Advance Amount and Fees9.0/10
Service and Support8.8/10
- 80% of production from repeat customers.
- Deep-pocketed and diverse funding sources.
- Some lines of credit have 12 month payment plan.
- Invoice factoring is 100% online.
- No hard credit checks.
- No funding for business-to-consumer (B2C) entities or freelancers.
- Factoring transactions are full-recourse.
- Bluevine prefers personal FICO scores above 600 for their line of credit facility.
- No line of credit options in ND, SD & VT.
See above info for Bluevine Reviews. If you are a Bluevine customer or have used their services in the past, we’d like to hear from you. Were you satisfied with the overall experience? Were you factoring invoices or using a line of credit? Were the rates as low as advertised? Will you be a repeat customer?
Bluevine provides capital for small and medium-sized businesses that sell goods and services to other businesses (B2B) or to government agencies (B2G). Often, billed invoices are not paid in full for 30, 60 or 90 days (not uncommon in the construction, staffing, manufacturing, trucking and commercial cleaning industries).
How is Bluevine Different from other Factoring Companies?
Bluevine is a financial technology (fintech) company that has disrupted big bank lending and the invoice factoring industry.* With proprietary algorithms, Bluevine can service customer funding requests faster than most financiers. As long as the customer invoices are English-speaking based and not longer than 90 days outstanding, they can be factored by Bluevine.
From Set Up to Funding
Once your business decides to pursue one of Bluevine’s small business funding options, the application can be completed in as little as five minutes and funding decisions are typically made within 24 hours. Bluevine requires general business information like a Tax ID number and location, the business owner’s social security number and three months of bank statements. They work with accounting software including Freshbooks, Intuit’s Quickbooks and Xero.
Bluevine Pros and Cons
In addition to the Bluevine reviews above, we summed up the pros and cons:
· 80% of Bluevine’s production is from repeat customers.
· Deep-pocketed and diverse funding sources.
· Certain lines of credit offer a 12-month payment plan
· Invoice factoring is 100% online.
· No hard credit checks (i.e. inquiries won’t effect on your credit)
· No funding for business-to-consumer (B2C) entities or freelancers.
· Factoring transactions are full-recourse.
· Bluevine prefers personal FICO scores above 600 for their line of credit facility.
· No line of credit options for customers in North Dakota, South Dakota or Vermont.
Should I be Factoring Receivables with Bluevine?
Overall, we have liked what we have seen from Bluevine, especially with respect to their ease of use and their financial backing and financial resources. They have brought the factoring industry into the 21st century and have caused many other factoring companies to step up their game to compete. Keep in mind, the company does not factor receivables in the healthcare or medical industries. Still, they’ve helped hundreds businesses improve their net working capital situation.
In terms of processing, they can usually approve the first payment within one day.2 We found a few reported cases when customer accounts took a few days to open, but that appears to be the vast minority. Going forward, they typically approve payments in under one hour.
While it might not share the deposit base of a commercial bank like many factors, Bluevine is backed by some deep pockets. It is backed by venture capital firms such as 83North and Lightspeed Ventures. Having said that, it’s important to remember the company primarily serves small businesses. Even though they have the resources for medium and larger sized companies, we have seen some issues reported by larger customers when the funding starts to get on the higher side. These had to do with safeguards they put in place for verification for significant financing. Still, these reports were in the minority.
For more information on Bluevine:
Where does Bluevine’s capital come from?
Do they offer specialty funding options?
As a fintech, does Bluevine provide customer support?
Information was crowdsourced.