Authored by Phil Cohen
Did you know you can maximize your cash flow, even if you have clients who take 30-60 days to pay? It may seem impossible, but you can maximize your cash flow and grow your business with payroll funding. No more putting your company’s growth on hold when you can have cash in hand within 24 hours.
Basics of Payroll Funding
Payroll funding is when a company sells outstanding client invoices to a factoring company. In exchange, the factor provides a cash advance up to 90% of the invoices’ values. The rest of the money is put in a reserve account to be paid out once the clients pay. A small factoring fee is taken out of the funds in the reserve account. The application process is simple and you can still qualify even if your business is a startup or has poor credit. There are no long-term contracts and you can factor as many or as few invoices as you would like.
Benefits of Payroll Funding
When you are short on cash, time is of the essence. A traditional bank loan can take weeks for approval and funds disbursement. Payroll funding is a much quicker process. Approval for payroll funding typically happens in 3-5 days and you will have access to cash within 24 hours of approval. Since payroll factoring is using the money your company has already earned, it is debt-free financing. Without long waiting times and paying high interest rates, you can focus on hiring more employees, purchasing equipment and growing your business. Maximize the use of your cash with payroll funding.
Get In Touch with Factor Finders
Maximize your cash flow with payroll funding. Contact Factor Finders today and we will respond within minutes. Get the cash you need quickly to grow your business.