PAYROLL FINANCING

Are you having trouble making funds available for payroll? Do you have open accounts receivable? Factoring your accounts receivable can finance your payroll. Companies in many industries often run into cash flow problems when they have to wait 30, 60, or 90 days for clients to pay their invoices. Factoring can be used for payroll financing, or payroll funding, as a simple way to overcome this challenge and start having more consistent cash flow to cover regular payroll and other expenses.

What Is Payroll Financing?

Payroll financing, also known as payroll funding, is another term used for invoice factoring that allows businesses to receive immediate cash for invoices, generating funds to cover payroll. The payroll funding company purchases invoices and advances you up to 90% of the invoice’s value. You can use this money to fund your payroll needs, as well as any other business expenses.

Get paid on your terms. Get back to business. Here are the key advantages of payroll financing and why companies like yours take advantage of this solution.

• Boost in Working Capital. Every business needs consistent cash flow to succeed. With payroll funding, your financial position can become much more stable.
• Easier Approval Process Than Loans. Applying for a bank loan is a complicated and time-consuming process. It can also be difficult to qualify. It’s easier to apply for payroll funding, where the factoring company cares mostly about the financial solvency of your clients.
• Receive Cash Within 24 Hours. When you work with an experienced payroll funding company such as Riviera Finance, you can receive payment within a day.
• Straightforward Fees. Traditional financing often involves various fees. With payroll funding, you only pay a small fee that is deducted each invoice you submit.
• Don’t Take On New Debt. One disadvantage of loans is that they involve debt, which can impact your credit. Selling invoices at a discount is a type of financing that doesn’t tie you down with debt.
• Flexible Policies. Leading factoring companies such as Riviera Finance offer flexible options. You choose which invoices to sell and there are no monthly minimums to commit to. As your business grows, you can increase your funding.
• Easier to Grow Your Business. When you aren’t hampered by cash flow problems, you can more readily focus on business growth opportunities. Some other business initiatives you could focus on – invest in new technology, hire more staff, or expand your business.