Benefits of Payroll Funding for Staffing Companies
The staffing industry is popular right now. Companies are able to hire employees without paying for benefits or committing to specific workers, which is a plus in a shaky economy. But there are many demands on your attention when you run a staffing agency:
- Screening and hiring recruits
- Placing candidates in appropriate positions
- Managing relations with your clients
- Monitoring your candidates’ progress
- Staying on top of collections
Although it is the nature of the staffing industry, payroll funding for staffing companies becomes essential when you’re waiting 30, 60, 90, or even 120 days to get paid for your hard work.
The Simple Process of Staffing Payroll Funding
Your staff has worked their shifts and earned the money owed to your business, so why shouldn’t you be able to use it right away? With staffing payroll funding, you can! Application and approval is complete in a few steps:
- Submit your invoices to the staffing payroll funding company
- Your invoices will be purchased at a discount
- The staffing payroll funding company will contact your client and bill them for the invoice
- Once your client pays the staffing payroll funder, you will receive the reserve amount minus a small fee
Regardless of where you staff, Factor Finders can find you a staffing payroll funding company to work with you and your company’s cash flow needs.
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Time and Money-Saving Benefits of Staffing Payroll Funding
Supplying laborers, healthcare workers, government workers, and other types of temporary employees can be lucrative. Don’t let cash flow issues take away from that. Payroll funding for staffing companies ensures you’ll always have the cash to cover:
- Weekly payroll
- Company bills
- Payroll taxes
- Reporting
- Workman’s compensation
- Bringing on new clients
- Recruiting and hiring
Rates Start at 0.69% to 1.59% for 30 days
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Staffing Payroll Funding and Staffing Factoring Combo
When you use factoring as your method of payroll funding, the factor purchases your invoices. This means that your staff can save time on the tasks involved with billing and collections, such as:
- Printing invoices
- Mailing out invoices
- Following up with clients about past-due or missed invoices
- Tactfully navigating relationships with clients
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Staffing Payroll Funding and Staffing Factoring Combo
When you choose factoring as your source of staffing payroll funding, the factor purchases your invoices. This means that your staff can save time on the tasks involved with billing and collections, such as:
- Printing invoices
- Mailing out invoices
- Following up with clients about past-due or missed invoices
- Tactfully navigating relationships with clients
The Disadvantage of Bank Loans
One commonly used method for staffing firms to fund their payroll is a bank loan. Bank loans offer cash quickly as well, but only after a lengthy application process. However, it is in most cases not the best option for your agency:
- If your company has ever had credit problems, it can be difficult to obtain a loan. If you want to keep your agency’s balance sheet clean, then a bank loan is not for you.
- Even if you are able to obtain a bank loan, the debt accrued quickly adds up. It could take months or even longer than a year to pay for a loan, when you only needed it to cover a couple of weeks of payroll.
- Liens may be placed on your receivables, and your invoices (or other collateral) are at risk until you pay the loan off.
Expand Your Business with Staffing Payroll Funding
When your company has adequate cash flow, you can focus on growing your business, moving in a different direction, or developing a niche expertise. It is in the best interest of payroll funding staffing companies to see your business reach success and stability. Because of this, many staffing payroll funding staffing companies will not force you to sell a certain amount of invoices per month or make you commit to a long-term contract. When you dramatically improve your cash flow by factoring receivables, you can fill shifts that would otherwise be beyond your company’s reach. Since payroll funding and factoring for staffing companies allows you to cover all costs while paying your staff, you can take on new clients with minimal risk. Do you have a reliable payroll funding staffing company on hand to boost your cash flow? Let us help you find a factor!
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Stop letting slow-paying clients hold your staffing agency back. Let us connect you with a trusted payroll funding staffing company that understands your needs.