Staffing
Running a staffing company can be a challenging task. In addition to hiring qualified employees and managing daily operations, staffing businesses often struggle with cash flow issues due to unpaid invoices. This is where staffing business factoring comes in.
What is Staffing Business Factoring?
Staffing business factoring is a financial service providing working capital to staffing companies by purchasing unpaid invoices. Essentially, the factoring company advances funds to the staffing business in exchange for the right to collect on the invoices. This enables the staffing business to access cash quickly without waiting for payment from their clients.
How Does it Work? The staffing business submits its unpaid invoices to the factoring company, who then verifies the invoices and advances a percentage of the invoice value. The factoring company then collects payment from the staffing company's clients and pays the remaining balance (minus fees) to the staffing company.
Benefits of Staffing Business Factoring:
Improved cash flow: With factoring, staffing businesses can access funds quickly, enabling them to pay employees, purchase inventory, and cover other expenses.
No debt: Factoring is not a loan, so there is no debt to repay.
Flexible terms: Factoring terms can be customized to fit the staffing company's needs.
Why Choose Our Service?
At Go Funding, we understand staffing businesses' challenges when it comes to cash flow. That's why we offer a free service that pairs staffing companies with the right factoring service to meet their unique needs. Our team of experts will work with you to find a factoring company that offers flexible terms, competitive rates, and exceptional service. With our help, you can access the working capital you need to grow your staffing business without the hassle of finding the right factoring service on your own.
Contact us today to learn more about how staffing business factoring can benefit your staffing company.
How does Payroll Funding work?
Payroll funding is a financing option that allows companies to receive immediate cash flow by selling their unpaid accounts receivable to a third-party finance company, often referred to as a factor.
Staffing firms, in particular, often rely on payroll funding to ensure they have the necessary funds to pay their employees on time, as they may need to cover payroll expenses before receiving payment from their clients. By selling their unpaid receivables, staffing firms can access the cash they need to meet their payroll obligations and cover other expenses.
