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. […]

Why your payroll funding strategy can help – or hurt – your marketing efforts

Investing in marketing initiatives such as social media, direct mail and paid advertising can help your staffing firm move the needle on building your client base. But if you’re trying to keep costs in check, marketing is often one of the first investments that gets cut from the budget.   Want to make marketing a […]

Get the most out of this year’s Staffing World

Our must-see sessions at this year’s conference It’s officially October, the season of crisp fall weather, pumpkins, colorful leaves and, of course, the staffing industry’s highly anticipated annual conference: Staffing World. For staffing industry professionals, Staffing World is the chance to brush up on what’s new and trending in the staffing industry, as well as […]

Questions to ask before committing to payroll factoring

Payroll factoring, in which staffing firms sell their accounts receivable invoices to a factor to gain cash up front to pay their employees, vendors and bills, is a popular form of staffing finance. However, it is not right for everyone.   Ask yourself these three questions to determine if payroll factoring is right for your […]

Payroll factoring terminology: Important words to know

Payroll factoring is a relatively simple process. However, you may run into some terms that leave you scratching your head.   We’ve defined the most commonly used words and phrases to take you from payroll factoring zero to hero and help you decide on the best option for your staffing firm.   Accounts receivable – […]

Managing risk in the staffing industry

With any business comes risk, and the staffing industry, in particular, faces unique risks in terms of workers’ compensation insurance, cash flow problems and contract/agreement needs.   Mismanaging or ignoring these risks can land your staffing firm in serious trouble and they need to be occasionally revisited to ensure your firm minimizes its risks and […]

Managing risk when selecting a staffing niche

Payroll factoring within a niche is a great way to provide more personalized and tailored staffing services with a deeper understanding of a specific industry. However, there are some things to keep in mind when selecting your niche.   “Regardless of the niche, the greatest overriding concern is the risk involved,” TemPay Chief Operating Officer Marc […]

What types of invoices are eligible for payroll factoring?

Full-service clients are required to allow TemPay to handle all of their temporary business. Money-only clients must offer the opportunity to factor all new customers, and if we choose not to factor a particular customer, your staffing service can choose to self fund.   As the factor, we: Verify your invoices with your clients’ accounts […]