Payroll funding is a creative, flexible way to fuel your staffing firm’s growth without the restrictions and red tape of traditional bank loans or lines of credit.
What is Payroll Funding?
Also known as invoice factoring, invoice financing or A/R funding, payroll funding allows you to sell your accounts receivable for cash to meet payroll for 1099 employees, independent contractors, and other staff. Payroll financing is designed to help your staffing company make payroll before you are paid by your customers.
Fund Your Consulting and Temporary Staffing Firm Payroll
Advance Partners provides invoice factoring for staffing, recruitment and temp companies. We buy your outstanding invoices and provide you with as much working capital as you need to run payroll, take on new opportunities, and grow your firm.
FUNDING AND LENDING
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Quick access to capital is just the start. Explore the world of payroll services that come with our funding solutions.
“South Sound Staffing has been working with Advance Partners for two years now and we continue to be impressed with their services and products. Our growth is largely because of the support we have that our Payroll and Invoices are taken care with AP. We highly recommend using them for your business needs.”
~Brittney Hays, Owner, South Sound Staffing
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Frequently Asked Questions
Invoice factoring is when a business sells its outstanding accounts receivable to a third party exchange for immediate liquid capital, less a fee.
Invoice factoring is designed specifically for businesses like staffing because of the unique payment structure. In staffing, you often have to wait 30-90 days for payment from your clients, while you pay your staff weekly. This can cause a cash flow nightmare, and be limiting to your growth. Invoice factoring gives you the cash necessary to grow without having to worry about making payroll.
No difference. Payroll funding is the term we use when talking about invoice factoring specifically for the staffing industry.
Full service is an add-on service where the same third party that does your invoice factoring will also do back office tasks like creating and processing invoices, processing payroll, and doing payroll taxes.
Up to 90%+ for Funding Only clients and 100% for Full Service clients.
Each agreement is customized to meet individual growth goals. Our typical agreement term is 18 to 24 months.
No. We request a personal guarantee.
Cash is posted daily. Payments received at our office by 2:00 p.m. EST are credited within one business day. All profits and reserves are released weekly.
Yes. Customized solutions are available for clients of all sizes.
Any invoice under 90 days old for service performed to an approved customer. Longer eligibility terms considered.
Typically, yes. We can, however, create multiple rates to allow our clients to use more of their own capital if desired.
Rates are individually quoted and are determined largely by each client’s volume, financial strength, quality of receivables, timeliness of payment, and the type of program; our Funding Only, or Full Service Funding program.
We work under a single fee structure that covers all negotiated services and typically have no add-on fees:
- No monthly service fees
- No origination fees
- No renewal fees
- No miscellaneous fees
- No auditing fees
- No line maintenance fees
- No charge for credit research
- No charge for wires
- No charge for overnight delivery service
No, we offer unlimited funding.
Yes. Credit management is a critical success factor for small and medium staffing companies. We have an outstanding Credit Department: highly skilled, experienced, and flexible.