Payroll Funding in New Jersey
Reap the full benefits of the Garden State’s booming economy and weed out your cash flow concerns with New Jersey payroll funding!
Payroll financing is fast, flexible, and available without creating new debt on your balance sheet. This is because NJ payroll funding companies purchase your open accounts receivable and advance you cash on the invoice amounts – that is, they convert your own assets into a form you can use today! Once you submit an application, you can be approved by a New Jersey payroll funding company within 3-5 business days, and receive cash for your invoices within 24 hours of verification! Factor Finders can connect you with the top payroll factoring companies in New Jersey that specialize in almost any industry.
Payroll Financing Benefits New Jersey Companies
A payroll financing relationship can help you earn even more money by providing administrative support, including credit checks on your customers and collections efforts on your open invoices. Reduce your overhead and focus on building your company with the extra time and money you have on hand.
There are no minimum or maximum amounts to qualify for payroll financing, so you can factor only the invoices you need to keep your company running smoothly and control your costs at the same time. In addition, the absence of long-term contracts gives you the flexibility to reevaluate your payroll funding needs on a regular basis.
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The Process of Financing Payroll
Payroll financing is the perfect solution for companies and temporary staffing agencies who need funding for payroll… and need it fast. Payroll financing means selling outstanding receivables for a discount and getting a cash advance in exchange. Here is how the process works:
- Your company contacts Factor Finders and after a brief conversation, we match you with the best payroll financing company for your funding needs
- The payroll financing company will get you started on the application and funding process, which generally takes only 3-5 business days
- Once approved, your company can begin submitting invoices to finance
- The payroll funding company advances you up to 98% of the amount of the invoice–usually within 24 hours
- Once your client submits payment to the payroll finance company, you’ll receive the remaining amount, less a small percentage
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Why Choose Factoring for Payroll Financing?
Funding your payroll through invoice factoring is not a loan and does not require:
- An extensive operating history: Payroll funding companies work with start-ups and other companies without a long history of profitability. In fact, the structure of this alternative financing method is designed to help fledgling and struggling companies achieve positive cash flow.
- Personal guarantees: Unlike a conventional loan, approval for payroll financing can be granted without pledging your personal assets to cover defaulted amounts. Simply verify that the invoices you submit are true and correct to the best of your knowledge, and protect your company from financial ruin.
- Good credit: You can be approved for payroll funding without excellent credit or the other stringent criteria set forth by banks. This is possible because factoring companies base their funding decisions on your customers’ creditworthiness and payment history, as your customer is the one who will ultimately pay the invoice.
In fact, your immediate access to cash can be the key to building or reestablishing your credit – take advantage of early-pay discounts and stay on top of your expenses so you can qualify to finance future purchases and investments.