Frequently Asked Questions

Click on a question to see our response.


+ What is invoice discounting?

Invoice discounting is a form of short-term borrowing often used to improve a company's working capital and cash flow position. Invoice discounting allows a business to draw money against its sales invoices before the customer has actually paid. -Wikipedia

+ What is FundX?

FundX is an invoice discounting platform providing smart working capital solutions to small to medium Australian businesses.

FundX was founded by David Jackson, an Australian small business builder and investor, and includes highly experienced banking, consumer and technology executives as advisers, shareholders and team members. FundX also has several institutional shareholders, including BlueChilli and 8capita from Singapore.

FundX is also a signatory of the Banking and Finance Oath.

+ Who is FundX for?

FundX is tailored towards a wide range of businesses, including freelancers, contractors, wholesalers, manufacturers, labour hire companies, and much more. Click here to see if FundX is right for your business.

+ How is FundX different from other lenders?

We recognised the real need for small businesses to access cash fast, to grow and become independent while realising their full potential.

FundX is focused on helping small businesses grow and prosper by offering fast and flexible funding of individual invoices. We don’t try to lock you into long term contracts or charge any upfront or hidden fees and ongoing charges.

Getting started

+ Am I eligible to use FundX?

You need to meet a few basic criteria to start using FundX;

  • FundX is only available to Australian registered companies and ABN entities (ie those with a valid Australian Business Number at this stage)
  • The Business must have been operating for at least 6 months
  • Business annualised turnover must be a minimum $100,000
  • The Directors of the company must have an acceptable credit history

+ How do I open an account?

Its free, just provide your contact details and select the link to your accounting app, and we’ll do the rest. No upfront fees, no ongoing charges, no early repayment fees, no hassles. Its simple!

+ Why do you need to connect to my accounting software?

We connect to your accounting software so that we can understand your business and assess the funding that we can appropriately provide. This of course safeguards FundX, but also prevents your company from becoming over-extended.

+ What if I don’t use a cloud accounting system?

We can still work together, but we’ll need to ask you for your Financial Statements, Bank Statements and Ownership details to conduct our advance assessment.

Your funding

+ How do we decide on how much to advance on an invoice?

We consider a wide range of factors when deciding on an appropriate advance. These can be summarised as;

  • The financial “health” of your business
  • Your past invoice performance in terms of outstandings and collections
  • The credit performance of your company’s Directors
  • Typically we aim to FundX 100% of all invoices

+ How is the advance rate (%) determined and calculated?

We determine the advance rate based on our assessment of the business, and also the invoice itself.

The advance rate is calculated and expressed as a % of the total advance and is charged weekly.

+ What are the repayment terms?

FundX advances are provided over a maximum term of 3 months.

FundX advances are repaid in up to 12 weekly instalments direct debited from your bank.

+ What if I miss or am late with a payment?

We will work with you to understand the reasons for the late or missed payment, and try to help you correct the problem wherever possible. While you are “in default” the advance rate is increased to recognise FundX’s additional costs in managing the advance.

+ What if I repay my advance early?

With FundX you can repay your advance at any time, subject to a minimum 4 weeks advance, without any additional early repayment fees or charges.

You will only pay the advance rate % up to the week in which you repaid the advance.

+ What happens if an invoice isn’t paid?

When an invoice is not paid by a customer, you still have an obligation to repay the advance with FundX from other sources.

+ What are your fees and charges?

FundX does not levy any upfront fees or charges.

The FundX advance rate is from 2% monthly, depending on our assessment of the business and the invoice being considered. Fundx will advance 100% of the invoice value.

We reduce the advance rate in line with our experience with a company.

Your Privacy

+ How do you protect my information?

FundX stores customer data electronically on secured computer hardware.

Your data is kept secure and private using the highest standards available. We do not share data with third parties.

+ Do you share my information with anyone?

FundX does not share customer information with any third party.

We will only disclose information if compelled by law.

My Business

+ Which invoices are eligible to be FundXed?

  • The minimum invoice amount that can be FundXed is $1,000
  • The invoice payee must be a business (unfortunately we can’t accept individuals or consumers)
  • The invoice is not in dispute
  • The invoice cannot be with an associated or related party
  • The invoice must have a payment term of less than 12 weeks
  • The invoice cannot be past due

+ Will my customers know I am using FundX?

No – we do not disclose our relationship to your customers.