As a staffing agency owner, your biggest concern is making sure your employees get paid on time – always. In this article, well discuss a tool that will help you get the funds to meet payroll every time. Well also talk about a financing tool that will let you take on new contracts, even those that you think are too big and cant possibly afford to win. This financing tool is easy to qualify for (its NOT a business loan), can be set up in days and can give you all the necessary funding your staffing agency needs.
This tool is called invoice factoring, and also referred to as receivable factoring. This financing is not offered by a bank, but rather by a factoring company.
If you are like most agency owners, your problem is not lack of work or customers. I am sure you have plenty of both. Your biggest problem is that your customers take between 30 and 60 days to pay their invoices. But, your employees need to be paid weekly (or bi-weekly). And unless you have a fat bank account, the math does not work. Sooner or later, youll run out of money.
But what if you could eliminate slow paying clients? No, I dont mean that you should stop doing business with...
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