Temporary Staffing Companies are Ideal Candidates for Accounts Receivable Factoring
Staffing factoring is ready-made for the financing needs of both new staffing companies and those that have been around for years.
Benefits of Accounts Receivable Factoring for Temporary Staffing Agencies
Charter Capital is an experienced staffing factoring company. As such, we understand that temporary staffing service companies face constant cash flow challenges due to employee payroll obligations and other important factors. Charter Capital has a long track record of providing invoice factoring services to staffing companies that make these obligations easier to handle. Our credit analysis and collection services have helped many of our clients gain a competitive edge in their industry.
Using our back-office support for collections and mailing out of your invoices can sometimes offset the factoring fees or decrease internal overhead-related costs.
We are seasoned professionals with decades of industry experience.
We Provide Staffing Factoring Services to the Following Staffing Industries:
- Plant Management and Engineers
- Sales – Marketing – Sales Managers
- Accounting – Controllers – CPA’s
- Healthcare – PTs – RNs – CNAs – OTs – MDs
- Data Processing – I.T. – Web Design
- Mid Management – Administrative – Technical
- Office Managers – Administrators
- Full Charge Bookkeepers – Accounting Clerks
- Admin Assistants – Executive – Legal Secretaries
- Clerical – General Office – Data Entry
- Doctor’s Office Assistants – Medical Secretaries
- Call Center Phone Attendants and More
- Assembly – Warehouse – Quality Control – Quality Assurance
- Warehouse distribution
- Skilled – Unskilled Labor
- Light Industrial – Machine Operators
- Fork Lift Operators – Loaders /Unloaders
- Electronics Assembly – Packers
Personalized Service – you have one dedicated person and his or her assistant who handles your account. You don’t have to start over with a new person each time you call.
How Does Invoice Factoring for Staffing Companies Work?
Invoice factoring is a common service used by staffing firms to generate positive cash flow. Factoring for staffing agencies is not the same as lending and is not classified as a loan. It’s a financial transaction between a factoring company and its client whereby a business sells its unpaid invoices to the factor in exchange for a percentage of the invoice value. Your business is paid upfront for the open invoices, and the factor does all the work of collecting the money from your customers. Once all the invoice payments have been received, the factor pays back the remaining balance to your company – minus a small fee known as the factoring fee. It is easy to get approval for, you get consistent cash flow, you don’t acquire bad credit, and you can focus on growing your business; this makes factoring one of the best staffing financing options available.
Accounts Receivable Financing for Staffing Agencies: Your Key to a Powerful Business Edge.
Factoring companies for staffing agencies ensure businesses receive payments within 24 hours, offering a consistent funding solution. A staffing factoring company provides non-loan business financing, allowing agencies to offer customers generous payment terms and secure cash and working capital essential for growth and profits
With Our Staffing Factoring Company, You Can Obtain an Immediate Cash Advance to:
- Add additional employees to your staffing business
- Settle outstanding debt or tax obligations
- Negotiate supplier discounts
- Reduce bank NSF charges
- Underwrite acquisitions of other staffing companies
- To meet critical operating cash obligations such as payroll funding
Improving Cash Flow with Factoring for Staffing Agencies
In the world of staffing businesses, maintaining a steady cash flow is crucial. This is where staffing factoring emerges as a key solution, especially for agencies grappling with the challenges of payroll funding and growing their business. Unlike traditional financing options, invoice factoring for staffing companies
offers a unique approach by converting outstanding invoices into immediate cash. This process not only ensures a consistent cash flow but also empowers staffing agencies to focus on expanding their staffing services without the constraint of waiting for clients to pay their invoices.
Factoring for staffing companies, particularly invoice factoring for staffing agencies is tailored to address the specific needs of the staffing industry. It enables agencies to meet payroll obligations efficiently, often within 24 hours, alleviating the stress of payroll funding. By opting for staffing invoice factoring, agencies can transform their invoice processing challenges into opportunities, ensuring that every invoice contributes to their working capital. This approach is particularly beneficial for agencies that require funding for staffing on a weekly or bi-weekly basis, referred to as payroll factoring.
The beauty of staffing factoring lies in its simplicity and effectiveness. It’s not just about getting paid faster; it’s about creating a sustainable financing model that supports growth. Whether it’s handling temporary staffing needs or managing payroll for a large team, factoring provides a flexible and reliable funding solution. With factoring for staffing companies, agencies can qualify for factoring regardless of their credit history, as the focus is on the invoice value rather than the company’s credit score. This makes factoring an accessible and inclusive financing option for all staffing businesses, from startups to established agencies.
In essence, staffing factoring and invoice factoring for staffing represent more than just financial transactions; they embody a strategic approach to business growth and stability. By choosing the right factoring company, staffing agencies can enjoy the benefits of staffing factoring, such as immediate cash, improved cash flow, and the freedom to grow their business without the typical constraints of traditional financing methods.
