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Bluevine Reviews

Small-medium businesses

Written by Bob Phillips

About Bluevine | Read More

LS Score

Credibility

Support

Accessibility

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Opening Hours

Mon-Fri 8am-8pm EST

Sat-Sun Closed

Contact Information

Support@bluevine.com
888-216-9619
Headquarters: 401 Warren Street Redwood City, CA 94063

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LS Score

Credibility

Support

Accessibility

Visit Site

Opening Hours

Mon-Fri 8am-8pm EST

Sat-Sun Closed

Contact Information

Support@bluevine.com
888-216-9619
Headquarters: 401 Warren Street Redwood City, CA 94063

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Bluevine Business Loans Review

Bluevine offers business lines of credit to small and medium-sized businesses. Lines of credit vary between $6,000 and $250,000 and can be used for all sorts of working capital needs, including salaries and inventory. Also, Bluevine lines of credit are famed for the speed at which they are issued and for the ease of the application process. The terms associated with the lines of credit are shown below.

Bluevine Business Loans Highlight

625

Min Credit Score

Min 6.2%

APR. Fixed Rate

$6K-$250K

Loan Amount

6 or 12 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

24 Hours

Funding Time

$120K

Annual Revenue

6+ Months

Time in Business

Pros & Cons

Ultra-fast funding available
A low minimum credit score of 625
Available to businesses who have been active for 6 months
Only pay for the portion of the line of credit that you use

The rate of borrowing is expensive
Only two repayment terms (6 and 12 months)
The monthly revenue requirement of $10,000 will price out many businesses

Business Loan Types

Business Line of Credit

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Bluevine Business Loans Terms & Requirements

Bluevine offers two different lines of credit, the Flex 6 and the Flex 12. Both have borrowing limits between $6,000 and $250,000.

Firstly, the Flex 6 is for six-month lines of credit and can be obtained by businesses that meet the following criteria:

Your business must be at least six months old
Your business must generate at least $10,000 a month in revenue
Your personal credit score must be 625 or more
You’ll need to have had no bankruptcies within the past year

Weekly payments are made against the drawn amounts in 26 weekly installments.

On the other hand, to be considered for the Flex 12 line of credit, you must meet the following conditions:

Your business must be at least 2 years old
Your business must generate at least $10,000 a month in revenue
Your personal credit score must be 650 or higher
You’ll need to have had no bankruptcies in the past year

Unlike the Flex 6 product, repayments for Flex 12 are in monthly installments.

Repayment rates start from 1.7% for weekly payments and 7.0% for monthly payments. When converted to annual rates, these equate to around 80% and, as such, are very expensive. Therefore, you should shop around for cheaper financing options if they are available to you.

How to Apply

Bluevine has a reputation for extremely quick business credit funding, so we decided to put this to the test and try the application process for ourselves. We headed to the Bluevine website and went to the “Business Loans” tab to get started.

After selecting “Start Application”, we were taken to the initial application screen.

Interestingly, the Bluevine application allows you to link your business’ QuickBooks Online account to the application at a very early stage to speed up the application process. We decided to apply without linking QuickBooks to see how smooth the process was otherwise. After filling in the basic details on the initial form, we were taken to a new screen where we had to enter details about our business.

After entering our company and industry details, we were invited to link our accounting software to Bluevine. There were no other financial requirements, and we found that this really sped up the application process. Plaid is used to connect the accounting software and multiple accounting software compatible such as QuickBooks and Xero.

After linking our bank account, we had to complete the application by giving personal details, including name, address, date of birth, and social security number. At this point, we could choose to apply. A decision was returned within two minutes of us completing the application.

While Bluevine has higher interest rates attached to its lines of credit, we can see why the product is so popular with small businesses. The application process is brilliantly streamlined, and the accounting software integration makes applying for business funding very straightforward.

Qualification Requirements

Must be a US citizen or permanent resident
Be in business for at least six months
Generate more than $10,000 in revenue per month
Have a personal credit score of more than 625

Required Information

You’ll need to provide the following information when applying for a Bluevine line of credit:

Proof of ID
Date of birth
Address
SSN
Amount of funding required
Industry type
Company structure
Tax ID number
Incorporation date
A link to your accounting software

Application Steps & Time Frames

Applying for a business line of credit with Bluevine took minutes, and it could be argued that its application process was best in class. The accounting software integration was seamless, and the decision was returned in minutes. Once approved, funding was available within 24 hours. All in all, the application time frames were must quicker than average for business loan funding.

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming,

Not Available - Nevada, North Dakota, South Dakota,

Bluevine Online Banking Review

Bluevine Business Banking was built to empower small business owners with innovative financial solutions designed for them. They make it easy to get paid, send payments, track balances, and stay on top of cash flow. With 2.0%-4.25% interest back on balances, no monthly maintenance fees, no NSF fees, and no minimum balances, they aim to deliver a better Business Banking experience.

Bluevine Online Banking Highlight

No minimum

Min Deposit

MoneyPass & Green Dot Networks

ATM Network

Yes

Other Fees

Business Online Banking

No minimum

Min Deposit

2.00-4.25%

Min APY Business

Pros & Cons

2% interest credited on account balances up to $250,000
No minimum deposit or maintenance fees
No insufficient fund fees or ATM fees

Customer support only available during set business hours
A deposit fee of $4.95 per deposit at Green Dot locations
No physical banking locations

Account types

Business Checking
Business Savings

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APY's

Starting March 1, 2023, eligible customers can earn interest on higher balances. Specifically, customers with Business Checking accounts can earn up to 4.25% APY on their total balances up to $250,000. This is an increase from the previous cap of $100,000, which means customers can now earn up to $5,000 per year in interest. This new APY is significantly higher than the national average by 30 times.

However, customers will need to meet one of the two following monthly requirements to qualify for this offer:

They will either have to spend $500 per month using their Bluevine Business Debit Mastercard® at all the places where Mastercard® is accepted
Or receive $2,500 in customer payments per month into their Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from their merchant payment processing provider.

Features Benefits & Rewards

Unlimited fee-free transactions
Fee-free ATM access through MoneyPass
Free interest-earning business checking account
Online & mobile account management
Receive Payments via ACH and Wire
Send Payments & Pay Bills via ACH, Wire, or Check
Bill Pay with Credit Card
Bluevine Business Debit Mastercard® with contactless payment
Up to 5 sub-accounts (6 total accounts) to easily manage budgets for taxes, payroll, and more
FDIC insurance up to $3M through Coastal Community Bank
Sync transactions to QuickBooks Online

Features of Bluevine Business Checking:

View balances and transactions
Deposit Checks (mobile only)
Receive Payments via ACH and Wire
Send Payments & Pay Bills via ACH, Wire, or Check
Bill Pay with Credit Card
Schedule one-time & recurring payments
Transfer Funds between accounts
Lock and unlock Bluevine Business Debit Mastercard® instantly, for added security
Biometrics login via Face ID or fingerprint touch (mobile only)
Set alerts and stay updated on account activity

Account Types

Blueline offers only business checking accounts. They do not offer savings accounts, Certificates of Deposit (CD), Money Market Deposit Accounts (MMDA), or any other type of business bank account.

In addition to offering business checking accounts, Blueline also provides small businesses revolving lines of credit and bill pay services.

Account Type	Key Features
Business Checking	4.25% APY for Premier customers, 2.0% APY for Bluevine Standard tier customers Premier customers get 4.25% APY without minimum qualifications Standard-tier customers earn interest on balances up to $250,000 by spending $500 per month on their debit card or receiving $2,500 in customer payments. No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees, or overdraft fees. Live customer support from dedicated professionals Unlimited transactions
Line of Credit	No fees for opening, maintaining, prepayment, or account closure Funds available on demand Credit lines up to $250,000
Bill Pay	Bills, transactions, and payee information can be synced with QuickBooks Online Automatically comes with Business Checking Live customer support during business hours

Bluevine is excited to introduce multiple debit cards for authorized users. They have included a high-level overview below:

Multiple Debit Cards For Authorized Users:

Bluevine clients can now issue up to four additional debit cards for authorized users of their Bluevine business checking account, directly from the Bluevine dashboard. Debit cards can be issued to both new and existing authorized users.

Admins will be able to manage multiple debit cards from their main dashboard and will receive email communications for every stage of the debit card flow. They will also be provided with enhanced details for debit card transactions including the transaction initiator.

Bluevine Business Cashback Mastercard®:

The Bluevine Business Cashback Mastercard is the business credit card that fuels your success. Earn unlimited 1.5% cash back on every business purchase and pay no annual fee. Manage your Bluevine business credit card and Bluevine Business Checking account—all from the same dashboard. Purchases will also be applied to the business checking APY qualifications. Right now, the card is exclusively available to Bluevine Business Checking customers through invitation only.

Automatic transfers with sub-accounts:

Manage cash flow with automatic transfers among your main account and its sub-accounts based on rules you set. Automatic transfers ensure strong control over your businesses cash flow and allows you to adequately separate money based on customized rules.

Easy cash deposits and withdrawals:

Withdraw cash from your Bluevine account with no fees at more than 37,000 MoneyPass® ATMs
Deposit cash at 91,500+ locations:
- Add funds to your Bluevine account at 90,000+ Green Dot retail locations or over 1,500 Allpoint+ ATMs

Bluevine Plus:

Bluevine Plus helps small business owners earn higher interest and cut most of their
payment fees by 20% compared. For businesses with higher cash balances and lots of payments to make, Bluevine Plus offers an unparalleled value.

● 3.0% APY for Plus customers

○ Premier customers get 3.0% APY without minimum qualifications

■ Standard tier customers earn interest on balances up to $250,000 by spending $500 per month on their debit card or receiving $2,500 in customer payments.

● Reduced fees from Bluevine Standard on most payment types: check payments,
same-day ACH, domestic wires, international wires
● $3M in FDIC insurance for Premier, Plus, and Standard, 12X the national average
● $30 monthly fee for Bluevine Premier, waived if the following conditions are met:

○ Clients must have a minimum $20,000 balance and $2,000 debit spend on debit card

● Bluevine Standard continues to have no monthly fee

Green Dot	Allpoint
90,000+ retail locations	1,500+ ATMs
$4.95 fee per deposit	$1 fee per deposit + 0.5% of deposit amount
$2,000 daily limit, $7,500 30-day limit	$5,500 daily limit, $7,500 30-day limit

As of March 1st, 2023, Bluevine has introduced Sub-Accounts to aid customers in managing their finances and improving their budgeting. Customers are now able to create up to 5 sub-accounts, in addition to their main account, bringing the total number of accounts to 6. These sub-accounts enable businesses to divide their incoming and outgoing funds for various purposes, such as taxes, payroll, and profits. Each sub-account can be used with direct ACH/wire transfers and dedicated checks. Furthermore, funds held in all sub-accounts are eligible to earn interest.

Bluevine Business Banking has announced an update as of April 2023 that includes international payments for businesses. The service allows businesses to send payments to 26 countries in 8 currencies. The pricing structure is simple and upfront, aimed at helping businesses avoid unpredictable bank fees on international payments. Payments can be easily sent around the world from the Bluevine dashboard, with international payments sent out every business day between 8am-5pm ET, and can be received in as fast as 24 hours. The countries that payments can be sent to include the United Kingdom, China, Mexico, Canada, India, Israel, Japan, and several European countries. For payments sent in USD, the fee is $25 per payment, while for payments sent in foreign currency, the fee is $25 plus 1.5% of the payment.

As of September 1, 2023, Bluevine Business Checking accounts will automatically be eligible for FDIC insurance up to $3 million through Coastal Community Bank, Member FDIC, and their program banks. Bluevine Business Checking account deposits will be spread across multiple banks, including their primary banking partner Coastal Community Bank and a trusted network of program banks. Balances will not exceed $250,000 at any one bank, so your deposits will be FDIC-insured up to $3 million. Customers will be able to see exactly where their money is on their monthly statements. Their program banks are all part of IntraFi’s sweep network. For further information please click here: https://www.bluevine.com/business-checking/fdic-protection

Opening an Account With Bluevine

Opening an account is done online through the company’s website. It is a simple, four-step process:

State Availability

- Available in all states

Written by Bob Phillips

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.

FAQ’s

How long does it take for my funds to be available after I deposit my checks?

Funds become available between 1 to 6 business days after the deposit is made. Customers can’t cancel the deposited check once the depositing process has begun.

Is my account FDIC insured?

Yes, all deposits are FDIC insured up to $250,000 per depositor through Coastal Community Bank.

How do I send and receive money with my Bluevine account?

There are several options for sending and receiving money. Vendors can be paid through ACH or domestic wire transfer. Deposits can be made through a mobile check deposit or a transfer from an external bank account. Outgoing wire transfers are also available.

Customer Support

Bluevine provides a toll-free number on its website for customer support and the choice to communicate with them via email for non-urgent issues. We inquired by email about opening a business checking account and heard back from Bluevine within two hours.

Bluevine representatives are human beings, not bots. We called customer service, and after having to make just two menu choices, we were connected with a live representative. Their reputation for solving customer and prospective customer problems is excellent.

Privacy & Security

BlueVine is a reputable online lender with an A+ rating with the BBB. They’ve been operating since 2013 and have funded over $2 billion to over 15,000 small business owners over the years.

BlueVine has strict policies in place to protect user information, such as the use of secure servers, SSL technology, SSL encryption, and upholding more safety standards required by law.

In Conclusion

Bluevine employees are responsive, and the company has branded itself very well through its website and social media. Its major selling points are its personal service for small businesses, competitive interest rates, and lack of business checking account fees. There are no glaring drawbacks to doing business with Bluevine.

Brand Disclaimer

Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC. The Bluevine Business Debit Mastercard® is issued by Coastal Community Bank, Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Application is subject to approval. No monthly or maintenance fees. Card Replacement Fees and Wire Transfer Fees may apply.

Certain Bill Pay funds, including Bill Pay with Credit Card, are held by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). Banking Services for payments made via ACH or wire from the Bluevine Business Checking Account are provided by Coastal Community Bank, Member FDIC.

Bluevine’s Flex Line of Credit is issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Applications are subject to credit approval. Rates, credit lines, and terms may vary based on your creditworthiness and are subject to change. Additional fees apply.

PPP loans are made by one or more approved U.S. Small Business Administration (SBA) lenders. Loan agreements will identify the issuing lender to small businesses at signing. Qualified applications will be submitted to the SBA as soon as possible. Bluevine does not guarantee that applications will be processed and submitted before PPP funds are no longer available. Approval and loan forgiveness are subject to your availability to meet government-set eligibility requirements.

Certain financing may be made or arranged pursuant to California Financing Law-License No. 6054789.