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Payroll Financing verses Factoring or Banks, Chart of Comparison

 

What’s better.  Funds from Payroll Financing, Factors or Banks
Payroll Financing Factors Bank
Turnaround   time to get fund 24 hours 14-60 days 60-120 days
How long   do you have to commit (hard to get away from) short term- days long term- 12-36 months Yearly
Which is more costly? short term- cheaper Long term- cheaper cheapest
Notifies   your clients about you borrowing $ No Yes No
Filing   UCC’s against your business and interests rarely Yes Yes
Recourse-   $ funded has to be returned if your client >90 days NA in 90 days if client doesn’t pay NA
Large   Upfront fees No Yes, can be substantial Yes
How much   can you borrow 100% 80% of your recievables depends on assets
Ability   to pay off loan early Yes Not really Yes
Loans   money to all industries? Yes Usually specializes No
Your   clients money goes to the funders PO box verses yours No Yes No
Large   amount of paperwork No Yes Yes

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