Payroll Funding for Startup Companies
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Does your staffing startup struggle to obtain the cash needed to hire more employees? Have you passed over taking on larger clients because your company was short on working capital? Boost your staffing agency’s cash flow with payroll funding for startup companies. Don’t let cash flow worries stop you from launching a staffing firm. With flexible payroll funding options, you can turn your vision into a reality.
How Does Payroll Funding Work?
Payroll funding, also called invoice factoring, is a streamlined process that provides businesses with a cash advance on their unpaid invoices. No longer will you be left short on funds while you wait on slow-paying clients. To start the factoring process, your staffing agency will sell outstanding invoices to a factoring company. Instead of waiting for a month or longer to receive payment from clients, you will have cash in hand from a factoring company within 24 hours. You will typically receive 70-90% of the invoice upfront. The factor will take over collecting payments from clients. After all clients have paid, you will receive the remaining balance, minus a small factoring fee. By having a cash advance, you can grow your business and hire new employees without being tied down financially due to slow-paying clients.
Challenges of Starting a Temp Staffing Agency
Any experienced business owner will tell you that the initial startup period is the biggest challenge for new businesses. Many fail within the first few years and lack of cash flow is one of the biggest contributors to a business closing its doors.
New temp staffing agency owners begin with the best of intentions, but easily fall victim to mistakes including starting with less than optimal working capital, not anticipating lengthy waits on invoice payments and lacking a financial plan to cover emergency costs.
The staffing industry can be extremely lucrative, but competition is fierce. A stable source of working capital is essential to cover startup costs (expected and unexpected). If you’re starting a staffing company with little money in the bank, it’s crucial to have a cash flow cushion in place. That’s where payroll funding for startup staffing companies can help.
- Steady funds for payroll
- Financial cushion
- Flexible
- Money when you need it most
- Freedom to extend customer payment terms
- Ability to hire more staff and take on new accounts
We know that starting a temp staffing agency is overwhelming, and that’s why we’re happy to help staffing startups build a strong financial foundation step by step. With payroll funding, startup temp agencies can easily obtain the money they need to prosper.
Payroll Factoring Can Help Your Staffing Agency Grow
Many business owners believe the initial start-up period to be the most challenging time for new businesses. A lack of cash flow can be detrimental to a new business. Some common challenges faced by new temporary staffing agencies include not starting with enough working capital, not anticipating lengthy waiting periods on invoice payments and not having a strong financial plan to cover emergency costs. Payroll factoring can help alleviate some of these issues. When you work with a factoring broker, you will have access to steady funds for payroll, a financial cushion for unforeseen needs and the ability to hire more staff and take on new accounts.
Advantages of Payroll Factoring
Payroll factoring is a flexible option to solve cash flow issues. It is a quick and risk-free way to gain access to working capital without taking on debt. There are no hidden fees and even businesses with less-than-ideal credit can be approved. Even if this is your first time factoring, you will not have a long waiting period as first-time accounts get processed within days. All staffing companies can participate in payroll factoring, no matter the size, industry or years in business.
Funding for Temp Staffing Made Simple
Dedicated factoring experts will walk you through every step of the way, to make the temp staffing funding process as effortless as possible.
Our funding process is human; our talented team will take personal care to connect your staffing firm with the factor that best matches your needs, and work to create a plan for you that will move your company forward and help it achieve its goals.
By funding staffing payroll with factoring, you’ll always have a steady flow of working capital to keep your business afloat if times get tough. An experienced payroll funding company will provide (optional) back office support and can offer helpful staffing industry insight to make your temp staffing startup a success.
- Up to 90% immediate cash back
- Flexible contract terms
- No hidden feeds
- Bad credit OK
- No minimums
- First time accounts get processed within days
- Industry low rates: 0.69% to 1.59% for 30 days
- No application feeds
- Back office support
All staffing companies regardless of size, industry, or experience can take advantage of staffing payroll financing! Staffing industries payroll funding benefits include:
- Accounting
- Education
- Hospitality
- Industrial
- Professional
- Medical
- Office
- Warehouse
- And many more
Contact EZ Staffing
Start factoring for your startup staffing agency today. Contact EZ Staffing Factoring to start the conversation. Our team of experts can set you on the path to obtaining immediate working capital.
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