What is payroll funding and how does it works

Making payroll can be stressful for all business, but especially staffing companies. With hundreds of client invoices for hundreds of different employees, it can be a headache tracking each one down to ensure they get paid on time. Even though the clients might not pay their invoices for another two months, the employee needs to be paid now. Plus include temporary or seasonal hires, and it can be difficult to predict how much money will be needed week by week.

These factors make it almost impossible to have the necessary reserves to make payroll, making payday a frustrating time. And if employees don’t get paid, they’re unlikely to continue working with that staffing company. This can put current client contracts at risk, and make it more difficult to maintain a good reputation among potential hires.

Not to mention additional overhead, such as taxes, office equipment, and other costs. Add up these expenses, and staffing companies can quickly get overwhelmed.

First, you must apply and get approved by the payroll funding company. After that, you’re able to factor your invoices. Here’s how it works:

Without this funding, you can’t sign new contracts because you don’t have the capital to afford larger corporate expenses. And you can’t afford these expenses without larger contracts. It’s a tough cycle that can thankfully be broken with payroll a funding company as a partner. Their services empower you to sign more contracts and continue to bring on larger projects.

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