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 […]

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 funding partner, consider whether full-service or money-only best serves your business. In addition to advancing […]

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 Start the Payroll Factoring Process with TemPay

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 needed 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 TemPay. 2. […]

6 questions to ask your payroll factoring company

Not all payroll factoring companies 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 […]

Understanding Recourse and Nonrecourse Factoring Services for Staffing Companies

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 […]