The Benefits of A Factoring Company

Understanding the details as well as proceeding with temp staffing factoring can 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 factoring company usually doesn’t ask for that information.

Buchalter & Nemer Attorney Bob Zadek agrees, saying temp factoring’s flexibility makes it an ideal choice for any type of staffing firm.

“A factoring company generally is more tolerant and understanding of a staffing company’s needs,” he says. “Also, if you have a great relationship with your factor, there is some room for negotiation. So if you need more money than your contract specifies, you might be able to get it from a factor whereas you wouldn’t get that from a bank.

“Factoring companies are competitive and want to keep your business, so they’ll generally consider requests like these more than a bank would. Factoring is really such an easy process, and the benefits are many, especially for staffing companies.”

Intrigued by this method of financing your temp staffing business? TemPay is a factoring company with decades of experience, contacts, resources and know-how. Learn about our many financial services offered to temp agencies, see the industries that we have worked with in the past and continue to serve, meet the founder and primary leadership of TemPay – Larry Holstein, and apply for credit to begin your firm’s relationship with TemPay.

Lastly, if you have specific questions or desire a conversation with a member of the TemPay team, please contact us here to get the conversation started. We’re confident of our experience and resources as a factoring company and you will be as well!