At Advance Partners, we specialize specifically in staffing. (Try saying that three times fast.)
We offer flexible payroll funding to staffing agencies at extremely competitive rates, because we can. We are backed by the extensive resources of our Fortune 1000 parent company, Paychex, and this makes us unique in the industry. We can leverage assets like no other payroll funding company can, and we are more flexible and less restrictive than banks.
In other words, we offer a custom working capital solution to help you cover payroll and take on new staffing projects. You’ll be matched with an expert account team who provide unparalleled service on credit research, collections management, cash receipt in addition to fast and flexible payroll funding.
With our almost 20 years of experience at your disposal, you can focus on what you do best: finding good candidates and matching them to temporary work assignments.
Click to view full infographic (click once to enlarge)
Payroll funding is the process where a third party company buys your outstanding accounts receivable and advances you liquid capital immediately.
For staffing companies, paying your contingent workers weekly and waiting 30-90 days for payment from your clients can be a cash flow nightmare. Staffing factoring ensures you have working capital for payroll and other business expenses, allowing you room to grow.
No. Payroll funding is the term we use to describe invoice factoring specifically for the staffing industry. You may see terms like working capital financing, advance payroll funding, invoice financing, etc. All of it refers to the same process.
The cost of factoring is variable and depends on many factors – the amount of your receivables, the well-being of your business, the size of each invoice, etc. For an accurate quote, we typically look at your company history, your financial stability, and the financial stability of your customers. Then, we typically offer a rate between 1-3.9% of billing. To get a true estimate of the cost for your individual business, contact an Advance rep today for a free consultation.
You can apply for payroll funding online by filling out the funding application. After you submit, a dedicated representative will work with you to develop the working capital solution and operational support you need to grow your business.