FundX Invoice Financing
FundX offers Australian business owners 100% of the invoice value with flexible loan terms and a tailored advance rate.
Invoice factoring can be a quick solution to cash flow problems. It involves selling your outstanding invoices to a third party in order to be paid more quickly. Small- and medium-sized businesses can continue filling orders and developing operations while servicing a small, short-term loan.
FundX offers a competitive invoice financing solution; read more about it in this guide.
- Please note that FundX is no longer in operation. The information on this page has been kept for the benefit of those who are interested and historical records only. You can compare other invoice financing options.
How does invoice financing with FundX work?
FundX invoice factoring loans are repaid over a period of three months in 12 weekly installments. This includes an advance rate starting at 2%. Invoices submitted must be for a minimum value of $1,000. FundX charges no upfront fees and won't penalise borrowers for settling the balance before the end of the loan period.
Here's how the process works:
- Open a FundX account online and indicate which accounting app your business uses
- Upload the invoice(s) against which you'd like to borrow
- If approved, FundX sends 100% of the invoice value to your account
- You repay the loan over a period of three months in 12 weekly repayments. No fees are charged for early repayment
What features does FundX offer?
Here are some of the features of FundX invoice factoring business loans:
- No upfront fees. You will not be charged any upfront or administration fees. An advance rate starting at 2% applies for this loan.
- Quick delivery. Loans are approved within 24 hours of application.
- No security required. You don't have to provide property or other assets as collateral for this loan.
- Flexible repayment terms. You can make weekly repayments over the three-month period, or choose to settle the outstanding amount earlier without being penalised.
- 100% of invoice value granted. FundX will lend the full value of your invoice.
- No contact with your customers. FundX doesn't get in touch with your customers at all. This way your customers maintain confidence and trust in your business.
- Minimum value. Invoices must be valued at least $1,000 to be considered for approval.
How much does FundX's invoice financing cost?
FundX charges no upfront fees and no penalties for early repayment.
You will be charged an advance rate starting at 2%. This rate varies depending on your invoice and business profile.
If you default on your loan payments, the advance rate increases to cover the cost of any administrative adjustments FundX may need to make.
How to apply for FundX invoice factoring
The application process is carried out online and you can upload invoices directly through the website. FundX requires access to your accounting application. If you don't use a cloud accounting system, you'll have to send FundX hard copies of your bank statements and ownership information.
Businesses must meet the following criteria:
- Be an Australian registered business
- Have an annual turnover of at least $100,000
- Have been operating for at least six months
- Company directors must have reasonably good credit history
Once approved, money will be deposited in the nominated account within 24 hours.
Invoice factoring can mean the difference between growing your business and developing a reputation for not being able to fill orders. It can be a way to plug a financial hole without missing a beat, but it's always a good idea to compare lenders to make sure the product is right for your business.