How to Start The Payroll Factoring Process

You’ve completed a TemPay application for temporary payroll factoring, been approved, and are ready to begin your funding relationship with TemPay. Now what? Here are the 3 steps to get your company ready for your initial payroll funding: TemPay’s processing department will advise you on our process and procedures and how to send your payroll/billing requirements to […]

Five Steps To Winning Over An Unhappy Customer

No matter how careful you are, something is eventually bound to go wrong with a customer account. How your team responds to a dissatisfied customer can be the difference between lost business and a renewed relationship. Here are five steps to take to turnaround a bad situation — and to make sure it doesn’t happen […]

6 Ways to Create Longevity with Your Temp Clients

An agency’s long-term success depends on creating and maintaining lasting relationships with your clients. Incorporating a few simple habits will enable you to have a steady client base that will keep your agency busy for years to come. Client relationship experts and clients themselves share their insight in these tips to help you grow, develop […]

Determining your staffing niche

To determine your staffing niche, think about the intelligence and experience of yourself and your key management personnel. Then evaluate your strengths and weaknesses to determine where your center of expertise lies.   If you have experience as a temporary staffing employee in the administrative niche, it makes sense to target that niche because you […]

The Benefits of Factoring

Understanding the details and proceeding with temp staffing factoring offer valuable benefits to the staffing firm. Factoring generally provides cash more quickly without the hassles of financial reporting review. For example, a traditional lender usually asks and takes significant time to review the staffing firm’s financial statements and tax returns, whereas a factor usually doesn’t […]

Why is payroll factoring better than a small business credit card?

When your staffing firm has a cash flow issue, it may seem like an easy fix to reach for the plastic. However, there are downsides to using small business credit cards. Credit cards require a great deal of personal management to stay abreast of changing terms, interest rates and even perks. Your business credit card […]

Understanding Recourse and Nonrecourse Factoring Services for Staffing Firms

Most staffing agencies choose payroll factoring as their type of staffing agency finance. With factoring, staffing firms sell their accounts receivable invoices for a fee to the factor and gain cash up front to pay their employees and other parties. There are two different types of factoring. Recourse – With recourse, the staffing firm assumes […]

How should I communicate the role of my payroll factor?

Staffing firms have credit constraints due to a variety of reasons, including personal credit problems, start-up business costs, low margins or no working capital. In those situations, they turn to a payroll factor to provide the necessary financing for weekly payroll and other expenses, such as workers’ compensation insurance, office equipment, additional office personnel and […]