Payro: A Payroll Funding Option for Small Businesses

Managing a small business involves navigating numerous challenges, including that you ensure your employees are paid on time. Many industries, like hospitality, have peak seasons when cash flow is not a concern, but also have slow seasons where cash on hand may be tight. Those times when cash is tight can be worrisome for business owners.

At Paper Trails, we recognize this issue and have partnered with a company called Payro to help ease that worry. We understand the importance of keeping your team paid on time, satisfied, and your operations running smoothly. That’s why we’re thrilled about this partnership with Payro, a payroll funding solution tailored specifically for small businesses like yours. Let’s dive in.

What is payroll funding?

First, we must take a look at why an option like Payro may be necessary for some businesses. Depending on the size, location, and industry of a business, the business owner may struggle to afford payroll at times. Some small businesses struggle with keeping cash flow abundant throughout the entire year. For example, a small bakery located on the coast of Maine may struggle to keep cash on hand if they are hit by a long, cold winter that significantly impacts their sales. In this situation, payroll funding can come in handy. Payroll funding is a solution that helps businesses cover payroll without going into long-term debt.

What is Payro?

Payro is a company that Paper Trails partners with to offer this funding to our clients. Payro offers low-cost funding with a quick turnaround, ensuring your employees get paid on time. Businesses can apply for a short-term loan through Payro and get same-day funding.

How Payro works

Step 1: Apply for free

The application process is quick and straightforward. In about five minutes, you can complete your application without the need for financial documents, tax returns, P&L reports, balance sheets, or personal net worth statements. All you need are your six most recent bank statements and your tax ID.

Step 2: Get approved in 2 business days

Once you’ve submitted your application, Payro’s underwriting team will review your bank statements and issue a credit limit of up to $500,000. This means you have emergency funds available for payroll whenever you need them, with no cost until you actually withdraw funds.

Step 3: Request funds

When you need to access funds, simply log into your Payro account, enter the amount you need, and specify the duration (up to 4 weeks). Your repayment will include the loan amount plus 1.5% interest per week, and there’s no penalty for early repayment. It’s a hassle-free process that takes no time!

Step 4: Get funded the same day

Payro ensures that your funds are wired immediately. If you request funds before 1pm EST on a business day, you’ll receive them in your account the same day. Otherwise, the funds will be available on the next business day. This quick turnaround helps you keep your payroll on track without any delays.

Step 5: Get funded again

As long as you have a credit line with Payro, your credit limit is always available. Once your repayment clears, you can request funds again, ensuring continuous access to payroll funding whenever you need it.

Additional benefits of Payro

• No impact on credit score: Applying to Payro does not affect your credit score, making it a worry-free option for securing payroll funds.
• Payroll-specific funding: Payro is designed exclusively for payroll, ensuring that your employees get paid on time, every time.
• No interruption to your process: Payro offers payroll funding without taking charge of your accounts payable or changing the way you conduct business.
• Flexible and low-cost: With competitive interest rates and no early repayment penalties, Payro offers a cost-effective solution for managing payroll.
• Quick approval and funding: Approval within 48 hours and same-day funding ensure you have the funds when you need them.

Frequently asked questions

• Will my credit score be affected by applying? No, applying to Payro does not impact your credit score.
• What is the deadline to request same-day funding? 1 PM EST.
• How much can I get funded for? Between $20,000 and $500,000.
• What if my payroll is more than my funding amount? You can get funds up to your pre-approved limit and apply for an increase if needed.
• What do I need to qualify? At least 5 employees, 2+ years in business, and $25,000 in monthly revenue.
• When does the funding need to be repaid? Within 4 weeks.

Conclusion

At Paper Trails, we’re committed to supporting business owners and managers to make their daily lives easier. Payro is a valuable tool that can help you manage your payroll needs efficiently and effectively. If you’re looking for a reliable payroll funding option that simplifies the process and keeps your employees happy, Payro is the solution for you.