If you place your finger on a spinning globe, chances are that, wherever you land, the staffing industry will be in a state of growth. In 2011, the most recent year for which data are available, there were 46 million people working in a temporary capacity, the equivalent of 12.4 million full-time workers, according […]
At one time or another, your staffing service has mostly likely dealt with a client that either pays late or won’t pay at all. Here are our top four tips for dealing with client payment problems. Create a standard process. Document and practice a clearly defined protocol for customer payment procedures, applicable interest charges […]
While some staffing agencies choose to be jacks-of-all-trades, staffing within a niche provides a more narrowly defined opportunity for targeted specialization. A niche can include only a few, or even just one, industries or job types. Common staffing niches include light industrial, administrative, IT, construction, health care, legal, clerical and others. Some staffing firms work […]
TemPay prides itself on keeping customers informed of the status of their factored invoices. Our staff answers the phone 12 hours each weekday to make sure your questions are answered quickly and that challenges are resolved as fast as possible. We generate several weekly reports to keep your staffing firm in the know, […]
Under Article 9 of the Uniform Commercial Code, payroll companies such as TemPay are required to notify debtors (your staffing firm’s clients) that their invoices have been sold. In addition, invoices that TemPay factors are required to have TemPay’s UCC notification information included, as well as our remittance address for payments. If a […]
At TemPay, we often receive questions about our payroll funding services. Here, we answer your most frequently asked questions about the payroll factoring application process. Do I have to pay a fee to get started or for you to process my application? No. We believe in being up front, and that means no hidden […]
Payroll companies offer a full-service temp factoring option. In addition to payroll factoring, in which you sell accounts receivable invoices to the factor for a fee to gain cash up front, a payroll financing company also provides back-office administrative services that allow you the freedom to focus on growing your business while it handles the […]
Payroll factors such as TemPay provide a service in which staffing agencies sell their accounts receivable invoices for a fee to obtain immediate cash. Your clients then pay the factor. This type of staffing agency finance allows you to manage your agency’s cash flow in an industry where employees and vendors are often paid weekly […]
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 […]
When searching for staffing agency finance, you have probably run across accounts receivable factoring, a type of funding in which you sell your accounts receivable to the factoring company for a cash advance. Your clients then pay the factor directly. Firms of all sizes and in all stages of their life cycle can receive accounts […]
