From time to time, most small businesses run into cash flow problems.
There are a number of reasons as to why that happens, but here’s a major one: Lots of customers don’t pay their bills on time. In fact, according to our research, 64% of small businesses are affected by late payments. Since you can’t exactly settle your bills with unpaid invoices, many small businesses are forced to look outside their company walls to find funding.
In the past, small businesses that needed money would either take out loans (and incur the associated debt) or use factoring services or merchant cash advances (which result in a noticeable forfeiture of revenue) to get access to money.
However, thanks to new innovative financial services, they now have other more attractive options. Instead of taking on unnecessary debt or foregoing a significant amount of income to get the funds they need to grow their companies, small business owners can  make use of an invoice financing service like Fundbox.
Invoice financing allows you to advance payments on outstanding invoices. All you need is an account—which you can create in a few minutes. Once that’s done, you can pick and choose which unpaid invoices you want cleared. Your small business then has 12 weeks to repay that advance, plus a small, completely transparent fee.
Thanks to invoice financing, small businesses don’t have to wait around for late payments to finally come in before making moves to grow.
- Pay your bills without struggling to piece together money
- Open new locations or remodel existing ones
- Cover payroll without having to worry
- Buy new equipment and supplies
- Expand into new markets
- Invest in new marketing campaigns
- Develop new products and services
- Hire new employees to better serve your customers
- Pursue lucrative opportunities (e.g., partnerships)
- Spend more of your time focusing on the big picture
There’s no sense in forcing your business to sit on the sidelines waiting for customers to settle their invoices. Thanks to invoice financing services like Fundbox, you won’t have to.
Learn more about how you can use Fundbox to take your small business to the next level.
At Insightly, we offer a CRM used by small and mid-sized businesses from a variety of verticals. Learn about all of Insightly’s features and plans on our pricing page or sign up for a free trial.
