Pennsylvania Payroll Funding

Pennsylvania Funding Solutions

If your Keystone State business is floundering from slow payers and low funds, a Pennsylvania payroll funding company can provide the infusion of cash you need to succeed! Payroll funding through invoice factoring can revitalize even the most troubled business. A fast and simple approval process means you can begin factoring payroll and get cash more quickly than through a traditional bank loan.

How Does Payroll Funding Work?

Factoring is an alternative method of payroll financing. A factoring company will purchase your open invoices and advance you immediate cash against their value. Your customers will pay the factor directly, saving you the time and effort of pursuing collections, and in the meantime you have cash to cover your payroll and other expenses. Here’s how it works:

1. First you’ll be matched with a factoring company that will send you a brief application and get you approved.
2. Then, you may continue to invoice your customers for work performed and send copies to the payroll funding company.
3. The payroll factor advances you 70 to 90 percent of the invoice within 24 hours, depositing funds directly into your bank account.
4. You conduct business as usual, and may submit more invoices in the meantime.
5. As your customers pay the factoring company, you will receive the remainder of your invoices minus the factor’s fees.