Payroll Funding vs Banking
No boxing gloves here, just some facts to consider. If you are a temporary staffing firm looking for working capital to cover payroll and other needs, it is important to understand the advantages of payroll funding over banking.
Funding with Advance Partners
Put simply, we “get” you! Advance Partners understands that staffing firms are different, so we offer flexible services to meet your unique needs. Providing contingent labor and consulting is not quite like any other business. We know that there are twists and turns in your revenue cycle, and that your cash flow needs can increase or decrease dramatically month to month. Advance makes sure you have access to the money you need to pay your temporary employees on time, without strict limits and restrictions.
“True Costs” of a Bank
Although banks may offer low interest rates, take a step back and ask yourself, “What is the true cost of a lower interest line of credit?” Comparing rates is not apples to apples without taking into account additional scrutiny, limited liquid capital and harsh credit limits or unexpected fees. Your true costs could be substantial if you don’t have the cash flow and credit limits needed to take on new business quickly and easily.
Additionally, at a bank, you’d likely have a portfolio manager (without any staffing experience) handling your account as well as hundreds of others.
Choosing a Partner
At Advance, our mission is to help staffing firms grow. Each of our clients has a dedicated funding team, led by a highly experienced team lead. This personal approach allows Advance to get to know your business and effectively manage your payroll funding.
In addition to our payroll funding services, Advance Partners offers access to extensive operational support and an array of strategic services to help you invest in and grow your business. We are truly your partner, backing you with the resources you need to grow your business. Sound good? We think so too.
Request a free consultation to learn more about the advantages of payroll funding.