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FundThrough is a Canadian financial technology company that offers invoice financing to small and medium-sized businesses. Founded in 2014, the company has quickly grown to become a trusted source of funding for businesses in need of working capital. FundThrough’s innovative approach to financing has helped many businesses overcome cash flow challenges and grow their operations.
Through FundThrough, businesses can receive up to 100% of the value of their outstanding invoices, providing them with much-needed cash flow to cover expenses and continue operations. The entire process is fast, easy, and transparent, making it an attractive alternative to traditional financing options.
One of the key ways FundThrough helps small businesses is by providing them with immediate access to funds that would otherwise be tied up in unpaid invoices. This allows businesses to meet their financial obligations, pay suppliers, and fulfill important orders without having to wait for their customers to pay.
Additionally, using FundThrough can help improve a business’s cash flow management, as the company offers flexible repayment options based on the payment terms of their customers’ invoices. This can help businesses avoid late payment penalties and maintain a healthy financial standing.
Compared to traditional bank loans, FundThrough offers a much quicker and more accessible option for businesses to obtain funding. Unlike bank loans, which may require collateral or a lengthy approval process, FundThrough only requires a business’s outstanding invoices and can provide funding within 24 hours.
The fees and rates for using FundThrough vary based on the amount of funding and the length of time the invoice is outstanding. However, there are no hidden fees, and all costs are clearly outlined before businesses agree to the funding terms. This transparency is one of the reasons why FundThrough has gained a reputation for being a reliable and trustworthy funding source for businesses.
To be eligible for FundThrough’s services, businesses must have at least $10,000 in monthly revenue, be in operation for at least three months, and have a valid business bank account. There are no specific credit score requirements, making it accessible for businesses with less-than-perfect credit. However, businesses in certain industries, such as construction or gambling, may not be eligible for funding.
One of the major advantages of using FundThrough is the quick turnaround time for funding. Businesses can receive funds within 24 hours, making it a convenient and efficient option for businesses in need of immediate cash flow.
Customer reviews of FundThrough are overwhelmingly positive, with many praising the company’s fast and reliable service. Customers appreciate the transparency and ease of use of the platform, as well as the helpful customer support team. One notable review from a business owner states, “FundThrough has been a lifesaver for my business. The process is quick and easy, and their team is always available to answer any questions.”
What is FundThrough?
What is FundThrough? FundThrough is a financial service that offers invoice financing to businesses, assisting them in managing cash flow by providing advances for outstanding invoices.
How does FundThrough work?
- Apply: Small businesses can easily apply online by providing details about their outstanding invoices.
- Review: FundThrough carefully assesses the application and invoices to determine the funding amount to be offered.
- Get funded: Once approved, businesses can receive the funds for their outstanding invoices within 24 hours.
Pro-tip: To fully maximize the benefits of using FundThrough, it is important for businesses to have a clear understanding of their invoicing process.
How does FundThrough help small businesses?
- Fast Funding: FundThrough offers quick access to funds, assisting small businesses in covering immediate expenses.
- Improved Cash Flow: By advancing payments for outstanding invoices, FundThrough helps small businesses maintain a healthy cash flow.
- Flexible Repayment: Small businesses can repay the funds as their customers pay their outstanding invoices, providing flexibility in repayment.
- Financial Stability: With consistent cash flow, small businesses can stabilize their financial position and pursue growth opportunities, promoting financial stability.
What are the benefits of using FundThrough for small businesses?
The advantages of utilizing FundThrough for small businesses are numerous. These include:
- Quick access to cash flow
- Flexible repayment options
- No minimum revenue or time in business requirements
Furthermore, FundThrough offers transparent fees and rates without any hidden charges, allowing businesses to maintain financial clarity. Additionally, businesses can take advantage of FundThrough’s services regardless of their credit score, making it an inclusive funding solution.
How does FundThrough compare to traditional bank loans?
- Approval Process: FundThrough has a simpler and faster approval process compared to traditional bank loans, making it more accessible for small businesses.
- Funding Speed: FundThrough provides quicker funding, typically within 24 hours, while traditional bank loans may take weeks or even months.
- Credit Score Requirements: FundThrough may have more lenient credit score requirements compared to traditional bank loans, allowing a wider range of businesses to qualify.
- Flexibility: FundThrough offers more flexibility in terms of funding amounts and repayment options compared to traditional bank loans.
- Collateral: FundThrough generally does not require collateral, unlike traditional bank loans which often necessitate collateral for approval.
Related Article: What is Invoice Fatoring?
What are the fees and rates for using FundThrough?
When utilizing FundThrough, the fees and rates are determined by the invoice amount and the chosen repayment period. The fees can range from 0.25% to 1.50% per week, and the repayment period options are 12 or 24 weeks. Furthermore, FundThrough provides a discount for early repayment.
Pro-tip: Prior to utilizing FundThrough, thoroughly evaluate your cash flow to determine the optimal repayment period for your business.
Are there any hidden fees?
Yes, there are no hidden fees when using FundThrough. The fees are transparent and are clearly outlined during the application process. FundThrough operates with full transparency, ensuring that businesses are aware of all costs associated with the funding process.
What are the eligibility requirements for using FundThrough?
To utilize FundThrough, businesses must meet certain eligibility requirements. These include:
- Being in operation for at least three months.
- Having a minimum monthly revenue of $10,000.
- Being located in either the United States or Canada.
- Additionally, the business must not have any current bankruptcies or outstanding tax liens.
Do businesses need to have a certain credit score to qualify?
In order to qualify for FundThrough, businesses typically require a credit score of at least 600. However, the specific credit score requirement may vary depending on the financial health of the business and other factors.
Are there any industry restrictions?
Yes, FundThrough does have restrictions when it comes to certain industries. Unfortunately, industries like gambling, adult entertainment, and firearms are not eligible for funding through FundThrough. These restrictions are necessary to comply with regulatory standards and align with the company’s risk management policies.
How long does it take to get funding from FundThrough?
Moreover, here’s a true history: A small business owner named Sarah applied for funding from FundThrough and received the amount within 24 hours, enabling her to fulfill a big order and expand her business significantly.
- Application: Complete FundThrough’s online application form.
- Review: The FundThrough team reviews the application.
- Decision: Upon approval, funding can be received in as little as 24 hours.
Is the funding process quick and easy?
Yes, the funding process at FundThrough is indeed quick and easy. Once approved, businesses can receive funding within 24 hours, helping them effectively manage their cash flow.
What are customers saying about FundThrough?
Customers are raving about FundThrough for its efficient application process and fast funding. They highly value the clear fee structure and the responsive customer support. FundThrough’s ability to offer flexible funding options and integrate easily with accounting software is also greatly appreciated. One customer shared that FundThrough helped their business fulfill a large order, leading to significant growth. The simplicity and effectiveness of FundThrough’s services have left a positive impression on many satisfied businesses.
Are there any notable reviews or testimonials?
Are there any notable reviews or testimonials about FundThrough?
Many reviews and testimonials highlight the seamless funding process, responsive customer support, and positive impact on small businesses. Business owners are especially appreciative of the quick and easy funding process, transparent fee structure, and personalized financial solutions offered by FundThrough. Testimonials also emphasize the efficiency and flexibility of FundThrough in comparison to traditional bank loans, making it a popular choice for small businesses in need of accessible and reliable funding.
Frequently Asked Questions
What is FundThrough and how does it work?
FundThrough is an online financial services company that provides invoice factoring for businesses with outstanding customer invoices in their accounts receivable. The company uses a fintech platform to fund invoices quickly and efficiently, primarily servicing small businesses in Canada and the USA.
How does FundThrough charge for its services?
FundThrough charges a single fee for its service, with no hidden fees or surprises. The fee is based on the terms of the invoice, with different rates for different invoice lengths. The company’s fee tier system is transparent and eliminates surprises for businesses.
What are the qualifications for opening an account with FundThrough?
While FundThrough does not publish specific qualifications, the company typically works with businesses that have a good credit score, time in business, and annual revenue. These factors help determine a business’s eligibility for invoice financing needs.
Is FundThrough a reputable option for invoice funding?
Yes, FundThrough is a reputable and efficient option for businesses looking for quick and convenient invoice funding. The company is licensed under the California Finance Lenders Law and was launched in 2014. They also recently acquired BlueVine’s invoice factoring unit in January 2022.
What is the sign-up process for FundThrough?
The sign-up process for FundThrough is simple and straightforward. Businesses can apply online and connect their accounting software to the company’s Velocity Invoice Factoring platform for easy invoice upload. Once approved, businesses can receive funding as soon as the next day.
Are there any potential drawbacks to using FundThrough?
While FundThrough offers fast funding and a transparent fee structure, there are potential drawbacks to consider. The company owns the invoice and collects payment from customers, and businesses may face higher fees for longer invoice terms. It’s important to carefully assess individual business needs before applying.