Staffing Factoring is a subset of Invoice Factoring with a twist. When picking the right staffing factoring company for your business, critical questions need to be answered:
As the owner of a temp staffing agency, you understand the nuances of your business. Workman’s Comp, relentless cash flow needs, matching the right person with the right job, proper job classifications- The variables to manage are relentless! You need an accounts receivable financing company who understands the vagaries of your business. In 1998 our very first client was a PEO doing both employee leasing and temporary staffing. You can imagine the lessons we learned in the 1st six months and the last 19 years.
The “Gentle Touch” on your Clients:
As a staffing provider, it is not easy keeping your clients happy. You don’t need your funder increasing your problems. We understand that we have a delicate relationship with you and your client. Our goal is to strengthen that bond by working in a friendly and professional manner to ensure your invoices are in your client’s accounts payable system, your workers have made them happy, and payment to you (and us) has been scheduled. Time is money, and we want to keep your fees as low as possible.
High Advance Rate:
We understand that as a staffing agency, your margins are always under attack. As an Invoice Factoring Company with deep and longtime staffing industry experience, we understand your working capital needs. If your Advance Rate is too low or margin requirements are too high, you won’t have enough cash flow to cover overhead. We will quickly look at your gross margins and accounts receivable turnover to customize a staffing factoring program just for you.
Understand Client Concentration:
In today’s economic environment, it is a fact of life that there are fewer clients to do business with. With industry consolidation, Category Killers and Big Box retailers it is difficult not to have a concentration of clients in the staffing industry. We understand this issue and deal with it every day.
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