BlueVine is a reputable company providing lines of credits and invoice factoring services. It offers flexible terms you can customize to suit your own unique needs.
BlueVine serves small businesses by providing lines of credit, invoice factoring, a bill payment program, and business checking. With almost a decade in business and over $5 billion in funding delivered, BlueVine has proven itself to be dedicated to assisting small businesses. It can even disburse funds within 24 hours.
BlueVine is a great choice for online businesses, offering minimal fees and flexible, fast funding options. There are no prepayment fees, monthly maintenance fees, or account closure fees. There are no fees to maintain or open a line of credit.
BlueVine is also reputable – deposits are FDIC-insured and it maintains an A+ rating with the Better Business Bureau. If you’re looking for fast funding or a digitally-enabled business bank account with a high APY, BlueVine could be a good choice for you.
Products & Services
Through lines of credit and invoice factoring, BlueVine can provide flexible and fast funding in as fast as 12 to 24 hours. It also offers additional finance options that small businesses may find helpful, including business checking accounts and bill payments.
Business Lines of Credit
This option can provide flexible funding for businesses with a revolving line of credit. You’ll qualify for a certain amount of credit and when you pay back what you’ve used, the amount available to you rises back up to that limit. You can draw as much as you need up to that limit and you’ll only pay for what you use.
BlueVine offers credit lines of up to $250,000. Rates start at 4.8% and you can get approval in just 5 minutes via an online application process. Once approved, you can request funds using BlueVine’s online dashboard.
You can have funds delivered within a few hours if you choose the bank wire option, which requires a $15 fee. You can also receive funds by the next business day with no fees when you choose ACH transfer.
To qualify for BlueVine’s business lines of credit, you must have a minimum FICO credit score of 600, $10,000 in monthly revenue, and at least 6 months in business. When you apply, you’ll just need to provide some basic information about yourself and your business, as well as a bank connection or year-to-date bank statements.
Repayment is automatic, with weekly payments being automatically withdrawn from your linked bank account. This requires you to keep enough funds in your account to cover the repayment, but it also means that you don’t have to worry about missing a payment.
It’s important to note that BlueVine cannot provide business lines of credit in North Dakota, South Dakota, Nevada, or Vermont.
If you offer your customers flexible payment terms, you’re likely constantly waiting to get paid. Invoice factoring offers a solution to this problem and can be especially helpful if you have other bills stacking up, like payroll, rent, or inventory. With invoice factoring, BlueVine purchases your outstanding invoices and gives you the funds early. Invoice factoring is available in all 50 states.
To start, you’ll choose which invoice or invoices you want to fund, then submit them on the BlueVine dashboard. BlueVine will deposit up to 90% of the invoice value into your bank account. This can occur as quickly as a few hours after you submit the request. When the customer pays the invoice, you receive the rest of the funds, minus BlueVine’s fee.
To qualify for BlueVine’s invoice factoring, your business must be in operation for at least 3 months and generate at least $10,000 in revenue each month. You’ll also need a personal credit score of at least 530. Your customers must be businesses or governments to be eligible.
BlueVine restricts its services from some industries, including political campaigns, illegal substances, auto dealerships, and firearms dealers.
BlueVine requires that you only submit invoices that meet the following criteria:
- Invoice face value must be at least $500 or more
- The payment term must be less than 13 weeks
- The due date must be at least 1 week away
- The product or service must be already completed, delivered, and accepted by the end customer
- The customer must be based in the United States or English speaking provinces of Canada
- The customer must not be a consumer, but instead a business or government
Invoice factoring lines are available up to $5 million and rates start at 0.25% per week. You can get an approval within 24 hours by providing some basic information about your business and invoices. You’ll also need to connect your bank or provide 3 months of your most recent bank statements during the application process.
Business Checking Account
BlueVine recently released its business checking account offering, which provides a 1% APY on up to $100,000. The checking account requires no minimum balance or deposit, no monthly service fees, no fees for non-sufficient funds, and no ATM fees. It also includes 2 free checkbooks.
With this checking account, you get unlimited transactions and you can pay vendors and bills via check, ACH, or wire transfer. Your deposits are FDIC insured for at least $250,000. BlueVine doesn’t offer a savings account yet, but its checking account offering is flexible and requires very few fees.
Bill Pay Program
With BlueVine’s business bill payment program, you can easily schedule payments with no monthly fees. Just select a payee, choose your payment method and date, and your chosen payee receives the payment when you schedule it. The bill pay program can be helpful if you want to schedule recurring bills, save time, and avoid worrying about missing a payment.
You can use the program to pay bills using your credit card – even if your payees don’t accept credit cards. This allows you to max out credit card points and free up cash. There is a 2.9% fee of the payment amount. Outgoing wires require a $15 payment fee. The payment program integrates with BlueVine business checking accounts, so you can access both seamlessly on your account dashboard.
Rates and Terms
BlueVine’s invoice factoring can provide funds up to $5 million, with rates starting at just 0.25% per week. Its terms range from 1 week to 12 weeks.
You can get a line of credit of up to $250,000 with rates starting at 4.8%. There are no prepayment penalties or origination fees for BlueVine’s lines of credit. It does require automatic weekly or monthly payments from your linked bank account, so you’ll need to ensure that you maintain a balance that can accommodate those payments.
If you get a BlueVine business checking account, it requires no monthly service fees, no non-sufficient funds fees, no ATM fees, and no minimum balances or deposits.
Application Process and Qualifications
When you apply for any of BlueVine’s products, you’ll need to provide some basic personal information as well as some details about your business. You can expect to include:
- Your business’ address
- Tax ID number
- Social security number
- Credit score
- Bank statements for the three most recent months or a direct bank connection
- For invoice factoring, additional invoice details
Qualifications vary depending on what type of product you’re interested in. For lines of credit, you’ll need a minimum FICO credit score of 600, at least 6 months in business, and $10,000 in revenue each month.
For invoice factoring, you’ll need a minimum FICO credit score of 530, at least 3 months in business, and $10,000 in monthly revenue. You also must own a B2B business.
BlueVine’s qualifications are fairly lenient, with other popular lenders requiring higher credit scores or more time in business. The entire application process takes about 5 to 10 minutes.
For business lines of credit, approvals can occur in as little as 5 minutes. Invoice factoring approvals can occur in just 12 to 24 hours after applying.
Once approved, funds can be available in as little as a few hours when you choose the bank wire option, which costs $15. You can also get funds transferred with no fees via ACH transfer, which takes 1 to 3 days.
BlueVine’s approval time and disbursement time are on par with other online lenders.
You can reach BlueVine’s customer service team Monday through Friday, 8 a.m. to 8 p.m. ET by phone. You can also contact them via a contact form on the website or via email. There’s no live chat option and no customer support on weekends.
I tested out BlueVine’s customer service team by submitting a question through the contact form, posing as a business owner. To fill the form out, you’ll need to choose a category, then enter a subject line. Using the subject line that you enter, the site tries to suggest helpful articles. You can bypass the suggestions and enter your question down below, in the additional details section.
I never received a response from my contact form inquiry, so I tried BlueVine’s support email. Again, I did not receive a response other than an auto-generated message saying my request was received.
Finally, I called BlueVine’s customer service team. After going through a short series of prompts – I chose lending products and then invoice factoring – I was put on hold to wait for an invoice factoring sales agent. I waited on hold for 6 minutes until I was automatically directed to leave a voicemail with my question and business details.
After noting in my voicemail that I’d also sent an email, I received an email update saying that someone had been assigned to reach out to me. This was 4 days after my email to support and 6 days after I entered my question into BlueVine’s contact form.
A couple of hours later I received a return phone call from an account executive. He was friendly and helpful. He took the time to ask questions to make sure he understood all the details of my “business” that needed invoice factoring.
When we determined that BlueVine wasn’t a good fit – I had $3,000 worth of invoices and BlueVine requires $5,000 – he suggested that I try an alternative company that BlueVine is not affiliated with.
Although it took an excessive amount of time and effort to get a response from BlueVine, the representative who assisted me was thorough, knowledgeable, and clearly wanted to help – even if that meant directing me to a different lender.
After 8 years in business and $5 billion in funding disbursed to small businesses, BlueVine has proven its commitment to assisting small businesses. With its invoice factoring, lines of credit, business checking, and bill pay offerings, BlueVine has a flexible option for most small businesses.
Through its instinctive online platform, you can apply for lines of credit up to $250,000 and invoice factoring up to $5 million. What’s more important is its speed – you can get an approval within 24 hours and have access to funds just hours later. Business checking accounts are also loaded with benefits, like 1% APY on up to $100,000 and no monthly maintenance or account closure fees.
BlueVine also offers more lax qualifications than comparable online lenders. While others require a minimum of 1 year in business, BlueVine requires just 3 months in business for invoice factoring and 6 months for business lines of credit. It also caters to folks with lower credit scores – you need a score of just 530 for invoice factoring and 600 for lines of credit.
However, there are some limitations to consider. Business lines of credit are not available in North Dakota, South Dakota, Nevada, or Vermont. There are also restrictions on invoice factoring for business industries – for example, political campaigns and auto dealerships won’t qualify. Invoice factoring requires that your invoices are for businesses or the government.
Despite the drawbacks, BlueVine maintains an A+ rating with the Better Business Bureau and is FDIC insured. Though my experience with BlueVine’s customer service started out rocky as I struggled to get a response, the representative who finally did contact me was friendly, knowledgeable, and went out of his way to help me. If you fit BlueVine’s qualifications and need fast and flexible funding, it could be a great fit.
Is BlueVine legit?
Yes, BlueVine is legit. It is FDIC insured and has an A+ rating with the Better Business Bureau.
Is BlueVine SBA approved?
Yes, BlueVine is SBA approved as a direct non-bank lender for the Paycheck Protection Program (PPP). You can apply online regardless of your background through an automated process.
How long does it take BlueVine to review a loan application?
BlueVine can approve lines of credit within 5 minutes and invoice factoring within 24 hours.
How long does it take BlueVine to release funds?
Once your application is approved, it can take anywhere from a few hours to 3 business days to receive funding. If you choose a wire transfer, you’ll receive funds in just a few hours for a $15 fee. If you choose ACH transfer, you’ll receive funding in 1 to 3 business days with no additional fee.