This Startup Bridges Cash Flow Gaps, One Invoice at a Time Fundbox chases down the payments for you. Here's how it works.
By Michelle Goodman •
This story appears in the December 2014 issue of Entrepreneur. Subscribe »
Chasing down late payments from clients was par for the course for Martin Stevens. Diversified Technical Support, his IT company in Portage, Ind., regularly carried up to $5,000 in outstanding balances per year. That is, until Stevens signed up for Fundbox—a financial-technology company that doles out low-cost advances on invoices of $100 to $20,000.
Gone are his days of sending Net 7 invoices and praying for payment. Since late 2013, Stevens has used Fundbox to clear $22,000 in accounts. He finds that by extending payment terms to customers to 90 days and using Fundbox to pick up the slack, he gets paid faster and more often.
