Get Your Payroll Funded!
Even the most successful companies sometimes fall into a cash crunch. Don’t let a minor setback derail your entire business – instead, look to Maryland payroll funding to ease the strain! Businesses of all sizes and stages in Baltimore, Columbia, Silver Spring and beyond can benefit from a steady source of cash flow thanks to payroll funding.
How Can Payroll Financing Grow Your Maryland Company?
Payroll financing, also known as payroll factoring, is an alternative funding method in which you use your existing accounts receivable to access immediate cash. Use that money to cover payroll, pay down other expenses, or invest in other areas of your business. The flexibility of payroll financing through invoice factoring allows you to get cash when you need it rather than when a bank chooses to disburse it.
Unlike a traditional business loan, factoring payroll is not a debt on your balance sheet. Rather, a payroll funding company will purchase the rights to your open invoices and advance you between 70 and 90 percent of their value, collect the amount due directly from your customers, and send you the remainder minus a small factoring fee.
Easy Qualification & No Hidden Fees
Qualifying for payroll funding can take as little as 3 to 5 business days with the proper paperwork. A Maryland factoring company will guide you through each step of the due diligence process and can provide expert advice when customizing your payroll financing agreement. Once you are approved, you can receive cash for your unpaid invoices within 24 hours of verification! Factor payroll as often as you need to keep your cash flow steady. Bad credit? Lack of credit? Not a problem! Factoring companies base payroll funding decisions on the credit of your clients, not your personal or business credit history.
Payroll Financing Welcomes Startups
If you have poor credit or a limited credit history, or if you are a start-up, payroll funding is still an option for you! Many of our partners specialize in the special business needs of start-up companies, and because funding payroll depends on your customers’ creditworthiness and payment history it will not negatively impact your credit score. In fact, by taking advantage of early-pay discounts and using your cash to pay down expenses, you can actually improve your credit!
In addition to the above, choosing payroll financing gives you access to administrative support from the factoring company, from credit verification for your customers to collections efforts on aging invoices. Many payroll funding companies offer online reporting as well, all of which will save you time and money that you can apply to other areas of your business.
Same Day Funding for Payroll
It's easy to get started. Contact us today! 855-322-8671
Payroll Funding Companies for Any Maryland Industry
Factor Finders has a large network of factoring companies in Maryland and throughout the U.S. that provide superior service to companies in nearly every industry. They are accessible, knowledgeable, and will give you the peace of mind you need when seeking financing. Our partners provide funding to industries that would particularly benefit from Maryland payroll funding, such as: