Founded in 2013, BlueVine provides its customers with an advance on their outstanding invoices. When the invoices are due, customers pay the amount owed to BlueVine’s account instead of the business’ account. BlueVine founder and CEO Eyal Lifshitz told the Wall Street Journal that he was inspired to found the company after watching his father, a physical therapist, struggle to maintain his business when his customers had a 90-day billing cycle. With BlueVine, businesses sell their outstanding invoices to improve their cash flow by reducing their wait time for payment. BlueVine offers its customers funding advances between $5,000 and $100,000, or a line of credit up to $2 million.

Rank Chart
Lowest APR
Revenue Requirement
Review

#1

1.5%
$50k

#2

5.99%
$100k

#3

1%
None

#19
blue_vine

3.5%
Undisclosed

The Good

  • Easy requirements
  • Available for startups
  • Funds available fast

Easy Requirements

BlueVine reviews a business’ cash flow, the financial strength of its debtors, and the business and owner’s credit history. Although BlueVine states it works with business owners who have less than perfect credit scores, business owners must have a personal credit score greater than 530 to qualify for advances. Businesses that use BlueVine’s services must be based in the U.S. and have outstanding invoices with U.S. or Canadian business customers. BlueVine does advance funds for invoices to consumers. Invoices must be greater than $500 and have a payment due that is at least one week but less than 12 weeks away.

Available for Startups

BlueVine does not require a certain number of years in business or a minimum sales volume, making it a good resource for new businesses. BlueVine’s customers are not required to sign a contract and there is no requirement to get a specific number of invoice advances. Small businesses in a cash flow crunch can use BlueVine’s services for as short or long a time as needed.

Automated Process Gets You Funds Fast

Businesses sign up for a BlueVine account and connect their bookkeeping applications to BlueVine to upload their available unpaid invoices. BlueVine supports the following bookkeeping software:

  • Freshbooks
  • Xero
  • Intuit QuickBooks

If companies do not use invoicing or accounting software, they can create invoices in their BlueVine dashboard.

BlueVine can make a decision on a customer’s initial invoice advance in as little as one business day, while decisions about advances for existing BlueVine customers can take only minutes. BlueVine sends advances to its customers’ bank accounts within 24 hours, although the company states the funds may take one to two business days to appear in customers’ accounts depending on the bank they use and the method they choose for funds transfer.

Rates May Decrease with Use

BlueVine states customers that build a history of using BlueVine and receive invoice advances of over $30,000 per month may receive a 20 percent-30 percent discount on BlueVine’s standard rate.

The Bad

  • Paying back your loan
  • BlueVine account required
  • Restrictions

Paying for Your Money

BlueVine offers quick funding for businesses struggling with cash flow problems, but you only get 85 percent upfront and you must pay a 1 percent fee per week for the advance. For a $20,000 invoice advance for 12 weeks, BlueVine initially keeps $3,000 of the loan advance, $600 of which will be paid as a rebate to the business when its customer pays the invoice in full.

BlueVine Account Required

BlueVine sets up an account where it receives the full invoice payment. Businesses that receive invoice advances from BlueVine must ensure their customers make payments to the account administered by BlueVine and not their own account. Switching account information may cause confusion for customers who are paying some invoices directly to you and some to BlueVine.

The company has only been offering cash advances since 2013 so it does not have a lengthy track record of business funding and may lack the expertise to identify the businesses that would be the best choices for this kind of funding advance.

Restrictions

Currently, BlueVine only offers advances to businesses registered in the U.S. that have outstanding invoices with U.S. or Canadian businesses. The company does not advance funds to businesses outside the U.S. and it does not advance funds for invoices to consumers.

The Bottom Line

BlueVine provides a funding solution for new businesses and small companies that are having cash flow problems due to outstanding invoices. If your customers are taking 30, 60, or 90 days to pay, an advance on their invoices may help you cover your payroll and other expenses so you can keep operating. BlueVine has no minimum length of time a business is required to be operating and no sales volume requirement, allowing it to provide funding to new businesses that do not have an established track record that would qualify them for funding from a bank or other traditional lender.

BlueVine has an online process that quickly identifies if you have outstanding invoices available for advances. If you need immediate cash and you have business customers with outstanding invoices, we recommend checking BlueVine’s rates.

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