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BlueVine Review

By
Sean Peek
,
business.com writer
| Updated
Jun 25, 2019
Home
> Finance
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Companies, especially small business, often need cash in hand fast. This is where BlueVine can help. If you meet the minimum qualifications, your business can receive an advance on your outstanding invoices in as little as 24 hours. This makes BlueVine the best factoring service when you are in a pinch and need cash fast.

BlueVine

BlueVine

The Best Factoring Companies of 2019

The Verdict

For companies that meet the minimum qualifications, BlueVine, a recourse factoring company, can advance outstanding invoices within 24 hours. It is the best factoring service when you need cash fast.

View all our factoring service reviews on our best picks page.

BlueVine Rates and Fees

Rates start as low as 0.25% of the advance per week, which is one of the lowest rates we saw among the factoring services we evaluated. However, the rate compounds every week the invoice is outstanding, which can add up quickly if your customers regularly pay late.

One advantage with BlueVine is that you can choose which invoices you want to factor. Other factoring companies require you to factor every invoice through them. Additionally, BlueVine does not require you to sign a long-term contract.

BlueVine advances 85 to 90% of the total invoice value upfront. This rate isn't as high as other factoring companies we reviewed; some offer 95 or even 100% of the invoice upfront. However, you get the remainder, minus BlueVine's fee, when the invoice is paid.

For a $15 fee, BlueVine will transfer cash to you the same day you submit an invoice via a wire transfer. Alternatively, you can receive funds in one to two days for free through an ACH transfer.

Another option BlueVine offers is a line of credit. Credit lines go up to $250,000. Smaller businesses may not qualify for BlueVine's line of credit, but this might be an option if you run a medium- or large-sized business. The company does not charge prepayment penalties.

Minimum Requirements

BlueVine considers several factors when evaluating your business. In addition to the criteria below, BlueVine also considers your cash flow, financial history and the creditworthiness of your customers.

At a minimum, you must meet the following criteria to be approved by BlueVine:

  • Your credit score is 530 or greater.
  • You have been in business for three or more months.
  • Your business generates $10,000 monthly.
  • Your business earns $100,000 annually.
  • Your business serves other businesses (B2B) or the government.

Your customers must also meet certain requirements in order to factor their invoices. The minimum requirements are:

  • Your customer is based in the U.S. or English-speaking Canadian provinces.
  • Your customer is a business.

Finally, your invoices also must meet specific minimum requirements, which include the following:

  • Your services were completed and accepted by the customer.
  • The invoice is $500 or more.
  • The payment term is less than 13 weeks.
  • The due date is at least one week away.

Ease of Application

Applying for a factoring line of credit with BlueVine is fast and easy. The online form takes a few minutes to complete. You provide basic details about yourself and your business, such as contact information, tax ID number, annual revenue, etc.

Once your personal details are filled out, you can submit financial documents, including recent bank statements or A/R aging report. Alternatively, you can grant BlueVine access to your bank account and accounting software program. With read-only access to your accounts, it will determine your creditworthiness. BlueVine is compatible with QuickBooks, Xero and FreshBooks.

If you connect your accounting program to BlueVine, your invoices will automatically appear on your BlueVine dashboard, which saves you from manually entering the information, and you choose which invoices you want to factor. If your business uses QuickBooks, the application process is even faster, as most fields are automatically populated for you.

Once you submit your application, BlueVine typically responds within 24 hours. If you're approved, BlueVine will then work with you to verify and notify your customers. Initially, BlueVine takes three to five days to advance you cash on a customer's invoice, but subsequent invoices transfer in the same day.

Customer Service and Support

We contacted BlueVine as a potential customer to test their customer support. Overall, we found the customer representatives we spoke with to be helpful and knowledgeable.

Customer support isn't available 24/7, but BlueVine has extended business hours Monday through Friday, 8 a.m. to 8 p.m (ET). They are also available on Saturdays from 12 p.m. to 4 p.m. (ET).

Limitations

There are a few drawbacks with BlueVine to be aware of before you decide if you want to work with this factoring service.

First, it only provides you with 85 to 90% advance. This is less than other factoring companies, such as Fundbox, that give you a 100% advance.

Second, BlueVine only offers recourse factoring. If your customer doesn't pay their invoice, you are on the line for that amount. If you work with reputable customers, this shouldn't be an issue, but one missed payment can set you back significantly.

Finally, if you own a new business that makes less than $10,000 a month, or if you have poor credit, you are not eligible to work with BlueVine.

Editor's note: Looking for the right factoring service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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BlueVine

BlueVine

The Best Factoring Companies of 2019

The Verdict

For companies that meet the minimum qualifications, BlueVine, a recourse factoring company, can advance outstanding invoices within 24 hours. It is the best factoring service when you need cash fast.

Sean Peek
Sean Peek
Sean Peek is a writer, small business owner and SEO specialist. He began his career in digital marketing as a freelance writer in 2013 and has over five years of experience in the B2B space. You can learn more at lightningmediapartners.com.