Solo W-2, Inc. offers, for an additional fee, an advance payroll option. This option is especially useful when your SoloW-2™ client has a long payment cycle and you are short on cash reserves.
How it works:
You notify your Division Administrator that you want to be paid within one week, two weeks, or one month following submission of an approved time sheet.
Solo W-2, Inc. evaluates the credit worthiness of the client and establishes a fee schedule for the payroll advance.
Provided that the client meets minimum risk criteria, your Division Administrator processes payroll on the agreed-upon date based on 75% of the invoiced amount.
When the client remits payment, your Division Administrator deducts the payroll advance and the accrued fees, and adds the balance to your Division account.
The rate for advance payment is based on many factors, including the cost of money, the credit worthiness of the client and the frequency of invoicing. The total amount of the fee for advance pay depends on the elapsed time between the date of advance payment and the date of remittance by the client.
You may add or drop the SoloW-2™ Advance Pay option as needed.
