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How to Get Advanced Payroll Funding for Your Staffing Agency

America’s staffing companies hire nearly 16 million temporary and contract employees per year. Temporary staffing is overgrowing, and the companies that provide these services should keep up with the constant growth and battle the ensuing cash flow issues. Workers want to receive weekly or bi-weekly payment at the very least, and big companies take 45-60 days to pay. Advanced payroll funding is necessary when it comes to growing your business and keeping both employees and customers happy. Temp staffing agencies from tech to security to janitorial do not receive payment from their clients until after they have filled their job vacancies and those persons have worked. The time between hiring to initial payroll to getting paid by their larger client can overextend a staffing company.

Staffing payroll advanced funding

Staffing Payroll Funding

When a company decides to leverage invoice factoring for payroll financing, they will be able to secure up to 92% of their invoices value within 24 hours of services delivered. You will receive the remaining balance once your customer has paid minus low-cost fees. Guard, staffing, and Temp agencies that suffer from cash crunches (even if only occasionally) should research invoice factoring for staffing companies. It is an excellent way for small businesses to get money when they need it. We call it advanced payroll funding with credit protection. What is credit protection? It protects you from your large clients filing bankruptcy.

how payroll funding for staffing works

How Payroll Funding for Staffing Works

Temp agencies no longer have to worry about qualifying for a working capital payroll loan. They need to provide the Factor with the invoices they wish to sell along with each employee’s timesheets. They will then be able to deposit cash into their bank account within 24 hours. This will allow the temp agency to meet its monthly commitments without taking on new debt.

Is your staffing agency ready for financial freedom? Call (888) 400-5930 or use the fast, safe & secure online funding application.

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