3 Reasons Payroll Funding Can Help You with Your Restaurant’s New Year’s Party

New Year’s Eve is one of the biggest party days of the year. If your restaurant is planning on hosting an event, it will probably mean that you will need to hire extra staff. This could be for the planning and/or hosting of the event. Whether the party is a black tie affair, a themed evening, or a casual engagement – the staff you hire will be key. After all, your servers and entertainers are going to be what keeps people coming back year after year. But how can you afford to take on the extra staffing you ask? Payroll funding has you covered.

At eBusiness Funding, we know that it is not easy to spend money in advance. But when it comes to New Year’s Eve celebrations, now is the time to spend the money because you will make it back with a successful event. Payroll funding is key to helping restaurants around the holidays as they ramp up their staff to host successful events.

3 Reasons Why Payroll Funding Can Help This New Year’s

You Need to Spend Money to Make Money

The old saying about spending money has never been more true. You can’t expect customers to keep coming back year after year or even back to your restaurant if your party was a dud. eBusiness gives you the freedom to spend the money the way you want to without fear of being rejected because you plan to use it on something unapproved.

Success Can Last for Years to Come

We get you the cash you need fast! Meaning, you can book that raved about DJ or the extra waitress for the night. Once you have paid back 70% of the advance, you can renew for additional funding. We know as your ticket sales start to roll in the night of the party, you will receive a lot of the funds to pay us back but that doesn’t mean you won’t need additional cash to continue to grow your business. We make it easy to reapply.

No Risk to Not Being Able to Pay Your Staff

Have you ever had to look at one of your staff members and say you don’t have the money to pay them this week? It is not a conversation you want to have. That is why we have simplified the funding process. We can also get you the payroll funding you need fast because financing shouldn’t take months.

Let us help you never have to have the terrible conversation with your employee about not making payroll this week. With our payroll funding option, we have you covered. Whether you are ramping up your staff for the holidays or just had a rough month. Apply today!

What Is A Payroll Loan?

Sudden hurdles are an inevitability in business, whether you suddenly need to bring on another member of staff, a vital piece of equipment breaks, or you incur any sort of expense that needs funds you don’t necessarily have at the moment. Bank loans are notorious for taking a great deal of time to process, so they aren’t a match. Several other alternatives for unexpected expenses have arisen, one of which is payroll lenders.

Payroll lenders provide short-term loans designed for unexpected expenses that take place between the times you get paid. This leads to their other common name of payday loans. These loans generally are for a small amount of money, up to roughly $1,500, but you can have access to funds as quickly as the next business day. Requirements are relatively low.  Some payroll lenders need some recent pay stubs or bank statements. These prove that there is a steady income coming in. The due date for the full amount, plus any fees, is the next time the borrower gets paid.

While these may prove to be a useful tool, payroll loans carry their own set of issues. Therefore, it’s important that you know the positives and negatives about them before you decide to use them.

Weighing Pros and Cons

The largest concern about payroll lenders and loans, by far, is the fees and rates that apply to them. They generally carry a very large APR rate, often between 15% and 30%. In addition, if you are not able to make the payment when the loan is due, you will incur other hefty fees, as well as even possibly a higher interest rate. Going into a payroll loan without knowing the details can leave you in worse financial condition than when you started. To avoid this, be sure to do your research not only on potential lenders but on your own financial status as well. Make sure you know exactly how much you will be paying, and be sure that your paycheck will be enough.

The versatility and speed of payroll loans make them appealing to business owners in a jam. At the same time, due to some of the high rates and fees associated with them, they can make a poor choice in times of desperation. This doesn’t mean that they are bad, but you want to be sure your money is in order before you try to go through with one. In additions, there are some alternative funding options out there with similar benefits to payroll loans, but with less risk                                                                                                     

What To Do Without Payroll Lenders

eBusiness Funding helps businesses that may struggle with traditional lenders. To do this, we provide merchant cash advances, which are available to many business types. 95% of businesses that meet our simple requirements qualify for funding. All you need is to be in business for at least six months, with over $10,000 in monthly revenue. With us, it’s not about past credit history or collateral, but about your business’s potential.

It’s important to us that you use the funds we offer in the most helpful way possible, so we place no restrictions on how you spend our advances. Payroll, expansion, repairs, spend on what you need! We also get you your funds fast, sometimes as soon as 72 hours after you first apply. Repayment is also very simple. Rather than large monthly payments, we take an established percentage of your future sales. This is set up by our skilled consultants. This percentage stays the same, so if business slows down, you pay less.

Interested? If you’re ready to begin, all you need to do to start is fill out this simple contact form. We’ll be waiting, and are looking forward to helping your business get the funding support it needs.

Fast Payroll Funding – You Should Know this Trick

Finding a lender to help you with payroll funding can be a challenge. The first question a lender will ask is, “why can’t your business’ cash flow pay for your payroll?”. It is not always that your business’ cash flow can’t pay for it. Often times businesses who are paid through contracts can have a challenging time with bills month to month, depending on when their clients pay their invoices. We see this a lot with our construction clients.

Not all financial institutions understand this. When they are reviewing a loan application they are looking at the potential risks with the business and how it fits into their portfolio.

You Can Be Turned Down By A Bank For A Number Of Different Reasons Including:

• A short business history
  • Traditional business lenders look for at least a two-year business history and tax returns.
• Amount of personal or business debt
  • If you have business partners, their debt will also be considered, not just the loan applicant’s.
  • This is applied to credit as well.
• Poor credit
  • Personal or Business credit history is taken into account.
• No collateral
  • Do you have personal assets to hold against the loan?
• Lack of a business plan including:
  • Past financial documents
  • Three to five-year plan
  • Plan of how the funding will be used to enhance the business

One of the reason’s that businesses who are looking for payroll funding are often turned down is often the lack of a business plan. One of the details a bank is looking for is how the company plans to utilize the funding to grow their business. Payroll funding is a risk to the financial institution because it can show the business is in poor cash flow health.

What’s A Practical Solution?

Our Merchant Cash Advance is a form of business funding that focuses on helping you with things just like payroll funding. We want to help you with the daily operations of running your business while you wait for your clients to pay their invoices. Though similar to a loan, our product is different. Understanding that a Merchant Cash Advance is not a loan is important. We do not adhere to the same regulatory standards that the banks do. But just like a loan we have the same expectations that the funds are paid back.

The opportunity that a Merchant Cash Advance offers you is the ability to have cash quickly. We are able to get you cash in your hands just three days after you apply and are approved. We will advance you the funds so that you can meet payroll or any other operational expense. In exchange for the payroll funding, we will automatically take a percentage of your daily sales. This amount is a fixed percentage so unlike a traditional loan if you have a slow day or even month, you will not have to pay off a set amount each month. We will continue to take the same daily percentage until the advance and fees have been paid off.

When it comes to advancing payroll, there are some risks on behalf of the provider. Business owners should also be aware of the risks. As a business owner, it is always important to understand the contract you are signing when you accept any type of funding. You have to consider all of the pros and cons before making a decision.

Get Started Now

If you are ready to get the cash you need for payroll funding, give us a call today. As long as you have been in business for six months and do $10,000 a month in sales, we will get you the cash you need fast so you can meet your payroll needs.

Call eBusiness Funding at 305-985-6604 or Complete the contact form on this page.

Payroll Loans That Keep Business Moving

Obtaining payroll loans for your business on a regular basis can be a challenge. Even if you have been in business for years it can be a struggle. Most financial institutions are not looking to lend money to those who are looking to cover payroll. To a bank, it can be seen as a cry for help when a business asks for a loan to make payroll. This is a risk to their loan portfolio.

Having to ask for payroll loans does not mean that your business is going to go under. We understand this. Sometimes you are waiting for your clients to pay their invoices. These invoices may have a Net 30, 60 or 90-day window depending on your industry. This is why we make it easy to get cash in your hands to help cover your payroll until you get paid.

Any business owner who has applied for financing and was turned down by a bank knows that it isn’t the best feeling in the world. We understand the feeling and know recovering from being turned down and determining where to go next for financing can be extremely difficult. For this reason, the alternative lending market has grown rapidly over the last few years.

As an alternative provider, our company is focused on helping you grow your business. We only ask simple questions and never require a business plan. The first two things we are going to want to know are simple. Have you been in business for more than six months? And do you have more than $10,000 a month in sales revenue?

Once you have filled out our simple form, we can get you approved in just 24 hours. Based on what you are approved for we can give you a cash advance in the amount of $5,000 to $500,000 dollars. The best part is we can get you the cash you need in just three days. Unlike traditional payroll loans, we can get you the cash you need to make this week’s payroll not next month’s.

As you go through the traditional loan application process you will quickly learn that getting turned down is very common. Especially if you do not have what the financial institution is looking for.

Common Things You Need To Get Approved For A Bank Loan

• Good Credit History
  • This is for both your personal and business credit history.
• Quality Length of Business Operation
  • Typically, a business must be operational for two years before they can receive a bank loan.
• Collateral
  • When applying for a bank loan, the bank will look to hold personal assets as insurance for you to pay off the loan.
• Business Plan
  • A bank will require a plan of how you expect your business to grow over the next three to five years.
  • They will also request a plan for how the funding will be used.
  • Included in the plan they will expect for you to include your financials from the past few years. This will help them understand the financial health of your business.

Instead of going through the trouble of collecting all that paperwork just to be turned down, consider our Merchant Cash Advance program.

How Does A Merchant Cash Advance Meet My Needs?

• No Collateral
• Short business history is not a problem!
• Poor credit is not a reason to turn you down
• No business plan required
• Quick Approval
• Cash in hand fast!
• Spend the money the way your business needs

Getting Started

We believe that a Merchant Cash Advance is a great alternative to traditional payroll loans. If you think our product is the right option for your payroll loan needs, contact us.

Call eBusiness Funding at 305-985-6604 or Complete the contact form on this page