SAN FRANCISCO--(BUSINESS WIRE)--Fundbox, a financial tech startup focused on accelerating cash flow for small businesses, has integrated with Harvest, one of the leading innovators in the field of online hourly time tracking and invoicing for client projects. Customers can now create a Fundbox account using their Harvest credentials to sign in and establish credit.
Through this integration, Harvest users now have access to Fundbox invoice clearing technology, which extends credit to freelancers and small businesses against the face value of their outstanding accounts receivables. This removes the 1-3 month gaps that often exist between invoice and payment, hampering small business growth. For freelancers, this gap can be even more damaging, as outstanding invoices can tie up funds needed for rent, utilities, and other day-to-day basics.
Harvest is used by tens of thousands of freelancers and small businesses in professional services for easily tracking project hours and invoicing clients. Over $13 Billion in invoices have been sent and paid through Harvest, with more than 412 Million working hours tracked. Fundbox has thousands of small business owners across 46 states using the service, and processes tens of thousands of invoices daily.
“Tracking our time across clients and making sure we get paid for that time are the two biggest challenges for a design team, really for any business,” said Mark Mason, founder of Shellshock Creative, one of the first customers for Harvest and Fundbox user. “But the hardest part is finishing an awesome project, sending out the invoice, and then waiting and waiting…and waiting to get paid. Harvest solved the time tracking challenge for our team long ago, now Fundbox lets me decide when we get paid and frees my mind up to focus on doing great work and growing my business.”
Harvest users can easily create a Fundbox account and connect it using their Harvest credentials. Fundbox uses Harvest data like client information, hour tracking and more to build a profile of the business and instantly assess the risk associated with their outstanding invoices. Once connected, the business owner can select an invoice using the “clear this invoice” button. This prompts the Fundbox system to assess and clear the invoice, depositing the funds into the business owner’s bank account within 24 hours.
The technology behind Fundbox is their data-driven SMB risk engine, which uses a complex algorithm to look at large numbers of data points and risk signals in real time. This allows Fundbox to instantly assess risk and provide credit to small business owners and freelancers for only the invoices being cleared. This is in stark contrast to banks and credit cards, which require piles of paperwork, lengthy processing times, high interest rates and hidden fees. With Fundbox, small businesses enjoy a higher approval rate, with credit based specifically on the financial health of the business and against their invoices for work completed.
“Harvest shares very similar goals with our company in terms of whom we are working to help and creating the best possible products for those hard working people,” said Eyal Shinar, founder and CEO, Fundbox. “Both companies are working to serve the underserved. Connecting Fundbox to a Harvest account allows people to maintain the simple Harvest approach to the time tracking and invoicing side of their hourly business and still enjoy the cash flow benefits of using Fundbox.”
Harvest users can take advantage of the Fundbox integration today. Visit www.fundbox.com/harvest
Fundbox leverages deep data analytics to accelerate cash flow and clear invoices for small business. The Fundbox risk engine taps into numerous data signals within its network to assess customers and invoices for risk automatically and instantly, allowing small businesses to choose which invoices to clear with a single click. Fundbox was founded in 2012 and is backed by leading Silicon Valley entrepreneurs, finance veterans, and venture capitalists including Khosla Ventures, SV Angels, and former CitiGroup CEO Vikram Pandit.
Harvest builds modern, well-designed, cloud-based software for freelancers and small businesses in professional services. Tens of thousands of customers use Harvest to work on client projects from anywhere by starting a timer effortlessly via web, desktop, or mobile device. Tracked hours appear in visual time reports designed to finish projects on time and within budget. When all is said and done, customers can send professional invoices to happy clients and get paid. Harvest was founded in 2006 and is headquartered in New York City.