What is Payroll Funding?
Payroll funding is a financing solution that is a great fit for staffing companies looking for longer payment terms and more liquidity. Find out how your company ...
Staffing Payroll Loans – Do I need a payday loan?
Payday loans are an accessible solution for those that have found themselves in a financial bind without access to other means to acquire cash quickly. If you’re in a position where you think you need a payday loan, answering the questions below could help you decide if this is the best decision for you.
How will I use the money?
Single pay loans should be used for emergency or required expenses. We recommend that customers aren’t using single pay loans to pay for expenses or items that are not urgent. Payday loans were created to help consumers out between paychecks, hence their name. This is another viable reason to use a payday loan; if you’re struggling to make it to your next paycheck and are concerned you will overdraft your account. You can get a payday loan to avoid the fee and pay it back once payday arrives.
For example, if your car breaks down and needs an urgent repair in order to run properly or you’ve had to make a sudden trip to the emergency room and can’t pay the fees out of pocket, these are both great reasons to utilize a single pay loan.
On top of having the best rates, conventional business loans and lines of credit offer staffing companies with extended terms which allows staffing companies to have the maximum amount of cash on hand to pay for expenses like payroll funding and hiring employees. Rates: 5-10%; Terms: 1-10 years
Funding payroll can be tough without constant cash flow. Your clients pay within 30 days, but your employees need to be paid sooner. If your business needs funding for payroll, you’ve come to the right place. Factor Finders has been delivering flexible staffing payroll funding to small businesses for decades.
Maximum Cash Flow for Payroll Advances and All Temporary Staffing Expenses; Full Payroll Services Upon Request; Unlike a small business loan, a payroll factoring line will maximize your working capital without adding debt. Factoring brokers know that factoring is an excellent and flexible small business financing tool for temporary staffing ...
Payroll loans and payroll factoring sound similar, but there are several key differences between the two that can have a long-term impact on your company’s ability to do business. Which one is right for your small business? Payroll Loans. Payroll loans include short-term loans and business cash advances.
Payroll funding is designed to help you manage the demands of payroll. Unlike a bank loan, it offers ongoing support. In the staffing industry, this is incredibly important. Staffing is often a cash-negative business, with salaries and subcontracting accounting for more than 85 percent of operating costs. The more you grow, the more money you ...