WageNow
WageNow provides payroll factoring and flexible wage solutions that let businesses access working capital without taking on traditional debt. The company advances employee wages, offering off-balance-sheet financing that preserves bank limits, with capital disbursed within 24 hours of signing and no fixed repayment term.
- Financial Technology
Funding
Founders
Founder details are not available yet.
Product
Problem
Small and medium-sized enterprises often struggle to access working capital due to strict bank lending criteria, collateral requirements, and lengthy approval processes. Traditional financing options can be classified as debt, affecting bank limits and balance sheets, and are rarely tailored to the specific cash-flow cycles of businesses.
Solution
WageNow offers a payroll factoring solution where the company pays employee wages upfront, granting businesses access to immediate capital. This off-balance-sheet financing is not classified as debt or a short-term liability, preserving existing bank limits. The financing carries no fixed repayment term, allowing businesses to repay when it suits them, with monthly billing at 0.83% on the capital. Businesses receive a tailored offer within seven days, and capital is disbursed within 24 hours after signing the agreement.
Target Audience
Primary customers are small and medium-sized enterprises with at least 20 employees that need flexible working capital for payroll and other operating expenses without adding debt to their balance sheets.
Features
- Payroll factoring model that advances employee wages, converting payroll into a source of capital
- Off-balance-sheet financing not classified as debt or a short-term liability, preserving bank limits
- Flexible repayment without a fixed term, allowing businesses to repay at their own pace
- No collateral or personal guarantees required, with no complex checks or turnover requirements
- Interest rate of approximately 10% p.a. (0.83% monthly), billed monthly with no additional fees
- Service fee of $3 per employee per month
- Funding available to businesses with at least 20 employees within seven days, with capital in account within 24 hours of signing