What is BlueVine?
BlueVine is a leading online provider of working capital financing to small businesses. We offer financing through our business line of credit or invoice factoring products. We believe in making business financing fast, simple, and transparent so business owners like you can spend your time growing your business, not managing your cash flow.
What are the benefits of using BlueVine?
- Speed: we generally approve applications within 24 hours, and after that we can get you funds as fast as a few hours after your request
- Simplicity: a 5 minute application and an intuitive online dashboard
- Transparency: when approved, we give you one rate for line of credit draws or factored invoices. As long as your account is in good standing, this includes everything except the optional wire transfer fee ($15)
- Flexibility: fund only when you need, and pay only for what you use
- Personal Service: a US based customer success team ready to answer any question or help with any issue
Do I need invoicing or accounting software to use BlueVine?
No. Connecting your invoicing or accounting software to your BlueVine dashboard provides some additional benefits, but you can use BlueVine even if you don’t use invoicing or accounting software.
What are the benefits of connecting my invoicing or accounting software?
- You may qualify for a higher credit line.
- If you use QuickBooks, applying using your Intuit credentials at sign-up shortens your application process by pre-filling application fields.
- If you use BlueVine’s invoice factoring, invoices sync from your software for one-click funding.
What information do you need from me to apply?
The BlueVine application is three simple steps that can be completed in minutes.
We ask for:
- General information about your business, such as address and Tax ID
- Information about the business owner applying, including social security number
- Either a read-only connection to your business’ bank account or your 3 most recent months of bank statements
How is qualification for a BlueVine account determined?
Qualification for BlueVine is determined based on a number of factors. These factors include, but are not limited to, your business cash flow, the strength of your customers, and to a lesser extent your personal and business credit history. You do not have to have perfect credit to work with us. We work with a broad range of clients, including those with below average credit.
What kind of credit score must I have to apply for a BlueVine Account?
While we evaluate many parameters when making a funding decision, we look for personal credit scores above 530 for our invoice factoring service and above 600 for our business line of credit service.
How quickly does BlueVine make funding decisions?
We typically respond to your application within 24 hours.
How much funding will I have access to?
BlueVine offers credit lines between $5,000 and $5,000,000. Your credit line is the total amount of funding that you can have outstanding at any given time, and will replenish as you repay draws (for a line of credit) or as your customers pay outstanding invoices (for invoice factoring).
Are there termination fees if I want to leave?
No. As long as you have no balances outstanding, you can stop using BlueVine at any time with no penalties or fees.
Does BlueVine provide unsecured financing?
BlueVine financing is not unsecured. However, we do not require any specific amount, type or value of collateral and no appraisal or specific assets are required. Financing is secured by a general lien on the assets of the business and backed by a personal guarantee. We do not take personal assets as collateral.
What is “invoice factoring”?
Today, business customers request longer and more flexible payment terms. As a result, you are constantly waiting to be paid by your customers while operational expenses, such as rent and payroll, need to be paid today. This gap in cash flow can limit your ability to hire more employees, buy more inventory and take on more customers. BlueVine’s invoice factoring solves your cash flow challenges by giving you money for your outstanding invoices today.
What is different about BlueVine’s invoice factoring?
We fund invoices, but that’s where the similarities with traditional invoice factoring end. Our solution is fast, simple, and 100% online. In addition, BlueVine lets you maintain full control of your financing and your customer relationships as long as you are in good standing. We do not require any minimum volume or have termination fees, and you can fund as many or as few invoices as you like.
What businesses are eligible for invoice factoring?
Any business that serves businesses (B2B) or governments (B2G) is eligible. Our minimum requirements are that you have been in business at least 3 months, that the business owner have a personal credit score of 530+, and that the business have revenues of at least $10,000 per month.
I’ve been denied by the bank for a loan. Can I still get funding from BlueVine?
Yes. Our decision process is different than a bank’s. While we take credit history into consideration we focus on the quality of your customers, not only personal credit history. A great advantage of BlueVine’s invoice factoring is that you can leverage the credit-worthiness of your customers.
What kind of invoices can I submit?
BlueVine currently accepts invoices where:
- The service or product was completed, delivered and accepted by your customer
- The customer is based in the US or Canada (English speaking provinces)
- The customer is a business (not a consumer)
- The invoice face value is higher than $500
- The payment term is shorter than 13 weeks
- The due date is at least 1 week away
Do I need invoicing software to work with BlueVine?
No. If you don’t have invoicing software, you can easily upload the details of your issued invoices right in your BlueVine dashboard.
What industries does BlueVine work with?
BlueVine serves businesses in a wide variety of industries. These include (but not limited to): IT Services & Technology, Business & Professional Services, Wholesale Trade & Distribution, Manufacturing, and Staffing Services. At the moment, we cannot work with companies in the medical and healthcare industries.
How often can I get funding on BlueVine?
You can request advances for as many invoices as you like and as often as you like, within your available credit line. For example, if your credit line is $50,000, you can get funded on invoices worth a combined total of $50,000 at any given time.
How quickly do I receive the funds?
As quickly as in a few hours once approved. With BlueVine you can choose between ACH electronic transfers or bank wire transfers. ACH transfers are free and the funds usually appear the next business day (but may take up to three). A bank wire costs $15 per wire and funds are typically available in your bank account the same day.
Does BlueVine notify my customers that I am receiving advances on their invoices?
Generally, no. This way you maintain full control of your customer communications. However, BlueVine may offer you a larger credit line contingent upon a notification of assignment being sent to some of your customers.
What happens if my customer doesn’t pay?
In the event your customer doesn’t pay the invoice, you are still responsible for settling your balance with BlueVine. You can self-pay the invoice directly on our website, or we will enroll you in our installment plan.
Is invoice factoring the same as getting a loan?
No. BlueVine gives you an advance on the invoice amount, then on the invoice due date, your customer will simply pay the amount due to your BlueVine Account instead of sending it to your business address or account. As long as the invoice is paid by your customer as expected, there’s no repayment on your part, and you take on no debt or liability.
What is a business line of credit?
A business line of credit gives you the ability to access funding when you want, up to your credit limit. And unlike a traditional merchant cash advance or cash flow loan that is one-time, BlueVine’s Flex Credit is “revolving credit.” This means that as you repay back your outstanding funds your available credit replenishes, and you can draw additional funds again as you like.
How is a line of credit different from a merchant cash advance?
A typical merchant cash advance is an advance on your credit card transactions, and you must re-apply every time you want new funds. A BlueVine business line of credit doesn’t require credit card transactions, and you can draw funds as often as you like (up to your credit limit).
What businesses are eligible for a line of credit?
Any type of business is eligible. Our minimum application requirements are that you have been in business 6 months, that the business owner have a personal credit score of 600 or more, and that the business have revenues of at least $10,000 per month.
Due to regulations, however, we cannot provide lines of credit in the following states:
- North Dakota
- South Dakota
Are you in one of these states? See if invoice factoring is right for you.
How do I draw funds?
After approval, simply go into your dashboard, select an amount less than or equal to your available credit, and click the “Get funds now” button. That’s it!
How much funding will I have access to?
BlueVine’s Flex Credit lines currently range from $5,000-$200,000.
How fast can I receive my funds?
As quickly as a few hours once approved. With BlueVine you can choose between ACH electronic transfers or bank wire transfers. ACH transfers are free and the funds usually appear the next business day (but may take up to three). A bank wire costs $15 per wire and funds are typically available in your bank account the same day.
How does repayment work?
Weekly repayments are automatically debited from your bank account. As long as you have sufficient money in your bank account, you never have to worry about missing a payment.
How does repayment replenish my available credit?
As you repay a draw, the principal portion (i.e. not fees) of your payment is added back to your available credit. For example, if your weekly payment is $150 and your fees that week are $10, then after your repayment your available credit will go back up by $140.
What if I need more than $200,000?
Our invoice factoring credit lines go up to $5,000,000. We are also always looking for ways to grow with our clients; if your needs are different, contact us for a custom quote.