New Paychex Solution Gives Small Businesses Access to Capital
The company introduces an alternative to traditional loans and credit lines
Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, employee benefits, insurance services, and payroll, has introduced Paychex Funding Solutions to give small- and mid-sized businesses quick access to capital as business needs arise.
Paychex Funding Solutions, which includes Paychex companies Advance Partners and Alterna Capital Solutions, provides up-front capital based on a business's assets through invoice factoring. It's a solution for payroll, vendor payments, and growth reinvestment and is available to any business-to-business organization without needing to be a Paychex payroll client.
"Lack of capital is the top reason that small organizations go out of business – and meeting payroll obligations can be one of the biggest hurdles, regardless of the economic climate," said Liz Roaldsen, Paychex senior vice president of operations and customer experience. "Quick access to capital when a company needs it can be the difference between a business being able to remain open or closing its doors."
Unlike traditional bank loans, which often have difficult approval processes and restrictive loan covenants, Paychex Funding Solutions offers a high degree of flexibility and a streamlined approval process. Funding decisions are based, in part, on the creditworthiness of a business's customers, which allows Paychex to serve organizations that might not qualify for traditional loans.
"Paychex has identified an opportunity to help businesses struggling with cashflow without the need to rely on a traditional bank," said Jeremy Bilsky, Paychex Funding Solutions general manager. "Paychex Funding Solutions is the latest example of our relentless focus on helping our clients succeed and an ongoing commitment to strategically innovating and investing in small businesses across the U.S."
Paychex Funding Solutions is simply designed to meet the needs of small businesses through strategic service elements:
- A one-on-one consultation to evaluate business goals and finances
- Ongoing access to a funding specialist for customized solutions
- Quick and robust funding to maintain business momentum
- A full-service team to offer guidance and support
This is the latest Paychex solution to support business's cashflow needs. The company also offers Paychex Promise® and small business loans. To learn more about Paychex Funding Solutions, visit https://www.paychex.com/funding-solutions.
About Paychex
Paychex, Inc. (NASDAQ:PAYX) is an industry-leading HCM company delivering a full suite of technology and advisory services in human resources, employee benefit solutions, insurance, and payroll. The company serves over 745,000 customers in the U.S. and Europe and pays one out of every 12 American private sector employees. The more than 16,000 people at Paychex are committed to helping businesses succeed and building thriving communities where they work and live. To learn more, visit paychex.com.
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