Do you have a temp staffing company? Do you need immediate funding? Funding payroll and growth for temporary staffing agencies has been a niche specialty of many invoice factoring companies for a number of years. There are all kinds of financial instruments, and one of those extends to staffing companies.
If your cash flow suffers time and again from seasonal sales spikes, or peaks and valleys, customers tightening their belts, or unexpected orders coming in, a cash only program might just do the trick. When you require cash, just send the invoices into the staffing company factoring company, and they’ll transfer the cash, minus any fees for their service, into your account the day afterward.
If your company is growing, and you need maximum cash flow, you might want to get maximum liquidity from the assets you have. You can also sign up for maximum cash flow at many of these companies too. You will just send your weekly timecards and invoices in, and you can get a percentage of your cash, up to 95% sometimes, the next day. Once you’ve picked a company for all of your factoring, you will rest easy knowing that one company can handle most of it. Plus, these same kinds of companies can help out with all types of financial instruments like eliminating bad debt, full payroll services, maximizing cash flow, helping young companies thrive, and more. Plus, no minimum volume may be required, depending on the company you choose. That is great for young and struggling companies. Plus, there are a lot of companies that let you pay only for what you use.
There are some serious financial institutions that provide invoice factoring services to staffing companies all across the U.S. and Canada. Some of these companies are international, and they go beyond the borders of the U.S. and Canada, but most of these companies just operate in the North American continent, and that area. These companies should be leaders in providing working capital to staffing companies such as yours if you’re going to choose them to help fulfill your needs. Don’t choose a company that hasn’t had a number of years in the industry. The credit lines that these kinds of companies can provide allow clients to get immediate access to funds that would normally have been tied up in accounts receivable, eliminating a delay of payment that could last between 30 and 60 days. No company wants to wait that long to get their hands on their money.
Staffing companies, by their essential nature, have to have consistent and reliable cash flow. This is primarily because the staff, and the payroll, is the primary cost of doing business. Staffing companies usually pay their employees each week, and that adds to the cash flow stress. The balance can be maintained when the clients for the staffing company pay on time, but that’s hardly ever the case. You need a company that will back you up as far as staffing company factoring. Choose wisely, and your staffing company will run a lot more smoothly. If you don’t choose wisely, it won’t run smoothly at all.
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