Nothing is more stressful for a small business than worrying about meeting payroll each week. Lingering receivables can cause a strain on company cash flow. Paragon has been providing advanced payroll funding to IT, telecom, staffing companies, security guard, and other service companies, for over 23 years. Our payroll solution gets you the money you need on a weekly basis through factoring your accounts receivables.
How Payroll Funding Works
We understand the demands rapid growth puts on cash flow, the pressure of meeting payroll and benefit premiums. We offer up to 90%, same day—wire transfer, advance against an invoice for our clients. After the invoice is paid we deduct our fees and remit the balance back to you. Depending on volume, the discount fee can be as low as 1%. Each account is handled individually. You will be assigned an account executive, a real, live person that you get to know, as a single point of contact. They get to know you as well and how you want your account handled.
A factoring company can require you to place your payroll processing with them, but not with Paragon! We allow you to choose the best payroll processor for your industry and we expertly handle the funding your payroll.
Paragon offers true same-day Payroll Funding. Once an account is established and we receive a fax or an electronically generated copy of the invoice with any backup documentation by 10-11am, funds will typically be wired to your account by 4 pm that day.
Paragon has built its reputation by offering the best customer service possible. This coupled with our competitive rate structure has helped Paragon become one of the premiere factors. If you sell a product or provide a service for creditworthy customers, there is no need to wait 30-90 days to get paid. Paragon can advance funds to you the same day you invoice your customer and follow through on those invoices. We can verify acceptance, do credit approvals, collections and enhance your ability to operate your small business without worrying about working capital, payroll, or past due obligations.