Best Payroll Funding Company

What is Payroll Funding?

What to Do if You Can’t Make Payroll? Payroll Finance Services for Small Business Funding

Can I Use Bankers Factoring for Payroll Finance for My Staffing Company?

Small business operating costs can be substantial. Payroll and HR are both costly and time-consuming. And if your cash flow doesn’t line up with your expenses, this can make matters worse. Payroll can be your largest cost, and workers want to be paid on time. We understand that sick feeling when it is time to run payroll, and there is not enough money in your business banking account to cover cash flow and pay employees.

Bankers Factoring Company understands how many business owners have payroll needs. We can help with our payroll finance funds.

Small business payroll services financing from Bankers can get you over that weekly payroll hump. We can interface with whatever payroll software you use, and we are agnostic when it comes to our small business payroll funding and your choice of payroll service providers for small businesses.

We have partnerships with all the top full-service payroll providers, so pick the best payroll software provider while we give you the best payroll financing service. Combined, your company gets the best payroll funds solutions from one of the few award-winning factoring companies.

And if you can’t make payroll, you can be in violation of the Fair Labor Standards Act (FLSA). FLSA violations can be quite severe and can put your business and you personally as the business owner in financial jeopardy if you don’t have the money to pay your employees. That is why turning your good accounts receivable into same-day working capital can help your business survive and thrive versus missed payroll issues.

Funding Payroll Help for Small Businesses

Payroll funding is a form of accounts receivable (A/R) financing specifically designed to help companies make payroll before they can collect on their aged A/R from their customers. A cash advance of up to 93% is available on your outstanding invoices to creditworthy customers. This is not just available to staffing companies, as Bankers is the payroll funding provider for many industries based on their creditworthy clients.

Whether you are using Paychex, ADP, Square, or Newtek payroll services for small businesses, we can fund them direct for your company. And no matter what payroll service provider you choose to process payroll, we can fund your online payroll so you stay current on your payroll tax filing and tax laws. We want to be your funding payroll solution with your choice of a payroll service company. We get you fast working capital, and your payroll solution provider helps you with tax forms, HR support, garnishment payment service, and employee benefits.

Banks Loans for Payroll are Tough to Get for Small Business

Through Bankers Factoring non-recourse invoice factoring, a local payroll funding company near you, you can turn 30 to 90-day-old invoices into ready cash. A funded payroll will ensure that you can pay your employees and taxes on time, even if your clients take up to 90 days to pay your invoices. If you are a staffing agency or staffing company, you know how critical it is to meet payroll when payroll processing time comes around.

We fund payroll when bank financing is not available for our clients. Don’t wait 30-60 days to be paid by your clients on your receivables.

Small business owners turned down for a bank line of credit choose Bankers Factoring every day for their payroll funding option and other working capital needs even with a bruised credit score at a cost like a credit card interest rate.

Payroll funding or invoice factoring finance helps business owners cover payroll without waiting 30-90 days for their customer’s payments. Payroll funding for small businesses is not a complicated process. With our online funding process, you receive working capital within 3-5 days versus the months waiting for a business loan approval from a bank. Small business loans from banks for payroll funding are turned down at a rate of 80-90%. We approve 90% of start-up small businesses needing payroll funding with good B2B or B2G invoices. When you need help covering payroll, think of us as an alternative to bank loans and asset-based lending.

What is Small Business Payroll Funding?

Small businesses that extend credit terms to their customers need to finance payroll without taking on debt or giving up equity. Invoice factoring services provide staffing and payroll funding to startups, entrepreneurs, and small businesses that need immediate funds in their bank accounts. Many staffing companies enjoy our low factoring fees as we meet their payroll and overhead business needs.

Instead of paying the bank monthly payments, you sell Bankers Factoring your unpaid invoices in exchange for fast working capital. Accounts receivable (A/R) funding helps small business owners avoid lengthy funding processes and high variable interest rates. We also interface with all the popular small business payroll software for unlimited payroll runs.

Bankers Factoring Company is a specialty payroll funding company for staffing companies and small business owners that was founded to meet your financing needs. You will enjoy how payroll funding works at Bankers Factoring Company. Let us manage your customer payments and give you unlimited working capital.

How does online payroll financing work for small businesses?

Improve small business cash flow by selling your invoices or invoice funding. Sell your accounts receivable (A/R) Bankers Factoring a payroll finance company and cover your weekly or bi-weekly payroll expenses. Business owners run the risk of losing employees when they cannot cover their salaries and wages and meet weekly payroll obligations.

Cash flow is critical for payroll funds and expenses. Extending payment terms gives your customers a line of credit with you. Long payment terms cause issues in paying your bills during the 30 or 60 days to wait for invoice payment. You need advance payroll funding, and you will like how payroll funding works at Bankers through invoice factoring and the steady cash we bring so you can meet payroll obligations via a factoring credit line.

Small Business Payroll Funding is a simple process, and the steps are as follows:

• Deliver goods or services to your credit-worthy customers.
• Submit an online funding application with a copy of your unpaid A/R invoices.
• Within 3 to 5 days, receive approval and funding on the same business day of account setup via wire.
• Initial cash advances of 90 to 93% are wired the same day into your company bank account.
• Special programs for staffing agency accounts receivables.
• Receive the remaining open balance once the third party or your customers pay in full.
• Bankers, as your payroll funding company, settles your cash reserves fast into your business bank account.

Here is our complete guide to payroll financing with a payroll funding case study. Not paying your employees on time can ruin your business.

Many factoring companies limit their definition of Payroll Funding to financing staffing companies. However, we fund much more than just the staffing industry at Bankers Factoring. We can fund any company via finance invoices with B2B or B2G sales on Net 30-90 day selling terms, where labor is their highest cost of doing business, and they need fast money for employee payroll and tax services.

Our article on How to Apply for Payroll Financing is available to apply for our payroll finance services for small businesses.

How Does Payroll Funding for Small Businesses Work?

Rather than waiting anxiously for customers to pay their invoices, you now receive 80-90% of net face value by selling the invoices to an invoice factoring company like Bankers Factoring. This allows you to receive up to 90% of the invoice value in a lump sum you can put toward payroll and other direct business costs.

You can receive the advance the same day we purchase your invoices. We run about 97% same-day funding. This means you can pay your employees and grow your business with our high advance rate and financing solutions. Forget the cash forecast and Fix cash inflow problems with a cost cheaper than a business credit card.

In 30-90 days, once your customer pays the full amount of the invoice, the remaining 10% is then paid back to you, less any agreed-upon fees. Much like the initial advance, these funds are often released shortly after payment is posted and funds have cleared. Don’t stress about payroll tax payments with Bankers payroll financing.

Here is our in-depth article on how payroll funding works and making payroll problems and cash shortages a thing of the past. See how much Bankers payroll finance company advances against your unpaid invoices.

Is Your Company Experiencing Problems with Meeting Payroll Because of?

• Explosive revenue growth leads to cash flow problems.
• Paying W2 employees or independent contractors payments is always a scramble.
• Payroll companies are pressuring you for money.
• Delayed payment from delinquent customers.
• Cash flow issues, so money for payroll services for small businesses is always tight.
• Trouble paying tax liabilities and contemplating pay cuts or missing payrolls.
• Long payment terms due to large Fortune 1000 customers paying in 45 to 90 days?
• A bank loan isn’t possible because of a thin balance sheet.
• A cash crunch due to unforeseen circumstances makes it tough to run payroll.
• Working capital is hurting business operations.
• Dedicated funding services for small business owners.
• No emergency fund for paying employees and processing payroll.
• Use any of the payroll processing companies for outsourcing payroll.
• The constant pressure as the business owner over cash flow issues with no business line of credit.
• You need both a short-term and long-term payroll financing solution to deal with cash flow problems.

What if I can’t make my Small Business Payroll?

If you are using a third-party provider like ADP, Paychex, or Square payroll for your payroll services, you know they will ACH your business banking account every Wednesday for your Friday Payroll. To have the money to run payroll is stressful.

Call Bankers Factoring ASAP to have the money for your ADP run. We can fast-track your first Payroll Funding if you have solid, unencumbered B2B Accounts Receivables. Gather the following factoring application additional data and complete our online factoring application.

Our in-depth article on what to do if you can’t make payroll is here. We want to help you match your pay period to your cash flows so your bank account never has a problem with cash flow issues. Using your good accounts receivable to pay your employees is safe and cost-effective with payroll financing nearby.

How much does small business payroll funding cost?

Financing payroll costs your company no money upfront. Bankers Factoring takes from .9% to 1.6% per 30 days off your invoice’s face value or open receivables. The higher quality customers with established credit and payment history help lower your rates. Receive enhanced cost efficiency by selling more unpaid A/R and growing your monthly billable and go from a cash shortage to a cash surplus in your business bank account.

Will you fund the payroll for a startup staffing company?

Payroll funding was designed for startups and fast-growing small businesses. If you have direct industry experience and no prior tax liens, Bankers Factoring has and will fund startups. Our two main criteria are the creditworthiness of your customers and that you will treat us fairly and honestly. We were start-up business owners just like you, so we understand your pain and your inability to get a bank line of credit, and that is one reason we are the payroll finance company of choice for many entrepreneurs.

We also prefer that you use one of the third-party payroll services for back-office support, small business payroll processing, and tax filing. Bankers wants to be the best choice in factoring for staffing companies, not payroll back-office services.

Common Payroll Financing Company FAQs

What are the advantages of using invoice factoring for payroll funding to meet your payroll needs?

The main advantage of selling invoices is the immediate funding to cover payroll. A good payroll financing company advances up to 93% against your creditworthy invoices. You will like how payroll funding work at Bankers Factoring company for your staffing company. We finance payroll fast and cost-effectively to meet payroll.

Included in Bankers Factoring payroll funding services are the following:

• Bad debt protection: We cover bad debt expenses from customer default, bankruptcy, or short pay from protracted financial issues.
• A Total A/R Management Solution: We manage your receivables, collections, and customer credit checks.
• Ability to finance large sales or staffing contracts through your funding partner.
• Have the money to meet payroll, pay payroll taxes, withholdings, health insurance, and workman’s comp.
• Based on your customer’s credit history, with a fast turnaround time, so no payroll issues.
• Special funding programs for small businesses and independent staffing firms.
• Quick release of your reserve once the client pays for steady cash flow help making payroll.
• Flexible funding lines with access to increased working capital from unpaid invoices.
• No lockbox fees, additional fees, and transaction fees with unlimited access.
• We give you credit protection and working capital, and you pick from the hundreds of choices for your full-service payroll service.
• Up to 93% of the invoice’s face value with a Bankers Payroll financing line.
• No factoring cost per employee at Bankers Factoring.
• Online Payroll Processing, back office, QuickBooks payroll interface, and reporting.
• Programs for start-ups to mid-sized staffing firms to get you enough cash.
• Great customer service and payroll services to meet payroll from outstanding accounts.
• Startup staffing company payroll funding solution is your best option and a near-perfect solution.

How do I find a payroll funding service provider?

Trust and credibility are essential from your payroll funding company. Your business is relying on funding to pay employees on time. It is important to read your funding agreement and understand the terms and conditions for financing. Once we get a better understanding, we can also line up the timing of your payroll funding with the timing of your payroll period run to make sure both hit in less than one business day.

As a dedicated payroll funder, we deal with many full-service payroll companies and can make an introduction to the multitude of third-party payroll options we deal with and their self-service HR tools.

Can startups in the staffing industry qualify?

Business owners with 525+ FICO credit scores can secure working capital through invoice financing for payroll funds. Funding is based on the creditworthiness of your customers responsible to pay open invoices. From Hawaii to South Carolina, we fund small businesses throughout the United States with our award-winning customer service.

Please read our article on payroll funding for startup staffing agencies and how payroll funding works with Bankers Factoring as your funding payroll provider interfacing with your online payroll services software.

How will my customers be impacted?

Invoice funding is quite common, and most of your customers are familiar with the process and the notice of assignment. Our team of experts works with your customers to ensure timely payment while you focus on operations. Working with a financing company shows you are serious about your cash inflow. You and your staffing company’s customers will enjoy Bankers Factoring’s famous light touch financing programs.

How can I get started with Bankers as my Payroll Factor?

Fill out an online funding application to begin your financing journey. We will have you a funding proposal within 24 hours, and within 3 to 5 days, our team will approve your staffing company funding line to fill in those cash inflow gaps.

How quickly does my company receive payroll funding?

Receive your money on the same day as your account setup. We direct deposit the funds into your account, unlike a small business loan which can take months to close and ruin cash flow. We will give you a safety net and take the worry out of getting paid by your customers with a 90% invoice face value advance rate.

Is payroll financing available to Staffing Agencies?

Staffing Agencies benefit from selling invoices to cover wages. Recruiting firms require robust pay plans and resources to attract elite talent. Gain a competitive advantage through your financial strategy that covers all your expenses. Bankers Factoring has a robust staffing factoring company program with many financing options with high advance rates and low factoring fees. When traditional lenders or an FDIC member bank say no, Bankers invoice factoring says yes with payroll financing.

What will my customers think about Payroll Funding through invoice factoring?

Since large companies are borderline abusing their small vendors by taking 60-90 days to pay, they should be grateful that you have unlimited working capital based on their credit and good A/R, with zero cost to them. In addition, Bankers Factoring verifies they are happy with your people and services. With our non-recourse payroll funding, credit is not an issue, unlike with other payroll funding providers.

Our client’s customers often refer us to their other vendors needing working capital to make them stronger financially and a better provider of services. They would only do so if they appreciated our professional dealings with them and the famous Bankers Factoring light touch. Factoring staffing invoices and not waiting for customer payments will increase your financial health with fresh funds.

Non-Recourse Invoice Factoring Gives You Payroll Funding for Staffing Companies

As a business owner of a staffing agency, when traditional lenders won’t meet your payroll funding needs and offer no payroll loan options, Bankers stands ready to help with unlimited working capital as fast as you can generate good B2B or B2G outstanding invoices for us to fund. Small business owners who are turned down for payroll loans turn to Bankers for a factoring financing line to meet their payroll obligations.

The payroll funding process gives your small business the working capital it needs, plus the safety of credit protection. We know you have choices when it comes to payroll funding companies, and we want to be your payroll factor funding provider. As a small business owner in the staffing industry, don’t let your hard work go to waste. We will worry about when your client pays your outstanding invoices.

Let Bankers Factoring Company be your non-recourse payroll funding provider. You will like how payroll funding works with us as your number-one funding option for staffing companies and have the monies to cover payroll. Our clients never stress over lack of funds.

Ready for the owner-employees of Bankers Factoring Company to fund your entrepreneurial dreams via payroll funding? Call 866-598-4295 or go to Bankers-Factoring-Application.

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