Fast Payroll Factoring for Staffing Companies
Staffing payroll factoring will turn your outstanding invoices into cash today. This form of alternative funding, known as invoice factoring, can provide credit when you need it most. There’s a reason invoice factoring is quickly becoming the preferred financing method for the staffing industry. Factoring for staffing agencies is affordable, easy & fast. Approval is a cinch and your staffing firm won’t be denied due to bad credit or lack of history.
Factor Finders works with temp staffing firms of all sizes. Whether your staffing agency has 5 or 5,000 employees, we’ll help you find the perfect cash flow solution for your business needs. It doesn’t matter if you are a recent staffing startup, or if you have been around for a while; you can depend on staffing factoring to take your business to the next level. If your staffing firm is facing increased demand for disaster recovery efforts in Texas, factoring is a short-term funding solution that can get you through a cash flow crunch.
Same Day Funding for Your Employee Payroll
Funding payroll can be challenging, especially for growing staffing firms. Whether your agency needs a cash flow boost to hire new talent, extend payment terms to clients or increase marketing efforts, count on factoring companies for staffing to provide a steady source of working capital.
Factor Finders works to understand your company’s specific objectives and matches your business with a factoring program that’s best tailored to your payroll funding needs. The initial application and funding process can be complete in as soon as 3 days. After you’ve been approved, your temporary staffing firm can take advantage of 24 hour funding for payroll.
What Exactly Is “Staffing Factoring” or “Payroll Factoring?”
Temp staffing factoring enables you to sell your outstanding invoices for an immediate cash advance. Payroll factoring companies buy your customer’s open invoice at a discount. Then, factoring companies advance your temp staffing agency the cash (up to 90% cash advance) and bill your customers at the terms they already have in place with you. When your customer pays in full, the remaining amount is returned to you, minus a small fee for factoring services.
Factoring payroll is a popular funding method for the staffing industry and other small businesses. Since it’s not a loan, you won’t add any debt to your balance sheet. No minimum volumes are required, which means your staffing agency is free to factor as-needed. Why stress over clients who take 30, 60 or even 90 days to pay? Factoring staffing invoices will bridge your cash flow gaps and infuse your business with the reliable funding it needs to thrive.
Not sure if factoring is the best solution? Check out our piece, “How to Finance Your Start-Up Staffing Agency” to read about more options.
Invoice factoring isn’t just for the staffing industry. Nearly any industry can take advantage of factoring.
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How Do Temporary Staffing Agencies Benefit
from Payroll Factoring?
Is staffing factoring the answer to your payroll funding needs? If your clients pay on terms that require you to wait 15, 30, 45 or more days to collect payment, or if you’d like the chance to extend payment terms to attract new clients – factoring is a perfect solution. Factor Finders works with a variety of businesses with unique cash flow challenges:
- Companies waiting for payments from customers who are “slow pay”
- Growing businesses with no credit histories or less than perfect credit
- Staffing start-ups struggling with limited funds
- Businesses facing seasonal sales patterns
- Staffing agencies lacking the working capital to cover weekly payroll
Factor Finders offers payroll factoring solutions for staffing companies of all sizes & stages. Whether you’re just starting up or have been in business for decades, we’re dedicated to finding the best factoring company for your business. Check out our article about what to look for when choosing a factoring company for your staffing agency.
Don’t forget to download our free eBook about starting your own staffing company!
Say Goodbye to Stressing Over Slow-Paying Clients!
Call us today for more info! 855-322-8671
How Can Payroll Factoring Help My Business Grow?
Staffing Factoring can help your business run seamlessly. You no longer have to worry about
- Cash to make payroll on time, every time
- Cash to grow your staffing business
- Simple paperwork and easy application process
- Lowest rates in the factoring industry ranging from 0.69% to 1.59% for 30 days
- No financial statements needed
- No minimum amounts required for invoices
- Flexible credit customized for your needs
- We work with customer referrals
- Full back office services are available
Payroll Factoring Requires Little Paperwork
Unlike bank financing for staffing, factoring requires little paperwork and provides funding for staffing agencies within 24 hours. Here’s what documents are needed for the payroll factoring process:
- Brief application
- Most current aging report for your receivables
- Customer list
- Credit limit request
- Invoices you wish to factor
- Copy of DBA filing or Articles of Incorporation
- Signed factoring agreement
“I would personally like to thank you for getting my company setup with funding. The factoring company has been very professional and has made the experience a pleasure of getting funded. Once again, thanks for everything.”
— Herbert, Staffing, Canada