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PAYROLL FUNDING
What is Payroll Funding?
Payroll funding or “payroll financing” is an advanced payment for the use of payroll purposes. Payroll funding is a type of invoice factoring where a payroll funding company purchases invoices of completed work and advances the staffing firm a percentage of the invoices to make payroll. Payroll financing is mostly equipped for staffing companies that need to pay employees on a weekly or bi-weekly basis.
The problem is, staffing companies don’t get paid by their clients for 30-60 days. Although, payroll funding can also be used for IT, telecom, security guard, service, and other types of companies that need payroll support.
The Payroll Funding Process
Approval
Once your business is matched with one of our factoring companies, a short approval process will begin. Within 3-5 days, your business will be approved.
Payment
Your business will send completed work invoices to the factoring company. The factoring company will then advance you between 70-95%.
Reserve
The remaining percentage will be held in a reserve. Your clients will pay for the invoice, but instead send the payment directly to the factoring company.
Success
Once the factoring company has received your customer’s payments, the reserve will be released back to your business, minus a small factoring fee.
How Payroll Financing Companies Help Small Businesses
Without a constant influx of working capital, it is hard to keep up with a payroll schedule. If your staffing firm or other type of company needs extra working capital to make sure payroll is paid on time, you have come to the right place. Payroll financing companies understand that without money for payroll, your business is risking losing valuable players to your team. Slow paying clients can cause a lot of headache in a business. But we are here to put an end to that. With payroll financing, your business can get advanced funds that can also help your business grow. When your business gets advanced payments for payroll, that frees up working capital so that your business can hire more employees, pay rent, make renovations, or any other expenses.
Payroll Services
Payroll services may also be offered to your business for an additional fee that will take over your payroll duties and disperse payment to your employees. This way your business can put more focus on growing and other important tasks you have put on the back burner.
Fund Your Payroll Today
Back Office Support
Back office support is an additional service that your business can utilize from the funding company. The funding company will take over collections tasks from your customers, provide credit analysis, and host account information in a server just for your business.
Our Marketplace Understands Payroll Needs are Urgent
Why waste your time looking around for the best funding solution when our business knows what is best? We have a large network of payroll financing companies that can get your business the funds it needs to make payroll on time. We are the payroll financing experts you have been looking for.When your business does not have the funds to make payroll, don’t panic. We have the perfect solution for your business right here. Our service is unique because we take the time to find out what makes your business tick. We will listen to what it is you are looking for in a funding company, and then we will partner you with the best PF company based on your industry and niche. We know that small businesses don’t always have the working capital they need to grow. That is why we are here to ensure you will never have to put your plans on hold because of low working capital.
Payroll Funding is All About Flexibility
The beauty of payroll financing is that it is there whenever you need it. Fund as little or as much as you want, whenever your cash flow is low. Payroll financing also offer staffing companies and other industries the ability to customize their service. Payroll financing is start-up friendly and is equipped for permanent placement, and temporary staffing agencies. When your business is tied down with bills and expenses, a little flexibility is the perfect solution. We will put you in touch with the best payroll financing company that we know in minutes. Yep, it’s that fast.
Benefits of Payroll Financing
Start up friendly.
Make payroll on time.
Free up working capital for other expenses.
Get advanced in just a few days.
Fast approval.
No minimum volume requirements.
Helps grow your business.
No long-term contracts.