BlueVine is an invoice factoring company that offer lines of credit and money advances to businesses based on their outstanding invoices. It is ideal for companies that need a lump sum of working capital to cover payroll or other large expenses while they are waiting for customers to pay. We compiled user reviews from around the web and determined that BlueVine has a mix of positive and negative ratings. We also compared the most popular pricing options for small business owners.
Summary of BlueVine User Reviews
What BlueVine does well:
Users who recommend BlueVine were impressed with the responsive customer support team. Customers also liked that all rates and fees were fully disclosed.
What BlueVine does not do well:
Some customers who gave the company negative feedback weren’t happy that they were denied funding. A few also reported that they have little control over fees with regard to invoice factoring.
Most Helpful Positive User Review
“We are a new painting company that won a large (for us) contract of $300k. I found BlueVine during a very stressful time but they made it possible for us to complete a project when the client moved the completion date up 6 weeks requiring us to bring in more resources to complete phases simultaneously. Without BlueVine, we would not have been able to complete the project and our company would have definitely been ruined.
— Linda
Most Helpful Negative User Review
“I was originally a factoring client of Bluevine and the experience was positive. They started to offer flex credit (creditline) and I started using that service, initially with good results. But over time, the Bluevine became completely unreliable and vague in their reasoning for not allowing credit or certain credit limits. I have been using another company since, and without incident.”
— Eric Yingling
BlueVine Pricing
BlueVine offers two financing options: invoice factoring and line of credit. With invoice factoring, you get paid for 85% of your invoice upfront, and you get the rest (minus fees) when your customer pays BlueVine. Their annual percentage rate (APR) is 40% on average. To understand more, review our comprehensive guide on how invoice factoring works.
| Advance Rate | 85% – 90% |
| Invoice Factoring Credit Line | $20,000 to 5 million |
| Discount Rate | 0.3% – 1% per week |
| Max Overdue Account | 12 weeks |
| APR | 40% average |
| Additional Fees | $15 wire transfer fee (no charge for ACH transfers) |
On the other hand, BlueVine’s traditional line of credit currently caps at a maximum of $250K. Once approved, you can draw funds up to your available credit line any time you want. Interest rate is 0.35% – 1.2% per week, and there’s a 1.5% draw fee whenever you request funds from your credit line. Also, in addition to the 6-month line of credit with weekly payments, BlueVine now offers a 12-month business line of credit with monthly payments.
| Line of Credit | $6,000 to $250,000 |
| Term Length | 6 months to 1 year |
| Interest Rate | 0.35% – 1.2% per week |
| Draw Fee | 1.5% per draw |
| APR | 21-61% |
The amount you can borrow will depend on the strength of your business. You can always contact support for custom pricing if you require more than the current credit line limit. To learn more, read our article on what a business line of credit is.
BlueVine Features
Invoice factoring:
- Fund only the invoices you want
- No reserves, no minimums
- Rebates distributed same day
- Syncs with your accounting software
Line of Credit:
- No maintenance fees
- No unused credit fees
- No prepayment penalties
- Get approved in 24 hours
Useful BlueVine Resources
Best Accounts Receivable Financing Companies 2017: Fundbox vs. BlueVine vs. Fluid – Read our buyer’s guide for a comparison of the top accounts receivable financing companies for small businesses. We compare Fundbox vs. BlueVine vs. Fluid to give you an idea of which financing option will work best for your business needs.
How to Improve Your Invoice Factoring Application: A Step-by-Step Guide – Learn about the seven ways to increase your chances of getting approved by a factoring company.
What Are the Best Invoice Payment Terms for Your Small Business – In this article, we’ll help you determine what payment terms to set to get paid faster and establish positive relationships with your customers.
Extending Credit To Your Customers: A Primer for Small Business Sellers – Understand why extending credit to customers is essential to business growth and how you can use invoice factoring and AR financing to support cash flow.
Best Unsecured Business Loans for Small Businesses 2017 – In this article, we’ll review the best unsecured business loans for borrowers who either can’t or don’t want to pledge personal collateral in order to get a business loan.
BlueVine Video Overview
This video shows how BlueVine works.
BlueVine: Small Business Financing – Get Your Invoices Paid from BlueVine on Vimeo.
Popular Integrations
When choosing a financing solution, it’s important that it integrates with other applications your business is currently using. Here is a list of some of BlueVine’s popular integrations.
Top BlueVine Alternatives
Not sure if BlueVine is the right alternative financing or lending option for your small business? Check out our best invoice factoring buyer’s guide or check out one of these three BlueVine competitors.
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|---|---|---|
| View TCI Business Capital Review | View altLINE Review | View Paragon Review |
Leave a Review
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Ryan Fishoff
They are very responsive on the phone and working with you to make sure things are attended too
they have a lot of turnover. we are one our 4th account manager in a year. because of the nuance our industry, this makes challenging sometimes when we’re under gun to get something out
lack of experience in my industry
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Paul
My experience with BlueVine was fantastic in every respect. I had received multiple offers through QuickBooks financing and BlueVine and the best offer. The interest rate was reasonable, customer service was exceptional, everyone I don’t with was terrific. The line of credit is now paid back, with our new line of credit double what it was at the onset.
Nothing!
Everything was disclosed upfront.
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Eric Yingling
I was originally a factoring client of bluevine and the experience was positive. They started to offer flex credit (creditline) and I started using that service, initially with good results. But over time, the Bluevine became completely unreliable and vague in their reasoning for not allowing credit or certain credit limits.I have been using Fundbox since, and without incident.
Offer consistent service.
How inconsistent their credit line approvals would be. One month our fund request would be approved, next month denied, next month approved. They are unreliable.
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Linda
We are a new painting company that won a large (for us) contract of $300k. I found BlueVine during a very stressful time but they made it possible for us to complete a project when the client moved the completion date up 6 weeks requiring us to bring in more resources to complete phases simultaneously. Without BlueVine, we would not have been able to complete the project and our company would have definitely been ruined.
Then our client had issues with processing the outstanding invoice on the date expected but with BlueVine’s flexibility for the repayment date (3 weeks), we were able to address these issues and pay a very demanding subcontractor.
BlueVine’s processes were clear, transparent, and fast. Although the cost may seem expensive, it was a bargain compared to the cost of potential litigation and losing my company. My banker has scoffed at the cost but BlueVine was able to process a loan in days versus his timeline of weeks.
After paying the first invoice, BlueVine doubled my limit to $200k! The second invoice was processed and funded the same day. As a relatively new business, this was also unexpected and awesome. Having the ability to do this online was also wonderful – I was putting in long days, 7 days per week, but could complete the process on my tablet any time of the day or night and from any location and still be present on the job.
I tried to send my rep Caroline flowers for all her help during this process but sent a bouquet of virtual flowers.
Thanks BlueVine!
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