5 characteristics of a professional payroll funding company

Your payroll funding company is a critical partner to your staffing firm. It’s responsible for the essential function of paying your temporary employees when they ought to be paid as well as filing and paying your payroll taxes. If it went out of business, it’s your company’s reputation that would suffer. That’s why it’s important to find a funding company you can trust.

As your invisible partner, your payroll funding company works in your staffing firm’s name in interactions with your employees and customers. Each interaction your payroll funder carries out for you should be undertaken with the same exceptional customer service that has come to represent your firm.

The essentials

Good communication is essential. When you call, your funding provider should know who you are. You should be connected to a live person and not an answering service. And if you leave a message, they should return your call promptly.

The same should be true for customer service. How your funding company interacts with your employees and customers reflects on your firm. The company should have employees available to take calls five days a week at least ten hours per day, offering considerate, informed communication at every level of support.

Full-service payroll funding companies can also provide back-office administrative services that give you the freedom to focus on your growing business — in some cases, providing software to help you manage your office more efficiently. If you do use a full-service payroll provider, you should feel confident that details such as filing payroll taxes, sending invoices and collections are being handled promptly and correctly. The payroll funding company should also prepare comprehensive management reports on the administrative and financial activity of your firm, so that you can maintain oversight of your business and its performance as you shift your focus toward your firm’s strategic vision.

A professional payroll funding company will have an in-depth understanding of your business. It will be able to assist you in making informed decisions because it understands the issues you face, as well as your financial needs.

Making the decision

When searching for a professional payroll funding company, do your research. Turn to the web and look for any negative comments or news stories that come up through a general search for the company’s name.

Also, look for experience. The longer a company has been in business, the better the odds that it has the know-how to serve your company well. Do not be afraid to ask for references.

As you hone in on your choice, ask the payroll funding company about its source of cash. The answer should give you the assurance that you will receive your funds not just today, but as you grow. You should get the sense that the company can provide additional funding and respond to needs for add-on services as your business requires them.

Choosing a partner to fund your temporary staffing payroll is a big decision. In an industry that competes on price, you want a payroll funding company that distinguishes itself with an approach that combines top-notch customer service, flexibility, professionalism and industry expertise.