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 vary from net-30 to net-90, depending on the vendor. To find out the net terms your vendor offers through Fundbox, you can reach out to them directly. Note that vendors can change their terms over time.
On every purchase, before you send funds from your Fundbox limit, you’ll be able to review your terms for that purchase. When your vendor accepts the funds, your net terms begin. You will not need to pay us back until net terms end.
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 email@example.com.)
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 net terms on an invoice from a vendor. It can also be turned back off anytime before the payment is processed.
You can also pay manually by clicking on Review to Pay in Full from your dashboard. That will take you to a side pane with your payment terms. Once you confirm the terms, we’ll go ahead and debit the full outstanding balance on the upcoming Wednesday. The debit will not happen immediately.
If you do not have extended financing, payment will be due in full at the end of net terms.