Nurse Staffing Factoring

Nurse Staffing Factoring Offers Quick Cash Access

Medical staffing agencies that have clients who take 30, 60 or even 90 days to pay invoices can benefit from nurse staffing factoring. With nurse staffing factoring, an agency sells its unpaid invoices to a factoring company. Following approval and verification, the agency will receive a cash advance, up to 90% of the invoices’ value. The factor will take over collecting payments from clients. After all clients have paid, the remaining balance is released to the staffing agency, minus a small factoring fee. Stop waiting for clients to pay and start boosting your cash flow with nurse staffing factoring.

Payroll Factoring for Nurse Staffing Companies

If slow cash flow from waiting for invoices to be paid is forcing your nursing staffing company to struggle with such basic financial obligations as meeting payroll or covering basic expenses, nursing staffing factoring will eliminate your slow cash flow problems and bring success to your business. 

Sometimes it seems like the nursing industry’s demand for skilled temp workers is insatiable. Profits are high, business is booming for your temp nurse staffing company, but then all of a sudden you enter a dry period and slow waits on invoice payments cause you to struggle with your cash flow. 

Whatever or whenever you need funding, Factor Finders understands that struggling with slow cash flow can hold up your nurse temp staffing company’s plans for progress, forcing you to spend all your company’s time and resources to cover basic costs. We are happy to provide you with the fastest, simplest, and best payroll funding for your nursing staffing agency’s success. 

When funding for nursing staffing has never been easier, why allow slow invoice payment waits to keep your company from reaching its potential? Choose nurse staffing invoice factoring and watch your nursing staffing company’s growth explode. 

How Do Nurse Staffing Factoring Companies Work?

With invoice factoring for a nurse staffing firm, you can stop worrying about simple financial obligations. Instead, apply your energies and resources to reaching greater success. 

• The nurse temp staffing factoring process is easy!
• Sell your invoices to the factoring company that best matches your needs
• Receive up to 90% of the cash immediately
• The factor collects payment on the invoices from your clients directly, subtracts a small fee, and sends the rest back to you.
• Repeat as needed.

Qualifying for Factoring

To qualify for nurse staffing factoring, agencies typically need to meet certain criteria. These include having a minimum volume of invoices to factor, maintaining a good credit history, and demonstrating a stable and consistent cash flow. Additionally, the agency must be a legitimate business with a valid license and registration, and possess a clear and organized accounting system. Factoring companies may also consider other factors, such as the agency’s industry, size, and growth potential, when evaluating their eligibility for factoring. Meeting these requirements ensures that the agency can benefit from the financial flexibility and support that staffing factoring provides. 

The Factoring Process

The factoring process for nurse staffing agencies is straightforward and efficient. Here’s how it typically works: 

• The agency generates an invoice for their client and sends it to the factoring company.
• The factoring company verifies the invoice and assesses the client’s creditworthiness.
• Upon verification, the factoring company advances a percentage of the invoice amount to the agency, usually within 24 hours.
• The agency uses the advanced funds to meet their financial obligations, such as payroll and overhead expenses.
• The client pays the invoice directly to the factoring company, typically within 30, 60, or 90 days.
• Once the client payment is received, the factoring company rebates the remaining balance of the invoice to the agency, minus a small factoring fee.

This process allows nurse staffing agencies to maintain a steady cash flow and focus on their core business operations without financial strain. 

Common Challenges and Solutions

Nurse staffing agencies may encounter several challenges when using factoring, including: 

• High Fees: Some factoring companies charge high fees, which can reduce agency profits. To mitigate this, research and compare different factoring companies to find the best rates and terms.
• Stringent Requirements: Some companies have stringent requirements for agencies to qualify for factoring. Agencies can negotiate with the factoring company to secure better rates or terms.
• Limited Flexibility: Some factoring companies may not offer flexible payment terms or options. Consider using a factoring broker or consultant to help navigate the process and find a more flexible provider.
• Poor Customer Service: Poor customer service can lead to frustration and dissatisfaction. Evaluate the factoring company’s customer service and support before signing a contract to ensure a positive experience.

By addressing these challenges proactively, nurse staffing agencies can maximize the benefits of factoring and maintain a healthy cash flow.