What is Factoring for Staffing Companies?
For those in staffing, factoring may or may not be known to you as a way to fund your company by selling your invoices to a factoring company. But did you know that invoice factoring allows you to obtain instant funding for your staffing business whenever you need it, maintain a steady cash flow, and cover payroll easily, all without incurring any debt? Flexibility is a big advantage of funding with invoice factoring. You’ll have the freedom to factor as few or as many invoices as your business needs. Factoring companies for staffing are eager to customize their funding services to best fit your goals.
The payroll factoring application is easy and takes just moments to complete! Factor Finders’ top skilled experts will discuss your financial goals and business model, and determine the unique characteristics of your business. We’re dedicated to matching you the best staffing factoring company according to your agency’s distinct traits, needs, and goals.
How does invoice factoring help staffing agencies?
It’s easy for temp staffing companies to finance payroll with invoice factoring. The process is simple!
- Once Factor Finders connects you with the perfect factoring company, sell them your outstanding invoices.
- Receive up to 90% cash immediately. After you’ve been approved, you’ll receive payroll funding within 24 hours.
- The staffing factoring company collects invoice payments directly from your clients, subtracts a small fee, and returns the remainder to you.
- Repeat as often as necessary.
5 Reasons Invoice Factoring for Staffing is the Ideal Solution!
The temp staffing industry is a difficult one to succeed in, but if your company can make it, the rewards are great. Staffing factoring is one of the most popular forms of funding in the temp industry. Choose invoice factoring to make sure your company has the resources and energy it needs to climb to the top.
- Invoice factoring is flexible enough to meet your needs, whatever they may be or however they may change. Invoice factoring prioritizes your needs before the needs of the funder. There are no minimums or maximums, you can set contract goals and expectations, pick and choose which invoices to factor, and opt out at any time.
- Staffing factoring is the only type of funding that grows as your business grows. The more invoices you generate, the more working capital you’ll receive.
- The approval process is easy and almost all staffing companies are eligible for factoring. Less-than-ideal credit is OK, since payroll funding companies primarily care about your clients’ credit scores.
- Factoring can be used as much as you need, without the trouble of having to re-apply every time you need funding. Payroll funding gets you a constant cash flow and a source of immediate funding whenever you need it, and also saves you the trouble of having to waste time waiting on slow invoice payments.
- No debt to repay.
Unlike a bank-loan or other unwieldy forms of funding, staffing factoring exists to help your company, not the other way around! No matter how strong your company’s financial health, how large or small you are, or how long you’ve been in business, staffing factoring will strengthen your business with steady working capital. Factoring staffing invoices is the best way to assure your temp staffing succeeds for the long haul.
All specialties in the temp staffing industry are eligible to finance payroll with staffing factoring.
- And many more!
Whether you are a seasoned staffing agency or a startup temp company, it’s time to get the fast funding you need with staffing factoring.
Contact Factor Finders today to begin staffing factoring! If you’re tired of waiting on long invoice payment waits, need a constant source of funding, or want to strengthen your cash flow, call 855-322-8671 or apply online now to put your temp staffing company on the path to success!