If you have any reservations about applying for payroll funding with Factor Finders, it helps to get a better look at some of the benefits that a payroll funding company can provide. Assuming that your customers are financially responsible and you have not promised your invoices to another lender, it is very likely that your company will be approved for payroll funding.
Benefits of Payroll Funding
Payroll funding gives you This means that you will receive a cash advance, allowing you to pay for worker’s compensation, payroll, employee benefits, and other payroll needs. Receiving the cash you need when you need it, although vital, is only one of the many benefits you can gain by working with a payroll funding company:
Easy Access to Capital
With payroll funding, many of the stipulations that would disqualify your company for other types of financing are not present (i.e. good credit rating, profitable operating history, personal guarantees, etc.), which simplifies the application process.
Firms with bad or no credit still have a good chance of qualifying for payroll funding. This makes payroll funding a great option for a start-up company and/or a business going through a rapid growth phase. Even a history of bankruptcy will not necessarily disqualify a company for cash.
Having to wait 30 – 90 days to receive payments can lead to cash flow issues. Large contracts also monopolize much of your working capital. Payroll funding companies solve this issue by giving your business a cash advance of up to 90 percent of the value of your invoices as soon as you issue the invoices.
A company that specializes in payroll funding understands that time is of the essence, and is eager to work with you to get you your cash on time.
After you have established a working relationship with a payroll funding company, advanced payments can be made within hours of verification.
You can easily apply for a no-obligation proposal for advance payroll funding. The process can be completed in under a week, and you will receive all future payments within 24 hours.
Your company can enjoy the absence of any up-front fees for payroll funding services. Payroll funding companies typically get paid when your customers pay on their outstanding invoices. (It’s at that time that the payroll funding company will deduct its payroll funding fee.)
Both start-ups and established corporations can use payroll funding: Capital can be used in place of a loan in order to launch a company, and established businesses can use payroll funding to balance out different seasonal sale patterns.
Account managers will work with you to help retrieve payment for the outstanding invoices that they have purchased, including billing and collecting from your clients.
You can work with your payroll funding company on an individual basis to agree upon terms that work for your cash flow needs.You don’t have to worry about processing and managing your payroll anymore when you work with a payroll funding company. They can do it for you!