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 factoring company

Not every payroll factoring company is the same. Some operate only within specific industries, and the rate advance can vary accordingly. When reviewing payroll factoring prospects, ask these six questions to gain valuable information in order to make an educated decision. Diligent research will pay-off when you partner with the right factor for your particular […]

Why aggressive sales tactics can backfire for your staffing firm

These mantras are as familiar to salespeople as they are commonplace in the business world. Don’t take no for an answer. Create a sense of urgency. Keep calling. But while trying to land a big client or close a big deal can be daunting – especially when your prospective client is difficult to pin down […]

Understanding Recourse and Nonrecourse Factoring Services for Staffing Agencies

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 […]

5 points to cover in your staffing agency business plan

Your staffing agency business plan is your blueprint for success, whether you are starting a staffing agency or planning for expansion. Not sure where to start? Here are the five key points to cover when creating your staffing agency business plan. Write your elevator speech. You should be able to describe your new company to […]

3 Sensible Investments to Make in Your Staffing Agency Once You Have Payroll Financing & Factoring

You know you need to invest in your staffing agency. But where will you get the funds and where should the money be spent? Getting the money you need could come from a dependable payroll financing source. Payroll financing, a specialized form of accounts receivable factoring, can smooth out cash flow kinks and reduce stress […]