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. […]

The Benefits of Factoring

Understanding the details and proceeding with temp staffing factoring 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 factor usually doesn’t […]

Factoring Companies Do More Than Payroll Funding: Full-Service Support

While payroll funding is a huge part of every staffing firm factor’s business, it’s not the only service a factoring company provides. Factors offer a type of staffing agency finance called payroll factoring. With factoring, staffing firms sell their accounts receivable invoices for a fee to a factoring company and gain cash up front to […]

What is Money-Only Temp Factoring?

When your firm needs a temp agency funding solution but not full-service administrative support, contact TemPay, the most responsive, affordable and personalized choice. TemPay offers money-only factoring because sometimes you don’t want or need comprehensive administrative support. Negative cash flow may be straining your company’s finances or you may have to turn away business because the bank […]

What is Full-Service Payroll Funding?

TemPay’s full-service payroll funding handles your temp agency’s payroll, invoices and other administrative burdens. It also allows you the freedom to focus on growing your business while we handle the details, such as filing payroll taxes, sending invoices and collections. TemPay can: • Pay your temporary employees via check, direct deposit or payroll card • […]

What is Recourse vs. Non-recourse Factoring?

You may have heard the terms recourse and non-recourse when discussing temp staffing factoring or temporary agency finance. But what do these terms mean? Recourse factoring is the most common form of factoring, especially in the staffing industry, and is the type TemPay provides. It means the staffing firm assumes the risk and losses for […]