BlueVine Review – Small Business Banking
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BlueVine’s mixture of business checking, lines of credit, and invoice factoring provide a helpful solution to smooth out small business' monthly expenditures.
9/10
Features
9/10
Cost
8.5/10
Service
9/10
Ease of use
9/10
When running a small business, it's important to have the ability to fund your operations. If you’re just looking to get started as an entrepreneur, you likely have a long list of business banking needs — whether that’s opening a business checking account, securing necessary lines of credit to fund new product development, or purchasing a retail space.
BlueVine offers business owners various services in the financial tech sector as a platform for addressing many of these business financing needs. Learn more about how it aims to help small business owners below, the pros and cons of opening up a BlueVine account, and how it stacks up against the competition.
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What is BlueVine?
BlueVine was started in California in 2013 by Eyal Lifshitz, Nir Klar, and Moti Shatner to provide small businesses, startups, and even mid-sized companies with online banking services and financing options.
Invoicing tools, especially invoice factoring, are also a major service provided by BlueVine, as one of the founders was inspired to start the financial tech company after seeing how a relative’s physical therapy company struggled to maintain an adequate cash flow waiting for insurers to fulfill unpaid invoices.
One of BlueVine’s major goals as a company is to simplify how small business owners use and take advantage of services associated with their bank accounts. Unlike traditional banks, BlueVine business accounts and services are offered completely online.
Since 2016, BlueVine has raised an impressive amount from venture capitalists and other funding rounds, making it a hot company in fintech. The company also participated in the federal Paycheck Protection Program created in response to the coronavirus pandemic. BlueVine funded over $8.9 billion in loans to more than 300,000 small businesses.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
How does BlueVine work?
Thanks to a simple online form, getting started with BlueVine is relatively straightforward. You’ll start by heading to its website and clicking “Get Started.” From there, you’ll choose between opening a business checking account or applying for small business loans through its Paycheck Protection Program.
Opening a business checking account with BlueVine
The process is quite quick if you open a business checking account. You’ll start by filling in some information about your account, including your first and last name, mobile phone number, and email address. You’ll also create a password and agree to BlueVine’s Registration Terms.
After completing that step, it’s time to fill out some information about your business. Some of the business details you must include in the account creation process include your business name, address, and trade name, if any. You must also include details about your industry, what sort of business entity you’ve formed under, and your annual business income.
The final information to include is your Employer Identification Number or Social Security Number, which helps BlueVine verify your identity and speed up the application process. You can complete your business checking application with BlueVine in just a few minutes.
How much does BlueVine cost?
Checking account fees
BlueVine’s checking accounts come with zero monthly fees, making it an attractive option for business owners who don’t want to waste money on banking fees. Additionally, BlueVine doesn’t charge any wire fees on incoming wire transfers or Automated Clearing House (ACH) payments, unlike other online banking options. However, you will pay a $15 wire transfer fee on outgoing transfers. In addition, the business checking account doesn't have any overdraft fee, and you can get interest of 2%
BlueVine even offers surcharge-free ATMs at over 37,000 locations through a partnership with Money Pass at any Green Dot location.
Business line of credit fees
When it comes to the cost associated with opening a business line of credit through BlueVine, interest rates and credit limits will vary based on your credit score. Interest rates start as low as 6.2%, and BlueVine won’t charge you prepayment, maintenance, or fees if you close your account. The company is offering credit lines of up to $250,000.
Invoice factoring fees
Invoice factoring lets you leverage unpaid invoices to access more working capital for your business. BlueVine’s invoice factoring rates start as low as 1.15% per month, so unlike other term or small business loans, you don’t lose much money paying interest.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
BlueVine features
BlueVine offers several different services that small business owners will appreciate as they look to improve their company’s cash flow and strengthen its longevity. Here’s a quick overview of some of BlueVine’s best features.
Invoice factoring
As has been mentioned before in this review, BlueVine’s invoice factoring is a key component of the services it offers. BlueVine can generally approve invoices factoring in under one business day, making it an excellent way to access a larger credit limit by leveraging outstanding invoices if your available credit is tied up.
Applying for invoice factoring online is simple and only takes a few minutes. After your application has been approved, you can submit invoices and receive 80% to 90% of the value of that invoice as an advance. Once your vendor has fulfilled their guarantee and repaid the invoice, you’ll get the remainder of the value minus BlueVine’s fee.
Integration with popular accounting software
One major benefit of using BlueVine for invoice factoring is that it integrates with your accounting software. By integrating with a platform like Quickbooks, you can automatically synchronize your invoice factoring while still controlling which invoices you do and don’t want to tap for a little extra working capital.
Robust business checking
BlueVine goes beyond what other online business checking accounts may offer by being upfront and transparent about its fees. BlueVine offers live customer support dedicated to its services, no monthly fees, and the ability to earn 2% interest on your bank account balance up to $250,000.
With a BlueVine business checking account, you’ll get a business debit card wherever you go. Thanks to a partnership with Money Pass and Green Dot, you can access ATMs for cash deposits or withdrawals at over 37,000 locations. You don’t have to maintain a minimum balance, and you will get two free checkbooks when you open your free account.
Lines of credit
BlueVine offers lines of credit for six or 12 months, depending on your eligibility. The most you can qualify for is a credit limit of $250,000 in either case. To qualify, you must have a credit score of 625 or more. Your business must have operated for at least two years, generating at least $40,000 a month in revenue. However, the company doesn't offer lines of credit in Nevada, North Dakota, and South Dakota. Funds are delivered in a few hours, and weekly repayments are automatically debited from your bank account.
Who is BlueVine best for?
Small business owners
With easy-to-use online tools and a simple, fee-free setup process, small business owners can reap many benefits from opening a BlueVine account. BlueVine’s business checking accounts are FDIC-insured. The Better Business Bureau and customer reviews on TrustPilot have recognized BlueVine as having dozens of features that make small business owners’ lives easier.
Companies that rely on invoices
If you’re a business that relies on vendors paying their invoices on time to cash your operations, BlueVine’s invoice factoring services will also be a major boon for you and your company. Invoice factoring allows you to access up to 90% of an invoice before it’s paid for a nominal fee. So, if you have one or two clients who are regularly late with their payments, it might be worth looking into invoice factoring through BlueVine to smooth out your income.
Who shouldn’t use BlueVine?
Certain industries
While BlueVine’s business banking services are great for many industries, two business sectors aren’t eligible to take advantage of any of BlueVine’s services. If you run a non-profit organization or are in the financial tech space, you can not use BlueVine’s platforms and services.
Businesses that aren’t U.S.-based
If you’re not located and operating your business in the United States, you won’t qualify for BlueVine’s invoice factoring services. Additionally, if you’re currently located in Vermont, North Dakota, or South Dakota, you won’t be able to qualify for any lines of credit from BlueVine; however, you’ll be able to use its business checking and invoice factoring.
Better banking is here.
- No account fees
- Earn up to 4.50% APY
- Up to 2-day-early-paycheck
- No-fee Overdraft Coverage.
- Do it all in one app.
- Up to $2M of additional FDIC insurance through a network of participating banks.
Pros and cons
Pros
- Easy to get started. Setting up an account with BlueVine is fast and simple. Plus, its user interfaces within its banking platform and invoice factoring are clean and straightforward.
- Multiple services from one company. BlueVine offers funding, invoice factoring, and business checking, all under one online roof. This means you have one less vendor or platform to learn and deal with, simplifying your accounting workflow.
- Fast disbursement. Funds are generally available in under a business day, meaning you can access your credit and other financing options quickly. Especially in a world where small business owners must be increasingly agile, this is a major pro.
Cons
- Interest rates can get high. Depending on your credit score, you may pay a pretty penny in interest for your funding. Especially on the higher end of interest rates you may be better off seeking financing from a different funding source.
- No financing options for VT, ND, SD. If you currently own and operate your business in Vermont, North Dakota, or South Dakota, you’re out of luck when it comes to using BlueVine's services.
BlueVine vs. American Express Business Blueprint vs. Fundbox
Feature | Max line of credit | Invoice Factoring | Available in all 50 states | Business checking |
BlueVine | $250,000 | Yes | No | Yes |
American Express Business Blueprint | $250,000 | No | Yes | Yes |
FundBox | $150,000 | Yes | Yes | No |
American Express Business Blueprint
As a financing option for small businesses, American Express Business Blueprint offers a similar credit limit to BlueVine at $250,000. Kabbage is also available in all 50 states, unlike BlueVine. That being said, Kabbage doesn’t offer invoice factoring services.
FundBox
FundBox offers invoice factoring services and lines of credit; however, the maximum lines of credit you can get through Fundbox are only $150,000, considerably less than BlueVine offers. Even so, if you don’t need business checking and want a financing option available in all 50 states, FundBox is worth considering.
FAQs
Are BlueVine accounts FDIC insured?
Yes. BlueVine business checking accounts are insured up to at least $250,000 by the FDIC.
What qualifications must be met to use BlueVine’s invoice factoring?
There are a few different factors that BlueVine weighs when determining eligibility for invoice factoring services. For starters, your business has to have been operating for a minimum of three months. You’ll also need to show that you have at least $10,000 worth of monthly income as well as a minimum credit score of at least 530.
Is invoice factoring similar to a loan?
No. A loan involves repayment terms and invoice factoring is a form of financial advance. Instead of paying your invoice directly, any vendor or client whose invoice has been subject to an advance through invoice factoring will instead pay you through your BlueVine account. As long as your invoice is paid on time, you won’t owe any extra fees beyond the percentage BlueVine takes as part of your advance.
Is Bluevine legit?
A separate debit card, checkbook, or credit card for your small business can simplify accounting. Online banking offers many advantages thanks to lower costs and less overhead associated with operating an online bank. Especially as companies get increasingly digital, the necessity of a physical banking branch you can visit is becoming less important.
If your small or mid-sized business is looking for an online business banking solution, BlueVine is worth considering. BlueVine’s mixture of business checking, lines of credit, and invoice factoring can provide a helpful solution to smooth out your monthly expenditures, particularly if you use invoices or struggle to maintain cash flow.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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