Staffing Firm Invoice Factoring
Here’s the 411 to decode any confusion on exactly what we mean by ‘invoice factoring’ or ‘payroll funding’.
What is Invoice Factoring?
Invoice factoring is a form of asset-based financing where a business sells its invoices to a third party in exchange for immediate cash payments. Factoring differs from borrowing in that the receivables are actually sold rather than used as collateral.
Benefits of Invoice Factoring:
Through invoice factoring, a business is able to convert its receivables into immediate working capital, without waiting for its customers to pay. This process puts the time, cost and effort of collection into the hands of a funding company like us, giving you the time you need to concentrate on growing your business.
What is Payroll Funding?
Advance Partners offers a unique type of invoice factoring called payroll funding, which is tailored to staffing firms like you. With payroll funding, you sell your invoices to Advance Partners and receive weekly advances to pay your temporary employees.
How Payroll Funding Works:
Benefits of Payroll Funding:
- Unlimited access to funds
- Advance rates of 80 to 100% upfront (depending on service level & business needs)
- 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
To learn more about invoice factoring or payroll funding, request a free consultation today.