Considerations When Selecting A Payroll Funding Company

by | Oct 2, 2015 | Business

When your business is your people, as you find in any type of staffing company, payroll is the biggest cash drain on your company. When you are working with business paying on a 30 or 60 day invoice and your staff is paid weekly or bi-monthly, making payroll can become a serious concern.

To grow your company, or to have the ability to hire for new contracts and opportunities, working with us as your payroll funding company can provide an answer to this cash flow problem. Unlike traditional bank loans, there is no interest and no hidden fees, making the process very streamlined, simple and easy to manage.

Capital Options

Starting a new staffing company or expanding an existing company takes capital, and you may be in a holding pattern waiting for invoices to be paid. Even if your staffing contracts are with highly reputable companies, your bank is not going to use these accounts receivables in your asset column for a bank loan.

Borrowing from friends and family is always a bad option, and mortgaging your home leaves you in a vulnerable financial position. Through our payroll funding company, we can provide funding for the capital you need based on those closed and pending payment accounts receivables.

How it Works

Every factor, or payroll funding company, will have a different fee structure. We do not charge any fees other than our rates, which are clearly explained and our application process is very simple. Once you are approved, which will be within 24 hours with our factoring service, you will determine which invoices or accounts receivable you wish to sell.

We will then transfer the funds, less a set holdback amount, into your account within seven business days for the first transaction. We hold the remaining amount in an account you can access 24/7, until your staffing client pays the invoice.

Once the invoice is paid in full, we will detect our pre-set rates and return the residual of the payment to your account. You can go online anytime to check the status of all your invoices to allow you to plan for your business.

We will work with you to ensure we are assisting you in any services you may require with regards to your cash flow management.  In this way, we can help you to grow and develop your staffing company to its fullest potential.

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