Georgia Payroll Funding
Running a successful company isn’t such a peach when you have to wait up to 120 days for payment from your customers. Georgia payroll funding can close your cash gap and keep your business running smoothly!
How Does Payroll Funding Work?
Payroll funding, also known as payroll factoring, turns your open accounts receivable into immediate cash that you can use to purchase supplies, upgrade your office, or invest in expanding your business. An invoice factoring company that serves your industry will verify and purchase your open invoices, advance you a percentage of the face value and send you the remainder when your customer pays the invoice.
Georgia Payroll Financing vs. Bank Financing
While small businesses, start-ups, and companies with poor credit may have difficulty qualifying for a conventional loan through a bank or credit union, they can begin a payroll funding relationship with a streamlined approval process free of the many hoops that loans feature. Payroll financing differs from traditional loans in a number of ways:
- Payroll funding is not a loan. When you factor your invoices, you are actually selling the right to collect on that invoice to the factor in exchange for cash. Because you are basically converting one type of asset into a different type, you won’t create new debt on your balance sheet.
- Approval for payroll financing does not depend on your credit. Factoring companies evaluate your customers’ credit and payment histories when making their funding decisions, because they expect to collect from your customers.
- Get approved in days, not weeks or months. Because payroll funding requires fewer documents and features less stringent criteria, you can be approved in as little as 3-5 business days rather than waiting weeks or months for a decision. Don’t wait any longer for your cash than you have to.
- Payroll funding can help you build your credit. For all of the reasons above, you can use payroll factoring to establish or rebuild your credit rating. Take advantage of early-pay discounts and bring your accounts payable current so you can qualify for future purchases and investments.
Payroll Financing Works for All Types of Businesses
Temporary staffing companies often choose payroll factoring to maintain steady cash flow. However, nearly ALL businesses can benefit from financing payroll. Georgia factoring companies provide payroll financing to a number of Peach State industries, including but not limited to:
- Temporary Staffing
- Small business
….. And many more!
How to Begin the Payroll Factoring Process
All it takes to start the payroll funding process is a short application, copies of your open invoices and a current customer list. Factor Finders will connect you with one of our Georgia payroll factoring companies so you can jump on the fast track to cash flow freedom.
1. Request an online quote
2. Complete application and submit documentation
3. Get fast funding for your payroll
Dedicated payroll financing specialists will walk you through the process and work to get you the cash you need as quickly as possible. If you need a factoring company in Atlanta, Macon, Savannah or elsewhere in the US, contact us today. We’ll help you find the lowest rates and highest cash advances available.
There’s no reason to wait, and no better time to start a payroll financing program. Contact Factor Finders today for a same-day proposal!
Invoice factoring or bank financing – what’s the difference?