Payroll funding provides capital to pay employees when cash flow is constricted. This coverage helps businesses with instant financing to fulfill its payroll obligations without delaying employees’ paychecks or diverting funds from other necessary operating expenses such as equipment, facility costs, and products needed to run the business. Payroll funding can be an important component of a company’s business plan, especially during seasonal challenges, economic impacts, inflationary adjustments, and supply chain challenges.
If a business misses its payroll, there are sure to be financial and legal consequences that may threaten the future and health of the organization, as well as the reputation and loyalty risk from employees who are a necessary and valued component of business operations. A strategic solution to having payroll coverage in place and ready when needed certainly helps to mitigate this risk exposure and gives the business some peace of mind that this coverage is available.
Payroll coverage operates differently than a traditional line of credit and is designed for short term needs. It is the most business-friendly way to cover payroll that offers flexibility and a low cost solution. Because the line of credit is designed specifically for payroll, it is also the most business-friendly solution.
Southland Data Processing partners with PAYRO to offer a payroll funding solution to clients. PAYRO is an establish payroll funding company licensed and compliant in all 50 states.
PAYRO applicants start by completing a simple, step-by-step online application. The application collects basic company information and other supporting documentation. Applicants are contacted by an underwriter within two business days of the credit decision. Once approved, clients are able to log-in to their PAYRO funding account and request same-day payroll funding.
Learning more about payroll funding is just a click away.
Request coverage with PAYRO today. All applications are subject to approval. Applicants are required to agree and accept PAYRO’s Terms & Conditions and Privacy Policy.
Questions about payroll? Contact Us for a complimentary review of your payroll solution. Whether you’re an existing client or considering Southland Data Processing, we’re here to help you improve your business operations, develop solutions and provide unrivaled service.
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*Southland Data Processing, Inc. (“SDP”) is not a law firm. This article is intended for informational purposes only and should not be relied upon in reaching a conclusion in a particular area of law. Applicability of the legal principles discussed may differ substantially in individual situations. Receipt of this or any other SDP materials does not create an attorney-client relationship. SDP is not responsible for any inadvertent errors that may occur in the publishing process.