Fast Payroll Funding for TX Companies
Don’t let poor cash flow keep your company from continued success! Texas payroll funding gets you the immediate cash you need to run your business.
Whether you employ five, twenty, or one hundred employees, funding payroll is complicated when you have to wait as long as 120 days for payment from your customers. Payroll financing eliminates the wait time and lets you keep your business on track. Funding payroll is a smart financing tool for temporary staffing agencies and small business owners in Texas. In fact, factoring is one of the most popular forms of payroll funding for staffing agencies.
What is Payroll Funding?
Payroll funding is the sale of accounts receivable to a factoring company in exchange for immediate cash. After you complete the payroll funding application, a Texas factoring company will approve you for financing within 3 to 5 days. Once approved, you can start submitting invoices! The factor will advance you between 70 and 90 percent of the value of your open invoices within 24 hours of verification.
Unlike a traditional business loan, payroll financing provides flexibility and a much shorter approval process. Payroll factoring companies make their funding decisions in as little as 3-5 business days with the necessary paperwork; once approved, you can finance your invoices as much or as little as you need to maintain a steady cash flow.
Payroll Funding Helps Texas Businesses Grow
Texas payroll funding through factoring is different from other methods of payroll finance in that it helps you build credit rather than denying you based on your business credit rating. You will not create new debt on your balance sheet, because you are merely converting one asset (your receivables) to another (cash)! Payroll factoring amounts depend on your sales, so as your business grows so does your potential cash flow.
In addition, Texas factoring companies approve your customers for funding based on their creditworthiness and payment history – not yours – so you can build or reestablish credit for making future business purchases.
Finally, payroll financing can help you save even more money when you work with a funder that offers back office support. Let your factoring company run credit on your customers, handle collections efforts, and assist you with other administrative needs to maximize the value for your money and keep your focus on running and building a successful business.
Most Texas payroll funding companies offer open-ended or short-term contracts so you are free to reevaluate your funding needs on a regular basis. Thanks to no minimum volume requirements, startup temp staffing agencies and business owners are welcome to apply.
In today’s economy, your small business can’t afford to be a Lone Star. Contact Factor Finders to find a Texas factoring company that caters to your industry. Our payroll funding partners can begin the approval process with an application, customer list, and your open invoices. Whether you’re looking for a factoring company in Austin or a Dallas factoring company – we can help find the best one for you.