To this day, staffing agencies have over three million employees, both contract and temporary, who are working for them on an average week. That is why it is crucial for every staffing agency to have access to cash flow that is steady. Many of these agencies deal with troubles like waiting for their customers to make payments. Even a seven-day wait can be a major issue for these agencies. The moment these agencies must make weekly payrolls, most of them often fall short in terms of cash.
If you are part of the staffing industry, a working capital is vital so that you can meet your business obligations and payroll deadlines. If your working capital is insufficient, you end up missing out a lot when it comes to opportunities for business growth. Going to companies offering payroll funding assistance may be the best step that you can take if your staffing agency always falls short on cash. A professional payroll funding service ensures that you meet your payroll so that you can focus on expanding your agency.
Prior to seeking professional help for payroll funding, you have to know how the whole thing works. Payroll is something that every staffing agency owner must make sure to meet. No wonder why you can choose from a variety of payroll funding services. Whatever your payroll needs, you will find professional companies that will offer you a customize program for payroll funding. See page on how payroll funding works and for more info.
When you get payroll funding services, you will send your invoices directly to the payroll funding company and not your customers while waiting for payment. The payroll funding company will then pay the total of your invoices on the same day. In a matter of 24 hours, the company will be depositing the fund straight to your bank account. When your customer makes an invoice payment, you will then get the remaining amount minus the transaction fee.
Through the assistance of payroll funding services, you can get lower rates that even go lower when your staffing agency develops.
Getting payroll funding benefits you in more ways than one than just steady cash flow. For instance, you get more confidence knowing that you can meet your payroll every week. The use of payroll funding services also allows you to save more of your time. Some of these companies help streamline your collection and invoicing processes. It is, thus, crucial that you get quality back-office support services from the payroll funding company that you choose. The services that you can enjoy from these companies include but don’t limit the following services, risk assessment, accounts-receivable management, treasury services, credit analysis, and collections.
Lastly, seeking payroll funding services enables your staffing agency to grow. Now, accepting new contracts is possible with their assistance.