The commercial scene in the US and Canada is finally improving. Businesses are doing well, getting orders and looking forward to growth and success. However, to exploit the market opportunities, small and growing companies face cash flow issues. Cash flow is crucial not only to maintain sufficient working capital but also to pay employees on time.
Unfortunately, the commercial terms widespread in the market are not very helpful in this regard. Nothing is more stressful for a small business than worrying about meeting payroll each week. Also, the slow paying clients and customers can cause enormous strain on cash balances. Lingering Net-30, Net-60 even net-90 day receivables can cause a strain on company cash flow.
ShurrFinancial has been providing advanced 100% payroll funding to IT, telecom, staffing companies, security guard, and other service companies, for over 21 years. Our payroll solution gets you the money you need on a weekly basis through factoring your accounts receivables.
Payroll financing is a tool that allows a company to finance its invoices and assets to fulfill its payroll needs. It usually refers to invoice factoring, with the specific purpose of providing capital to pay employees or temporary staff. Through payroll funding, you try to infuse cash in a firm to supplement its working capital, mainly to meet payroll requirements on a weekly basis.
Five simple steps to understand payroll financing process are:
• 1st: Your staffing, janitorial or security company delivers goods and services and raise invoices.
• 2nd: Then the company sets up a financing account with the payroll financing company, wherein they decide to sell their Accounts Receivables.
• 3rd: The factor or the funding company purchases the Accounts Receivables.
• 4th: The payroll finance company advances up to 90% of the invoices which can then be used to cover payroll.
• 5th: Once your customers pay in full, the funding company settles the transaction by depositing the remaining percentage of the invoice, less a fee, in the bank account of the company.
We understand the demands rapid growth puts on cash flow, the pressure of meeting payroll financing and benefit premiums. We offer up to 90%, same day—wire transfer, advance against an invoice for our clients. After the invoice is paid we deduct our fees and remit the balance back to you. Depending on volume, the discount fee can be as low as 1%.
Each account is handled individually. You will be assigned an account executive, a real, live person that you get to know, as a single point of contact. They get to know you as well and how you want your account handled.
A recourse factoring company can require you to place your payroll financing processing with them, but not with Paragon! We allow you to choose the best payroll processor for your industry and we expertly handle the funding your payroll. Generally, the cost of funding varies between 1.5% – 3.5% per month. However, Non-Recourse Paragon offers the discount fee as low as 1% based on the sales volume, the credit quality of the end customer and how quickly they will pay the invoices.
Recruiting and retaining the talented staff is one of the top challenges a business face. However, irregular payments to staff will drive them away from a firm. Timely payments to employees are the prerequisite to keep employees happy and satisfied. With payroll financing, a startup staffing company can sell their invoices to a factoring company and receive weekly advances to pay temporary employees. Same is true for any small business and startup; invoice factoring provides the company with immediate funds to cover payroll, pay for business expenses, and grow.
Transactions are fairly simple. Once the startup staffing company sets up a financing account with the payroll funding company, they submit an invoice along with a copy of the time cards (detailing due dates for payments). Once they have the invoices, the payroll finance company advances up to 90% of the invoices and deposits the funds in the bank account of the staffing company. The funds can then be used to cover payroll.
Since all industries use payroll, any of them can use payroll funding. Any business that extends credit or expects payment in return for providing goods or services qualifies as a possible client. Paragon offers invoice factoring to:
You can qualify for the Payroll Financing by following these steps:
ShurrFinancial offers true same-day 100% Payroll Funding. Once an account is established and we receive a fax or an electronically generated copy of the invoice with any backup documentation by 10-11AM, funds will typically be wired to your account by 4 pm that day. As promised we can send you funds within 24 hours of your application.
ShurrFinancial has been in business for more than two decades. We have built a reputation by offering best customer service possible. All our executives expertly handle funding procedures.
A market discount rate is between 1.5% to 3.5% per month. At ShurrFinancial we can also offer a rate of 1% a month.
There are no hidden charges involved. We have been in business for a long time and can offer you the best advice for finance related solutions.
Many factoring companies may want the staffing company to place their payroll processing with them. However, ShurrFinancial allows the staffing companies to choose the best payroll processor for their industry and expertly handles the funding of payroll.
A comprehensive solution for all related aspects. Look below to see what you can get without any overhead cost:
ShurrFinancial has built its reputation by offering the best customer service possible. This coupled with our competitive rate structure has helped Paragon become one of the premiere factors. If you sell a product or provide a service for creditworthy customers, there is no need to wait 30-90 days to get paid.
We can advance funds to you the same day you invoice your customer and follow through on those invoices. Aside from that, we’ll also verify acceptance, do credit approvals, collections and enhance your ability to operate your small business without worrying about working capital, payroll, or past due obligations.
Get great rates and no minimums for payroll funding for your small businesses, staffing companies, healthcare staffing, IT staffing, or security guard company. Payroll loans for small business can be difficult to acquire. You need a Payroll Financing Solution from a dedicated payroll funding company.