Best Payroll Factoring
for Staffing Companies
By utilizing staffing payroll factoring, you can exchange your invoices for cash today. By definition, invoice factoring is known as an alternative type of funding that gives credit when it’s needed the most and there is a reason why this method is growing more popular within the staffing industry. Factoring for agencies is not only easy but also affordable and fast; in addition, anyone can be approved without being denied due to things such as bad credit .
Whether you are a new staffing firm with only five employees or an established company with 10,000, we can help you find the best cash flow option for your company. Whether you’re just starting out or have been in the game for a while, we will help take your business to where it needs to be.
Fast Funding for Employee Payroll
There are many challenges that come with running a staffing agency, one of which is funding payroll. Factoring companies for staffing can provide you with the working capital you need to hire new employers, extend terms of payment to clients or increase marketing budgets.
Factoring.io strives to comprehend your company’s particular objectives and partners your business with a factoring program that’s optimally customized to your payroll funding requirements. The preliminary application and financing process can be completed in as little as three days. Once you have been approved, your agency can utilize 24 hour funding for payroll
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Complete the form or call 855-513-2473 for more information. We’re happy to help!
What is the difference between "staffing factoring" and "payroll factoring?"
With temp staffing factoring, you can receive an immediate cash advance for your outstanding invoices. Payroll companies will generally buy your customers’ open invoices at a discount. Afterward, these businesses give you the cash that was advanced and bill your customers with the terms they already have in place with you. Once everything is completed and paid off by your customer, minus the smaller fee for factoring services, what is left over gets given back to you.
Lots of small businesses, like staffing agencies, enjoy using payroll factoring to get funding. And it’s great because you’re not taking on any new debt. You can factor as needed without having to worry about meeting minimum volumes too. Furthermore, by factoring in your staffing invoices, you free yourself from the stress of clients who take a long time to pay their invoices (30 days, 60 days, or even 90!). This way, you have a dependable infusion of cashflow that your business needs in order to grow and become successful
Unsure if financing through factoring is the best route for your staffing agency? Be sure to check out our other options in, “How to Finance Your Start-Up Staffing Agency.”
How can payroll factoring benefit a business?
If you want your small business to be successful, you need to have a steady supply of working capital. However, if your clients are slow to pay, it can mess up even the best-laid financial plans.
Fortunately, there’s a solution: small businesses can work with business factoring companies. This way, they’ll always have the funding they need for expenses such as:
If you’re looking for a way to help your business run more smoothly, staffing factoring may be the answer. you won’t have to worry about
Less Paperwork required
With payroll factoring, minimal paperwork is required compared to bank financing for staffing agencies. Within 24 hours, funding can be provided- here are the necessary documents:
How can payroll factoring help temporary staffing agencies?
Factoring payroll is a great way for temporary staffing agencies to maintain a positive cash flow.
If you need money for payroll and are considering staffing factoring as a solution, factoring.io can help. We work with businesses that have unique cash flow challenges and can provide the funding you need to meet your payroll obligation. With payroll factoring, you can extend payment terms to attract new clients without having to worry about when you will get paid yourself.
No matter how big or small your staffing company is, we will find the best payroll factoring solution for you.
We work with all types of businesses, and nationwide to find the perfect fit when it comes to a payroll or staffing factoring company.