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.
Unsure if applying is your next step?
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.
What is invoice factoring? It’s simply another name for payroll funding. We buy your recruitment business’s outstanding invoices and advance your cash, immediately.
Leverage rigorous credit history assessments of potential customers to ensure you pursue (and win!) the right business.
Extend the power of your accounting team with expert assistance managing customer payments, disputes, and adjustments.
Free your internal resources to focus on new opportunities and talent recruitment as Advance Partners takes on your accounts receivable and collections management.
Easy-to-use Advance Partners reporting tools provide your staffing agency with comprehensive, real-time insight into all services and status.
“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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Risk carefully, grow purposefully and — recruit and staff resourcefully with Advance Partners — fully committed to your forward momentum of your staffing & recruitment company.
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.
The cost of factoring is variable and depends on many factors – the amount of your receivables, financial stability of your business, the size of each invoice, etc. To get a true estimate of the cost for your individual business, contact an Advance Partners rep today for a free consultation.
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.