Invoice Factoring Provides Instant Funding For Staffing
Fast Working Capital to Fund Your Payroll
Could your temporary staffing agency benefit from extra cash flow? Invoice factoring helps staffing agencies improve their cash flow & expand business. If your temp agency is struggling with funding, we can help. Whether your business is small, large, or in-between, invoice factoring can help you secure the working capital you need to recruit and place better candidates, cover payroll, and take care of any other operating expenses. We know that a sound business means a sound mind, and we are committed to helping your staffing agency achieve maximum success!
How Does Staffing Invoice Factoring Work?
Staffing agencies face unique problems when it comes to paying employees. Temporary employees are often paid weekly. However, the clients they are working for may have payment terms of net 30-60 days. Invoice factoring closes the gap and provides recruiting firms with steady cash flow to cover payroll, take advantage of seasonal hiring bursts, recruit top candidates and extend more generous payment terms to clients. How does it work?
- Complete a quick application and submit your invoices to the factoring company.
- The factoring company will check the credit of your clients & verify the invoices.
- Once verified, you’ll receive a cash advance between 85-95% of the invoice value within 24 hours.
- Your client sends payment to the factoring company on their usual terms.
- Once paid, you’ll receive the remaining balance, minus a small factoring fee.
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Benefits of Invoice Factoring for Staffing Companies
Obtaining financing through a traditional bank loan may not always be possible, or the best solution for some employment agencies. Bank loans often require a longer business history and top-notch credit. If you’re a startup staffing agency or faced a few rough patches, approval might be tough.
Staffing factoring doesn’t require collateral and approval isn’t based on your credit history. Instead, approval is based on the credit of your clients, since they’re the ones responsible for payment. With steady cash flow, you’ll be able to cover expenses and pay bills on time, which is a great solution to re-building your credit. Additionally, when and how much you factor is up to you, and there are no hidden fees. Funding terms are flexible and you will have an account manager to help guide you every step of the way. Back office and administrative support are also available, so you can worry less about paperwork, and more about succeeding. Invoice factoring for staffing companies is a great short-term (or long-term if you prefer) cash flow solution.
Get Started Factoring Invoices Today!
Call us @ 855-322-8671
Staffing Invoice Factoring for Any Speciality
No matter what the industry, we have partners that can help your staffing company secure funding:
- Human Resources
- Information Technology
- Office and Clerical
Staffing factoring is the answer to growing your employment agency. Take on larger clients and cover high payroll costs of lucrative seasonal projects with confidence.