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Meeting payroll is the highest priority for security guard agency owners, as they know that a paid security employee is a productive employee. However, meeting payroll presents a constant challenge to security guard agencies.
Why? Well, security guards need to be paid every week or every 15 days for their work. However, corporate and government customers usually pay their invoices every 30 to 45 days. Unless you have significant cash reserves in the bank, this can lead to problems.
Furthermore, many security and detective agencies regularly turn away lucrative business opportunities because they do not have the financial resources to hire additional security staff and wait 60 days to get paid. Lack of working capital - not lack of opportunity - is the major impediment to the growth of the agency.
Invoice factoring is the ideal solution to these cash flow challenges. It eliminates the payment wait and allows the firms to cash their unpaid receivables within days of invoicing. With factoring, your firm can meet its obligations and grow.
How Does Security Agency Factoring Work?
Factoring can work with any security guard agency and can be set up in days. It works as follows:
Fees vary based on the types of clients you work with and the amount of funds that you need. Click here to contact us for a FREE quote.