How the Process of Payroll Funding Works
Our goal is to make the payroll funding process simple for our customers to complete. The invoice factoring process involves an easy application process, easy approval and an easy funding process to satisfy customers looking to improve their working capital. The simple application process takes 3-5 days to complete. For quick approval, small business owners must provide their Articles of Incorporation, the invoices to factor, a current customer list and a current invoice aging.
Once the payroll factoring application process is complete, you can look forward to this five-step funding process:
Step One
Customer Service: Continue to provide your goods or service to customers as usual.
Step Two
Submit Invoices: Submit the unpaid invoices you wish to finance to the factoring company.
Step Three
Verification: The factoring company takes responsibility of verifying the work was complete and collects payment from your clients.
Step Four
Cash Advance: The factoring company advances you up to 95 percent of the cash within 24 hours.
Step Five
Reserve Release: Once your clients make payment to the factor, the factor returns the remaining amount to you minus a small factoring fee.
Factoring does not create debt and you may use the extra capital from factoring however you’d like, some small business owners choose to pay off existing debt, hire new employees or even purchase new supplies. There are many benefits to factoring that will help grow your business.
Some advantages of factoring for staffing and small businesses include:
- No new debt
- Cash to grow your business
- Quick and easy application process
- Cash within 24 hours to make payroll on time
- No minimums required for invoices
- You do not need exceptional credit
- Lowest rates in the industry
Don’t wait on slow paying customers. Let Fast Payroll Funding get you the cash to meet payroll today! Give us a call for a free quote at 844-299-3206.