For some time now, the practice management Clio has been expanding the capabilities it offers its customers partly through integrations with third-party applications. An interesting integration announced today is between Clio and Fundbox, a service that advances payments to small businesses against their outstanding invoices.
The integration will enable Clio users to instantly clear outstanding invoices and get cash in hand. Essentially, users are establishing a line of credit with Fundbox based on the firm’s health and invoice history.
The press release announcing the partnership does not say what it will cost to get a cash advance. The Fundbox website says that advanced are repaid over 12 weekly installments and that a clearing fee is charged for each advance of from $52 to $72.
Fundbox leverages deep data analytics to accelerate cash flow and clear invoices for small business. The Fundbox risk engine taps into numerous data signals within its network to assess customers and invoices for risk automatically and instantly, allowing small businesses to choose which invoices to clear with a single click.
At least two other Clio integrations were also announced today:
LawToolBox Deadlines for Clio, which allows Clio users to pull up their matters from within Office 365 Outlook in order to calculate court deadlines and add them to their Clio calendars. (See the press release here.)