We offer two services, a revolving line of credit and net terms on business purchases. This article applies to the net terms service.
When a customer places an order using Fundbox, the vendor can either process payment right away or authorize the funds and process payment at a later date. If the vendor chooses to authorize the funds, that amount of the customer’s Fundbox credit will be reserved for that purchase until payment is processed.
Authorization is generally valid for 30 days, though this may vary by vendor. If payment is not processed within this timeframe, the authorization will expire and the Fundbox credit will become available again for the customer to use on other business purchases. The order will be canceled and the vendor can contact the customer directly to complete the transaction.
What happens if the final amount due for an order turns out to be different than the amount authorized?
- Sometimes the final amount due will turn out to be different from the original amount authorized due to unexpected shipping charges or a number of other unanticipated expenses.
- If the final amount due turns out to be less than the amount authorized, the vendor will simply enter the lower amount and we will send them the adjusted amount. The rest of the authorized Fundbox credit will become available again for the customer to use on other business purchases.
- If the final amount due turns out to be more than the amount authorized, the vendor will enter the higher amount. We will send an email to the customer asking for confirmation. If the customer confirms the adjusted amount, we will transfer the funds to the vendor.
What if the customer does not want to accept and adjustment made to an authorized order?
- If the customer declines the adjustment, we will cancel the order and the vendor can contact the customer directly to complete the transaction.
- If the customer does not confirm or decline the adjustment within 5 days of the authorization expiring, we will send a follow up email. If the customer still does not confirm or decline the adjusted amount 5 days from receiving the follow up email, we will cancel the order and the vendor can contact the customer directly to complete the transaction.