PrismHR and Payroll Funding Join to Provide Quick Access to Funding for HR Service Providers’ Small Business Clients
New PrismHR Marketplace Partner Delivers Funding in as Little as 24 Hours to Help Small Businesses Bridge the Gap as they Await Stimulus Loans
Hopkinton, Mass. — April 13, 2020 – PrismHR, the leading HR technology software powering payroll, benefits, and HR for businesses across the U.S., today announced a new partnership with Payroll Funding that can deliver fast access to financial resources for PrismHR’s nationwide network of HR service providers and their small business clients.
Many small businesses are faced with tough economic conditions today due to the COVID-19 crisis. Payroll Funding quickly delivers capital to those businesses, many of whom are awaiting approval from the SBA Paycheck Protection Program (PPP) and need to bridge the gap or require additional funding for operations. Payroll Funding exclusively provides funding to HR service providers’ clients without a written application process, and once approved, no collateral or personal guarantee or security is required. Funds are delivered directly to the small business the day before the payroll check date.
“We are excited to work with PrismHR to enable HR service providers to offer Payroll Funding to their clients directly through PrismHR’ s Marketplace. During these stressful economic times, HR service providers that rely on PrismHR are looking for every available revenue for short-term funding. Through PrismHR’ s platform, access to Payroll Funding is a click away,” said Will Robins, President of Payroll Funding.
“HR service providers and their small business climates are in uncharted waters, and access to capital is clearly a huge issue. And while the majority of small businesses seem to be seeking capital through the PPP program, there’s a lot of uncertainty and the funding isn’t coming fast enough. Payroll Funding can help bridge the gap,” said Tim Pratte, Senior Vice President of Diversified Services.
About Payroll Funding
Payroll Funding Company is the short-term investment arm of a family trust and has been in business for almost 20 years. As a trust, we have different legal, tax, and operating requirements than a for-profit company. We are prohibited from borrowing money, so we do not have the same requirements that other lenders have. We take a very positive, optimistic view of the future, which, combined with our long-term view, means we are always willing to give clients the time they need to pay us. By definition, a Trust is family oriented. Payroll Funding looks on its clients as more than “customers”; we care about their success.
PrismHR’s mission is to fuel the growth of small and medium-sized businesses (SMBs) across the U.S. Our HR software, combined with our ecosystem of HR service providers, enables SMBs to manage payroll, benefits, and HR, leveling the playing field with large enterprises. Today, PrismHR software delivers world-class HR services to more than 80,000 organizations and over 2 million worksite employees, processing greater than $80 billion in payroll each year. PrismHR is located in Hopkinton, Mass. For more information, visit www.prismhr.com.
PrismHR Public Relations
Vice President, Business Development