Need Payroll funding for your Staffing Company. We can help! Factor App has hundreds of Factors looking to finance your accounts receivable invoices. You submit your Accounts Receivable Invoices using Factor App and within minutes you’ll have 3 highly respected and trusted Factors competing for your business and to Factor your accounts receivable Staffing Invoices.
We understand that making payroll is the most important task for any successful and growing staffing agency. Helps retain high quality talent by offering good salaries and always paying on time. Could you imagine what may happen to the trust between you and your staff if you missed payroll.
As a fail safe, you should be set up with a Factor incase one or more of your customers have slow paying invoices.
Making payroll remains a serious problem for staffing agencies. In most cases, payroll problems stem from slow pay clients waiting 30-60 days to pay their invoices. When your client pays you in 30-60 days, and you have to pay your employees every two weeks, you’ve now become the lender, plus you’re holding all of the liability.
Finance your payroll with invoice factoring – Invoice factoring solves the problem of slow paying customers and decreases liability on your open invoices. Get immediate funds you need to cover payroll, pay for business expenses and grow your business marketshare.
Transactions are fairly simple. Once you’re set up with a factoring account with the Payroll Factor Funding Company, you submit an invoice along with a copy of the time cards (or similar). When they have your invoices, the payroll factor finance company advances 90-95 percent of the invoices and deposits the funds into your company bank account. Problem solved, you now have plenty of cash to cover payroll weekly or bi-weekly.
Once your client pays in full, the factor funding company settles the transaction by depositing the remaining percentage of the invoice, less their fee.
The cost of factoring varies and on average is between 1.5-3.5 percent per month based on your sales volume and of course the credit worthiness of your invoices. Setting up your account with a factor is easy and usually takes just a few days. Most companies today factor their invoices regularly to improve their cash flow and business practices.
Make sure you’re getting a few offers for your receivables when you’re ready to start Factoring. Download Factor App and snap a picture of an open invoice you need to factor and within minutes you’ll have trust worth and industry specific Factors competing to buy your invoices. Get the best deal when factoring, make Factors compete for your business!