Factoring Services Could Save Your Temp Agency
Written by moxysupport on August 11, 2015
If one of these scenarios seems to fit your current situation, consider US Funding’s factoring services to give you some breathing room.
- It’s the end of the month. You have to pay your permanent staff and all your temp clients. But, the businesses that contract with you are slow to pay. Where will the money come from to meet the payroll?
- Your temporary placement business is growing and you need to expand. You have enough income that’s due you to make the move, but it’s tied up in invoices awaiting payment. How can you grow your agency?
- With the fluctuations of normal business financial cycles, you’re experiencing a momentary cash-flow crunch. It will resolve itself, but there are bills to pay in the meantime. What are you going to do?
Businesses have been using factoring services to prevent financial headaches for centuries. And, it could the just the answer you need for your temp agency.
Here’s how it works:
- You email or fax us invoices you have selected for us to service along with appropriate documentation that shows you did the work.
- We will advance you a percentage of the total of those invoices, averaging about 85%, within 24 hours, which gives you the cash you need.
- Your customers represented on the invoices send us their payments in 30 or 60 or 90 days as usual, and we send the remaining amount owed you, minus our agreed-upon fee.
It’s as simple as that.
Unlike bank loans, US Funding factoring services can be accessed with a simple, easy-to-use application process that begins right here online. Instead of having to wait weeks and weeks to find out if you’ve been approved, we promise to let you know within 24 hours. You won’t have to guarantee any assets as collateral because we use your accounts receivables as security. This way, you don’t add more debt to your balance sheet, because you haven’t borrowed anything. In addition to all those benefits, we handle all the follow-up bookkeeping associated with collecting payments.
Speaking of bookkeeping, US Funding is made up of experts who are experienced in providing services to temporary staffing agencies. We offer complete back office operations tailored especially for the temp industry. We understand the challenges of managing many, many people rotating in and out of positions with client companies. Handling payroll alone can be a nightmare when you consider that the roster changes weekly, the amounts fluctuate yet must be accurate, and federal and state laws are strict and specific about compliance.
We save you time – you won’t have to wrestle with payroll anymore; you can focus on other things.
We save you money – you won’t have to print and distribute checks or generate reports; we will do that for you.
We save you worry – you won’t have to calculate and pay taxes and you won’t have to stay up-to-date on tax laws.
Whether you need us for factoring services or want us for back office support, US Funding is here to help.