Instant Payroll Funding for Michigan Companies
With more than 20 of the country’s top publicly traded companies calling Michigan home, it is critical for businesses to maintain steady cash flow in order to remain competitive. If your company is struggling to pay expenses because of slow-paying customers, consider payroll funding to close the gap.
Payroll funding is a fast and easy alternative to conventional lending. Through invoice factoring, you can receive immediate cash for your open invoices that you can use to make payroll, pay for supplies and materials, and invest in your growing business. The payroll financing process is simple:
- Complete work for your customer and invoice them as usual; send copies of your open invoices to the payroll factoring company.
- The factor will advance between 70 and 90 percent of the invoice amount to you within 24 hours of invoice verification.
- Use the cash you receive to run your business as usual.
- Your customers will repay the Michigan payroll financing company directly.
- The factor will remit the remaining value of your invoices, minus their fees.
Payroll Financing Provides Debt-Free Funding
Traditional business loans have strict criteria for approval, limits to the amount you can borrow, and stiff penalties for defaulting on payment. In addition, the creation of new debt on your balance sheet can limit your ability to qualify for financing on equipment or supplies you need to run your company.
Payroll factoring is different – there is no debt, because there is no loan to repay. The payroll funding company simply converts your receivables into cash, essentially trading one asset for another. The approval process is faster and less complicated than the loan application process, and can be complete within 3-5 business days.
Moreover, your payroll funding relationship can help you establish or rebuild your company’s credit. The payroll financing company will base their funding decisions on your customers’ credit history rather than yours, and with the fast cash you receive you can take advantage of early payment discounts and keep all of your accounts in the black.
Best of all, there is no limit to your funding potential when you pursue payroll financing! As your business sales grow, so does the line of credit your factoring company is willing to extend. To begin, all you need is a current customer list and copies of your open invoices.
Get Working Capital For Fast Funding
Call Factor Finders to get started! 855-322-8671
Payroll Funding Can Help Your Michigan Business Grow
There are a number of additional benefits to payroll factoring. You can factor as many invoices as you need, as often as you need to keep your cash flow healthy. Also, our factoring partners offer back office support such as credit verification and collections efforts to save you time and money. Our account managers are experts in a number of Michigan industries:
Whether you’re just starting out or you’re a fixture of the state economy, payroll financing is available to you! Contact Factor Finders today to speak with one of our Michigan factoring company partners and to start the approval process.