We offer two services, a revolving line of credit and net terms on business purchases. This article applies to the net terms service.
Net terms let customers make a business purchase now and pay for it later.
When a customer makes a purchase with Fundbox, we’ll send the vendor the funds right away and the customer can wait to pay us back. In most cases customers have 60 days (net-60) to pay with no interest or fees, but the number of days may vary.
There is no interest or fee for purchasing with net terms.
The amount due at the end of the net terms is exactly the same as the amount of the original purchase.
What happens after net terms?
Depending on the terms you applied for, your account might have extended financing. (If you're not sure whether you have extended financing, you can reach out at firstname.lastname@example.org.)
If you have extended financing, and payment is not made in full by the end of the net terms, weekly payments will begin automatically. Weekly payments carry a flat weekly fee. To make sure that payment is debited in full at the end of net terms, before weekly payments begin, customers can turn on autopay. Autopay can be turned on from the customer’s dashboard, or whenever they confirm a request for payment with Fundbox from a vendor. It can also be turned back off anytime before the payment is processed.
If you do not have extended financing, payment will be due in full at the end of net terms.