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Meeting payroll is the highest priority for staffing agency and temporary staffing company owners, as they all know that a paid employee is a productive employee. However, meeting payroll presents a constant and significant challenge to staffing agencies.
Why? Well, employees need to be paid every week or every 15 days for the work that they do. However, customers usually pay their invoices every 30 to 45 days. This payment disparity can create significant stress to the cash flow of the agency, especially if the agency does not have a large cash cushion in the bank.
To make matters worse, many temporary staffing companies have had to turn away lucrative business opportunities because they do not have the financial resources to hire additional staff and carry the costs until the customer pays their invoices. Lack of working capital - not lack of opportunity - is the major impediment to the growth of a staffing agency.
Factoring is the ideal financial tool for temporary staffing agencies. Factoring provides agencies with an advance on their invoices. This allows the agency to pay its employees, meet its obligations and grow.
How Does Staffing Agency Factoring Work?
Factoring can work with any staffing agency and can be set up quickly. 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.