There are plenty of challenges that retail businesses face, which include supply chain issues, market disruptions, trends towards buying similar items online, an increasingly competitive landscape, and evolving customer expectations. Couple this with the fact that significant investment needs to be made into the merchandise that your business sells, and it adds up to a complex cash flow situation.
Sitting on unsold merchandise can be a major cost to the company and employees are needed to make sure all the inventory gets sold. The problem arises in a cash-strapped month when inventory is high, sales are low, and you’re still paying your employees’ salaries. But if you don’t have the money, what do you do?
How Payroll Funding Can Help Retail Businesses
Sometimes it’s nice to have the flexibility to get a short-term loan to cover your payroll until you recoup your investment in inventory and are cash-positive again.
Payro is a payroll solution that provides short-term payroll loans with same-day funding when needed. Loans are available up to $500,000 with rates as low as 1.5% per week upon qualification. It’s a loan that can be repaid at the end of the following month. And the process can be repeated if needed.
Taking the Next Best Action to Stay a Step Ahead
One of the best reasons to have a seasonal payroll plan in place is to help you manage your own stress. Running a retail business and managing employees presents its own challenges and rewards. It also takes a lot of your time and attention. Having a resource when you need it eliminates worrying about how your employees will get paid. And it allows you to focus on the things that are more important, like taking care of your customers and bringing in revenue.
Payro offers a flexible solution with short-term payroll loans that give you the ability to cover your employees no matter what turn of events your sales activity takes.
Thank you to our partner PAYRO for contributing this BLOG content. For more information, we recommend scheduling an appointment to set up your free account with Payro now, so that you’re positioned for the best scenario.
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*Southland Data Processing, Inc. (“SDP”) is not a law firm. This article is intended for informational purposes only and should not be relied upon in reaching a conclusion in a particular area of law. Applicability of the legal principles discussed may differ substantially in individual situations. Receipt of this or any other SDP materials does not create an attorney-client relationship. SDP is not responsible for any inadvertent errors that may occur in the publishing process.