You may hear the term “invoice factoring” used alongside payroll funding. Both terms are referring to the process where a third party company (Hi, that’s us) buys your outstanding invoices and advances you cash immediately.
For staffing companies, paying your contingent workers weekly and waiting 30-90 days for payment from your clients can be a cash flow nightmare. Staffing factoring ensures you have working capital for payroll and other business expenses, allowing you room to grow.
Benefits of staffing agency factoring:
- Unlimited access to funds
- Advance rates of 80 to 100% upfront
- Competitive rates without additional fees
- Flexible contract terms and pricing structures
- Weekly electronic funds transfers
- Detailed management reports
- 24/7 access to online reporting
- Automated secure lockbox, so your payments post faster
- Credit Research
- A/R & Collections Management
- Cash Receipt & Application