Feeling like cashing in your chips?

The COVID-19 pandemic has brought hardship to a number of businesses. And among those facing struggles are factoring companies. Right now, projections are that more than 100,000 small businesses have already gone out of business permanently because of the pandemic, and more are expected to close as government-imposed restrictions and nervous consumers threaten a prolonged […]

Coronavirus disruptions provide staffing firms with opportunity – TemPay can assist with payroll funding

The coronavirus pandemic has brought with it devastating consequences for the employment sector. Many businesses have closed their doors and have no sense of when, or if, they might open again. However, some industries have proven resilient, either by necessity or by demand. Many of these businesses need more help, and that’s creating an opportunity […]

Signs that it might be time to find a new payroll funding company

Given the importance of a payroll funding company to the continuity of your staffing firm, it’s critical to take the time to review the relationship and look for warning signs that your provider might be underperforming. When reviewing your payroll funder, consider whether full-service or money-only best serves your business. In addition to advancing most […]

How to choose the right business structure for your staffing agency business

The business structure you choose for your staffing firm will have far-reaching consequences, so choose carefully. This decision will affect your personal legal liability, how the firm can raise the money it needs to operate, the paperwork you will be required to file and what you — and your firm — will pay in taxes. […]

How outsourcing your staffing agency back office functions can save you time and money

There’s a lot to think about as you’re running your staffing firm. And with all those to-dos jostling for position, invoicing your clients can get lost in the shuffle. While your mind is likely working through ways to grow your business, critical yet tedious and time-consuming administrative duties can be left unaddressed. That could lead […]

The importance of knowing your clients’ creditworthiness for payroll factoring and more

Creditworthiness might not be top of mind while you’re negotiating a deal with a potential client. However, it’s something you shouldn’t ignore. It does little good to win business if the client doesn’t pay or goes bankrupt mid-contract. That’s why, before you sign a contract, it’s important to evaluate your potential client’s credit. As Michael […]

How to price your staffing services

Setting the prices for your staffing firm’s services can be tricky. Some of the costs that you need to cover are obvious — the pay rate of the worker, employer taxes (FICA, Medicare, SUTA, and FUTA), workers compensation, any benefits that are paid, plus overhead. But determining the remainder of the markup is difficult, especially […]

How to shop for a new payroll funding partner

Your staffing firm has outgrown its payroll funding partner, and it’s time to canvass the market for a better option. But where do you start? First, you need to determine what type of payroll funding you need. Explore traditional banking partners, which will offer loans or a line of credit, and see if those terms, […]