Payroll Funding Program Highlights
We’ve teamed up with PayrollFundings.com to offer an innovative product called The Payroll Funding Benefit™. This benefit provides short-term cash that enables your business to pay payroll on credit (as if paid with a credit card without the painful fees), so you can use cash that would otherwise pay payroll to grow your business with additional inventory, new equipment, or new hires.
Because you are a client of AdvanStaff HR you are pre- qualified and hence there is:NO Collateral required
NO Lien needed
NO Personal guarantee
NO Tax returns to examine
NO Credit checks
NO Written application
Having unpredictable, volatile, and uncertain cash flows costs time and money – period. Many times, a company just needs extra cash to grow and invest in the business, and doesn’t have it on hand because it’s waiting for receivables.
The Payroll Funding Benefit™ solves this short-term cash-flow problem. When you need cash you just call our partner, the Payroll Funding Company, LLC (PFC), and mutually arrange the date and amount required for payroll.
The Payroll Funding Benefit™ is not permanent capital. Its purpose is to level out cash flow and free up funds, so payroll can still be paid while collections are slow, and you can continue to invest in your business uninterrupted.
How does it work?
PFC wires funds for payroll directly to AdvanStaff HR, and you pay PFC back directly 5 days later plus 4% APR interest. That equates to $0.55 for every $1,000 of payroll funded.
A $30,000 payroll costs $16.50. There is a 7-day grace period if a minimum payment is made.Contact PayrollFundings.com for options for longer-term lines of credit.
What does is cost?
Pricing is very simple.
- 0-5 Days – $0.55 / $1000 of funded payroll)
- 6-12 Days – 2.14% of the loan amount
- 13 Days+ – negotiate with the lender directly
Companies with 3-years of operational history are eligible.
Minimum funding amount is $15,000.
On-Demand Short- Term Funding to Help AdvanStaff HR Clients Succeed
Clients often need access to money to help their business grow and prosper. Sometimes the need for cash grows out of unforeseen or unexpected events. Other times cash is needed to take on additional business. Most of the time, the need for working capital occurs suddenly and finding access to money quickly can be quite difficult. As they say, you can’t easily get money when you need it!
A simple phone interview is all it takes to qualify and that’s good for OnDemand Funding for 1-year, so you can use it when you need it. On-Demand Funding is short-term or bridge financing and not permanent financing.
Determination of the funding amount is a simple 30-minute phone interview. That’s it!