Finding the Best Factoring for Staffing Companies
If you work in the staffing industry, you are probably all too aware of how turbulent cash flow can be. In fact, any business that relies on invoicing will likely run into problems with sluggish payments from time to time. It is a tricky situation, because the vendor/customer relationship is very important. The last thing that you want to do is jeopardize it.
But, what is a temp staffing agency to do if essential cash resources are tied up in inventory and lost in the limbo of payment invoicing? What is the right course of action if you need to access the money from goods sold quickly, but cannot hurry a payment along?
Well, there is a solution. At Capital Funding Solutions, we work with clients all across the country, from Florida to Texas, New York, Georgia, Michigan, Virginia, and beyond. It is our job to speed up access to invoice payments, while also protecting the integrity of the vendor/customer relationship.
Choosing the Best Factoring for Staffing Companies
If you want to make sure that your temp workers always get paid on time, you need the help of a reliable factoring for staffing agent. These financial ‘middle men’ serve as vital links between vendors and their customers. They cut the waiting time for payments in half, by balancing invoices on behalf of customers.
The customer then deals directly with the factoring agent or firm to pay what is owed. The process is fast, efficient, and straightforward. Plus, the companies are happy to take over all of the invoicing work for you. So, once you have been paid, your role is over. You can turn your attention to more urgent parts of the temping business.
The question, how do you find the best factoring for staffing companies? There are a lot of factoring agents around these days, so it is important to pick carefully. The best place to start is with a shortlist of three or four potential firms or agencies. Then, you can speak with each individually to assess which is right for your business.
Making the Right Choice of Factoring Agent
You can speak with an agent over the phone, but it is even better if you can arrange a one on one consultation. This is a great opportunity to voice any concerns that you might have and ask all of the questions that you need to about the factoring service.
While all factoring firms have different terms, the best factoring for staffing companies are the ones with very clear and transparent rules and rates. You should be able to work out how much of a cut the agent will take from invoices without too much trouble.
There should be no hidden fees or charges. If there are penalties for not meeting minimum invoice requirements, these should be laid out and explained before you sign a contract. Do remember that, for smaller businesses, minimum requirements can be a struggle. It is best not to work with these limitations unless you are sure that you can operate within them.
Best Factoring For Staffing Companies in Florida, Texas, New York, Georgia, Michigan, Virginia…