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What is Invoice Funding?
Invoice Funding allows you to submit unpaid customer invoices to Housecall Pro for business funding!
Don’t let unpaid invoices drain your time and energy. Use Invoice Funding to receive cash upfront up to your funding limit to cover salaries and bills early and then pay Housecall Pro over time from a portion of your customer transactions.
How do I fund an invoice?
To fund an invoice:
Navigate to the Customers tab in your Housecall Pro account and select Invoices from the menu on the left.
On the Invoices tab, you will be able to see which invoices are eligible for funding underneath the Funding column.
You can fund an invoice by clicking the Actions button corresponding to that specific invoice and selecting Get funding from the drop-down.
From there, you will then be able to learn more about the offering as well as see your terms for receiving business funding from Housecall Pro. If you would like to proceed, you can then submit the invoice for funding!
Note: If you take an advance or loan from Stripe Capital or Pipe, you will not be able to use Invoice Funding and will lose access.
What information do I need to provide?
You don’t need to provide any additional information! After selecting "Get funding" from the Actions drop-down, you will just need to review the invoice funding’s terms and conditions prior to submitting, and that’s it!
Is there a fee?
Yes, there is a 3% flat fee of your funded amount and is displayed when you review your terms.
For example, if your funded amount for an open invoice is $2,000, there will be a 3% flat fee on top of your funded amount. This means that the total amount you will pay to Housecall Pro will be equal to $2,060.
How does payment work?
You will pay Housecall Pro from your Payments connected bank account. Your payments are tied to a percentage (Payment Rate %) of your customer transactions and will be automatically deducted from this bank account each day throughout the Payment Period.
Example: You funded an invoice for $2,000. With the 3% flat fee added on top of your funded amount, the total amount you will pay to Housecall Pro will be $2,060. In your funding terms, say you have a payment rate of 10% per transaction. This means that we will collect 10% of each future transaction until you have paid back the $2060 in full.
You have a customer transaction for $1,000. With a 10% payment rate, $100 (10% of $1,000) will be deducted and used to pay Housecall Pro back on your funded amount.
The remaining amount to pay Housecall Pro will be $1,960.
The Payment Rate % is displayed to you when reviewing the details of the invoice funding.
Note: For days where you do not have any customer transactions, Housecall Pro will not collect payment on that day.
When does payment start on my invoice funding?
The estimated payment start date is 4 business days after you submit your invoice funding request.
How long will it take to pay the invoice funding in full?
How long it will take to fully pay the invoice funding is dependent upon the volume and size of your customer transactions during the payment period. We do however provide you an estimated time to pay when you review your invoice funding details prior to submitting your request for funding.
Once I submit my funding request, how long does it take to receive the funds and where do I receive them?
Your funds will be deposited to the same bank account you have on file with Housecall Pro for Payments. We estimate that it will take approximately 2-3 business days to receive the funds after you’ve confirmed your invoice funding request.
How can I review my funded invoices?
Once you have successfully funded a customer invoice, you will receive an email with the agreed-upon terms.
You will also be able to navigate to the Funded invoices tab below the Invoices tab within the Customers section of your Housecall Pro account to see all your funded invoices, their terms, and how much you’ve paid on them.
You can also see how much you can currently fund on additional invoices, how much you have currently funded, and your total funding limit.
Where can I see my payment activity?
In addition to the "Funded Invoices" tab above, you can also see debits from Housecall Pro in your external bank account. Also, if you have a Housecall Pro Money account, you will be able to track each payment there along with the initial invoice funding payout to your external bank account.
Will funding an invoice change the status of that invoice? Do I still need to collect payment from my customer?
No, funding an invoice will not change the status of that invoice. The status of your invoice will remain as open/unpaid after funding the invoice. You are still responsible for collecting payment from your customer for that invoice.
How is my funding limit determined?
Your eligibility and funding limit are determined based on your business performance and activity in Housecall Pro. The current maximum funding limit is $10,000. Your funding limit is subject to change from period to period depending on the factors mentioned above. We will notify you if your funding limit changes.
Can I fund multiple invoices?
Yes, you can fund as many eligible invoices as you would like up to your funding limit. If you would like to fund another invoice, simply navigate back to the Payments tab and go through the same process as previously.
Will this affect my personal credit?
No, there is no impact on your personal credit score.
Why can’t I view my funding terms when trying to fund an invoice?
There are some instances where you may receive an error message before funding an invoice, due to your funding terms not loading. Please ensure that you are using a device that supports PDF file formats. If this issue persists, please contact our support team.
Can I use Invoice Funding along with Pipe or Stripe Capital?
No, Invoice Funding cannot be used if you have taken out a Pipe or Stripe loan. If you choose to take out a Pipe or Stripe loan, you will lose access to Invoice Funding.