No matter the industry, business is full of confusing terms, acronyms, and procedures. It’s hard to know where to focus your time and energy to best benefit your business. There could be beneficial services out there that you’re not taking advantage of. To help you out a little bit, here’s your 2019 guide to payroll factoring for staffing agencies.
Your Guide to Payroll Factoring For Staffing Agencies
Are you the owner of a staffing agency? Your business provides a much-needed service to a variety of industries. You help other companies by providing employees when and where they need them. You also help individuals by providing jobs to earn income and increase self-esteem. But who’s here to help staffing agencies? It turns out, a factoring company can ease your financing woes with payroll factoring. To help guide you, we’ll try to simplify things as much as possible. Right away, you probably have some questions. Here are some answers to help clarify payroll factoring for staffing agencies.
“What Is Payroll Factoring?”
Sometimes it’s easier to start explaining what factoring is by telling you what it’s not. It’s not a loan—we don’t require a lengthy application process or interest to pay back. It’s not selling stock—you won’t lose a single percent of ownership in your company. It’s also not a grant, or an investment, or some sketchy backdoor deal. Factoring is selling your accounts receivables. Factoring companies, such as United Capital Funding, purchase your outstanding invoices. Payroll factoring frees up your capital so you’re able to use your money when you need it. We want you to focus on running—and growing—your business.
“What’s In It For Me?”
As a staffing agency, you’re the middleman between your clients and your staff. Your clients hire you to provide them with staffers. You provide them your people. The client pays you for the service and then you pay your staffers. At least, that’s the ideal order of things. Sometimes delays, billing cycles, or plain bill avoidance mean you’re stuck waiting. As described in one of our case studies, it’s a situation staffing agencies know all too well. You have to pay your staff for the work that they did and payroll factoring can help you do just that.
“What Do I Have To Do?”
The beauty of payroll factoring is not what you have to do, it’s what you DON’T have to do. Remember, factoring means you’re passing along the responsibility of getting your invoices paid. But you do have to reach out and provide some information to get UC Funding started on your factoring. The process boils down to three simple steps on your part:
- Step One: Call us at 877.894.8232 or apply now online for a free consultation. Our application and approval is fast, free, and simple to get started.
- Step Two: We process your request, most businesses will be approved in 24 hours
- Step Three: Get Funded. You’ll receive 80-90% of your invoice amount in a matter of days. Once your client pays UC Funding, you’ll get the rest, minus a small fee for their services.
United Capital Funding For Payroll Factoring
As we’ve mentioned above, to get started with payroll factoring, all you have to do is contact us. Have more questions than we answered here? We’re happy to give you some more answers.