Financing Solutions for Payroll
To attract the best talent to your company, you have to offer a competitive salary. To retain the best talent, you have to actually pay them! If you’re short on cash for payroll, Factor Finders can help. Payroll financing ensures you’ll never worry about making payroll and can focus on finding the best people to accomplish the work you need.
Many businesses and staffing companies that provide goods or services on credit struggle with covering payroll. Employees must be paid, usually biweekly, and payments from outstanding invoices can take anywhere from 30-120 days to hit your checking account. Payroll is an expense that cannot be ignored, so companies must take measures to ensure they have the cash available finance payroll.
Financing for Staffing Agencies
Financing payroll is a constant concern for the staffing industry, especially as companies take on new clients. That’s why payroll financing is the perfect solution for temp staffing agencies that could use a cash flow boost. In addition to same day payroll financing for staffing, optional payroll and back office services are available. This way, staffing business owners can get back to growing their company. Discover why so many staffing agencies turn to payroll financing companies for their working capital needs.
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 outst Here is how the process works:
- Your company contacts Factor Finders
- We match you with the best payroll financing company for your business 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
Payroll Financing Benefits
- Likely approval; Credit approval based on customers’ creditworthiness
- No minimum or limit on invoice amounts
- No more debt or loans to repay
- Virtually unlimited credit line based on sales
- Extend payment terms to retain current clients and attract new ones