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 […]

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. […]

Full-service versus money-only payroll factoring

Most factoring companies offer two payroll factoring options: money only and full service. Money-only factoring is strict payroll funding without any additional services. With full-service factoring, the factor provides administrative support, including filing payroll taxes, sending invoices, paying temporary employees and making collections. Both options have their merits, and your choice depends on your staffing […]

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 Firms

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 […]

Payroll factoring in niche staffing

When factoring to different staffing niches, the process is essentially the same, regardless of the niche, when it comes to Uniform Commercial Code filing and notification, verification of invoices and collection practices.   However, there are some differences in payment terms depending on the industry, says Brian Keuper, senior vice president and client relations manager […]

Payroll factoring to improve a staffing company’s cash flow?

Through payroll factoring, staffing agencies sell their accounts receivable invoices for a fee to obtain immediate cash. The staffing agency’s clients then pay the factoring company directly. This arrangement provides your staffing firm with: Instantaneous cash to operate and grow your business instead of waiting the traditional 30, 45 or even 60 days for payment […]

What are the advantages of financing through a payroll factor?

Financing through a payroll factor allows your staffing firm to quickly receive the working capital you need to operate and grow your agency. In payroll factoring, you sell your accounts receivable invoices to the factor for immediate cash, and your clients then pay the factor. This is a tremendous benefit in an industry in which […]

What Industries Benefit From Payroll Factoring?

Staffing firms of all sizes and in all stages of their life cycle can receive payroll factoring, whether you are starting your own staffing agency or are established in the field and regardless of your number of clients. Funding is available for firms in any industry, including: Light industrial Administrative Information technology Construction Health care […]