Autobooks Capital application process

Learn how you can use Autobooks Capital to keep your business growing

Have you ever found yourself short on cash when you need cover an expense? Like:

• You're gearing up for a busy summer season, where you'll make the bulk of your revenue. To get ready for the season, you need to purchase about $10,000 worth of supplies and materials but your account balance is at its lowest of the year until summer arrives.
  
  OR
  
  
• You've just landed a contract for a big order. You need to stock up on supplies to fill the order, but you're getting only half of the contract payment up front which doesn't quite cover your costs.

With Autobooks Capital you can draw an advance to cover these upfront expenses, then repay the advance on a set schedule (or repay it in full once the revenue comes in). You can draw on your capital advance line as needed; your job schedule can continue without any cashflow bumps.

Autobooks Capital is a credit offering based on your anticipated future receivables. We will advance funds up to your advance limit, in exchange for a weekly payment. The weekly payment is used to pay back the amount you advanced, including an Advance Fee (the amount of the fee will be disclosed prior to completing your advance request). 

How to apply

If you're eligible for an Autobooks Capital advance line, the application process is simple. Just navigate to the Capital tab, then follow the prompts to formally apply (if you don't see the Capital tab, we're not able to offer you an advance line at this time).

Once you submit your application, you may be asked to verify some application information or upload a document. You'll receive an email notification if additional information is needed, along with instructions on how to proceed.

You'll be notified via email once an approval decision has been made. You'll also see information about the approval decision within Settings > Account Status.

Your advance line limit is determined by your business transaction history and cash flow, among other considerations. If you'd like to request a higher advance line, give Autobooks Support a call.

How Capital works

If you're approved for Autobooks Capital, you'll see the total amount of your cash advance line in the Capital tab.

Taking a draw from Autobooks Capital

Think of your advance line like a line of credit. You're able to draw out money as you need it, but the total dollar amount of your draws can't exceed your line limit (much like a credit card limit).

You can choose to draw out the entire advance line at once, or take multiple smaller draws as needed. Each time you draw funds, a repayment schedule is calculated and the terms are displayed to you prior to completing your draw. You'll always know the repayment details up front. 

You're able to have multiple draws and active repayments against your advance line at once. The total dollar amount of all advances cannot exceed your total advance line, however. Your Capital Advance dashboard will indicate if you have money available for draws.

Repayment of draws from Autobooks Capital

Draw repayments are debited from the account you've connected to Autobooks weekly, typically on Thursdays or Fridays. If you have multiple draw repayments, the total repayment amount will be lumped together and debited in one transaction.

You can view your draw activity and draw history in the Capital tab.