TemPay prides itself on transparency with our clients. By communicating with you clearly and completely throughout the payroll factoring application and funding process, we’ll help your staffing agency avoid surprises and objectionable “fine print” in your factoring contract.
How does the factoring process work?
Once TemPay has approved your payroll factoring application, your agency will be able to get the immediate cash flow it needs to help fund expenses such as payroll, insurance, rent, utilities and more. We also offer a dedicated credit collection representative, along with a client relations manager, to assist you in all facets of the factoring process. Here’s how it works.
- TemPay checks your customer’s credit to establish a credit limit. This process can be completed within minutes so you are able to complete orders in a timely manner. TemPay’s credit process ensures that you are doing business with creditworthy customers.
- You send your invoice(s) to TemPay by email, with proof that services were performed.
- TemPay verifies that services were performed.
- Once approved, you mail your invoices with TemPay’s remit-to address on each factored invoice. TemPay, in turn, will wire funds for the total value of invoices you are looking to factor.
- When payment has been received at our lockbox for factored invoices, TemPay sends you your profit portion, minus our fee.
As a TemPay client, you’ll also have the option to receive free credit monitoring services for your clients through Dun & Bradstreet Inc. (DNBi). Whenever you are approaching a potential client, simply provide TemPay with the client’s name, city, state and phone number, and TemPay’s Credit Department will check the company’s creditworthiness for you. We’ll also continue to monitor the client’s credit by running regular reports through DNBi, alerting you of any concerns or changes in the future.
Twenty years of experience in the temporary staffing industry, affordable rates and outstanding customer service are just some of the reasons staffing agencies choose TemPay as their payroll factoring partner. Find out how we can help you alleviate headaches stemming from cash flow management and back-office operations.
Apply for payroll factoring now, or contact us to discuss your agency’s funding needs.