We offer two services, a revolving line of credit and net terms on business purchases. Making payments to Fundbox works differently for each.
When you draw funds
You will be able to review and confirm your payment terms before drawing funds.
Payment terms include the number of weekly payments you’ll be making and the total amount that will be debited each week. You'll also be able to review the breakdown of your weekly payments into principal and fees.
Debits are made automatically every Wednesday at 10am PST, starting no less than eight days after you draw funds. That means if you draw on a Tuesday, your first weekly payment will not be debited the next day, rather, your first debit will be scheduled for the following Wednesday, eight days from when you drew funds.
Similar to how a credit card works, whenever you draw funds, that amount is taken from your available credit, and whenever you make a payment, your available credit goes back up. Your credit is usually replenished within 3 business days of a successful payment.
When you use Fundbox get net terms
You will be able to review and confirm your payment terms before accepting an invoice.
The terms always include a net terms period during which no payments need to be made. At the end of the net terms period, depending on your account, either payment will be due in full, or extended financing will begin. With extended financing, you can pay in up to 52 equal weekly payments. Weekly debits are made automatically every Wednesday at 10am PST.
Whenever you make a payment, the amount available for accepting additional invoices goes up immediately for premium accounts with the instant recrediting feature, and within about 3 business days for all other accounts.