Why Work With a Factoring Broker
Staffing factoring can be overwhelming and time consuming when you have to do it all by yourself. Factoring brokers help you through this process and make sure your company can meet the payroll.
Faster Funding
Working with a factoring broker can get you funded faster than a traditional bank loan. In some cases you can receive funds in as little as several hours.
Best Deals/Rates
Factoring brokers have extensive industry relationships with a variety of factoring companies. They’ll work with you to find the best deal/rate for your business.
The Right Funder
Factoring brokers work with you and your business to create a specialized financing plan that fits your industry and circumstances. They’ll match you with a factoring company that supports your needs.
Avoid Mistakes
With extensive industry knowledge and networks, factoring brokers can help you avoid mistakes when choosing the right factoring company for your business.
What is a Factoring Broker?
A factoring broker bridges the gap between businesses looking for quicker payment on their invoices and an invoice factoring company who can help them. Factoring brokers have extensive industry knowledge and a wide range of relationships with different kinds of factoring companies.
It’s the factoring broker’s job to connect people looking for invoice factoring directly with companies that provide the funding.
Streamline the Funding Process
Working with a factoring broker has multiple advantages, but it may not be the best funding solution for every business. Depending on your business needs and circumstances, you may not be sure where to start. A factoring broker can work with you, no matter what stage your business is at.
Researching factoring companies on your own can be stressful, not to mention time-consuming. Each factoring company has its own specialized programs, rates, and terms. And there are hundreds of factoring companies out there. How do you know which one will be right for your business?
A factoring broker can save you the time and hassle by doing the search for you. Factoring brokers have extensive industry knowledge and relationships with a wide range of funders. So once they know what you’re looking for in a factoring company, they can connect you quickly with the perfect funder.
Most importantly, working with a factoring broker can save you money. While it might seem like a better idea to call a factoring company directly – this isn’t always true. Factoring brokers have close relationships with a variety of funders, and they’re able to pass along savings and special rates that ordinarily might not be available to you.
How Can Factoring Help Your Staffing Business?
Factoring can increase the working capital, helping to cover payroll and operating expenses. Staffing companies often have the need to hire more workers quickly. Factoring can help you gain access to capital you need to acquire and pay your staff. A factoring broker works with you to make sure your unique needs are met.