Collections team will reach out to you and your customer to obtain a payment update. If the team does not receive a sufficient update on payment, then the invoice will be charged back, meaning we will now need you to pay off the invoice through a repayment plan. An additional daily fee will also accrue until the full amount of the invoice is paid.

We know that customer relationships are important and must be handled with care. If they need to reach out to your customer, FundThrough’s team will contact you first and ensure the customer is treated in a professional, friendly way.

How do I make a payment on my Express balance?

We will automatically debit your bank account on a weekly basis for 12 weeks. You can reach out to your account manager to arrange an early repayment if you prefer.

What makes an invoice ineligible to get funded?

There are several reasons invoices can be ineligible for funding:

  • The invoice is already paid
  • The net terms are greater than 90 days
  • The invoice is overdue
  • Missing client or customer name

Please also note that FundThrough won't fund purchase orders, field tickets, or estimates.

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