Staffing factoring ensures payroll costs are met
Staffing, contracting and temporary employment agencies have grown considerably in recent years since the Great Recession. Many employers are opting to hire temporary workers before hiring full time ones to better manage costs. This rapid growth in staffing, however, has left some firms feeling the pinch. While staffing may be a lucrative industry, high payroll expenses make sustainability difficult.
Payroll funding for staffing companies provides the working capital necessary for these firms to thrive. From staffing for high-wage earners such as IT and medical professionals to bulk staffing for tech support, customer service and medical technicians, expenses for staffing firms are high. If not managed properly, the costs of payroll financing can be so high they cause the staffing firm to freeze up due to lack of capital.
Fast temp agency factoring solves payment gap problems
Part of the problem is mismatched payment terms. A client pays the staffing firm in 30-days yet the firm’s payroll must be paid in 2-weeks. Unlike other financial obligations, the penalties for not meeting payroll responsibilities are severe. A staffing firm that can’t pay its contractors isn’t likely to stay in business long let alone thrive. Factoring companies for staffing agencies provide fast payment for invoices so staffing firms don’t have to wait 30 days or more to collect payment.
Factoring for staffing companies enables them to:
Offer competitive compensation packages to sought-after professionals such as engineers, IT professionals, nurses, medical technicians, physicians, and others.
Have the breadth and financial capacity to hire and cover the compensation costs of seasonal workers in bulk.
Recruit and source top candidates for hard to fill, lucrative positions.
Pay payroll costs on time, every time.
Better promote or advertise their staffing firm.
In the competitive field of staffing and temp employment firms, saying no to a potential client can be devastating. Partnering with staffing factoring companies means you’ll never have to turn away an important client.
The number of regional and national staffing factoring companies has increased over the years as a result of industry growth. Therefore, it is possible to find specialty staffing factoring companies that are familiar with the industry challenges and opportunities. That being said, many large factoring companies offer quality staffing factoring services as well.
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