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 […]

Full-service versus money-only payroll factoring

Most factoring companies offer two payroll factoring options: money only and full service. Money-only factoring is strict payroll funding without any additional services. With full-service factoring, the factor provides administrative support, including filing payroll taxes, sending invoices, paying temporary employees and making collections. Both options have their merits, and your choice depends on your staffing […]

Why your payroll funding strategy can help – or hurt – your marketing efforts

Investing in marketing initiatives such as social media, direct mail and paid advertising can help your staffing firm move the needle on building your client base. But if you’re trying to keep costs in check, marketing is often one of the first investments that gets cut from the budget.   Want to make marketing a […]

Why is payroll factoring an effective form of financing for small businesses?

Payroll factoring is a perfect form of staffing agency finance for small businesses because the process is quick and easy. In payroll factoring, you sell your accounts receivables invoices for a fee to obtain immediate cash. Your clients then pay the factor. This type of staffing agency finance allows you to manage your agency’s cash […]

What to Look for in a Factor

Deciding to pursue temp factoring is the first step, but what should staffing firms, including those who are starting a staffing agency, look for in a factor? Bruce Friedman, Business Services & Outsourcing Partner at BDO, recommends asking peers within the staffing industry for referrals. “Ask around and see if you know somebody who has used the […]

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 […]

6 questions to ask your payroll factor

Not all payroll factors are the same. Some operate only within specific industries, and the rate advance can vary. When reviewing payroll factoring prospects, ask these six questions to gain valuable information to make an educated decision. 1. How can I be assured my company will receive funds? Your staffing firm needs steady cash flow, […]

Get the most out of this year’s Staffing World

Our must-see sessions at this year’s conference It’s officially October, the season of crisp fall weather, pumpkins, colorful leaves and, of course, the staffing industry’s highly anticipated annual conference: Staffing World. For staffing industry professionals, Staffing World is the chance to brush up on what’s new and trending in the staffing industry, as well as […]

Questions to ask before committing to payroll factoring

Payroll factoring, in which staffing firms sell their accounts receivable invoices to a factor to gain cash up front to pay their employees, vendors and bills, is a popular form of staffing finance. However, it is not right for everyone.   Ask yourself these three questions to determine if payroll factoring is right for your […]