Do you have trouble meeting payroll because your clients take up to 60 days to pay invoices? Our staffing agency financing program can provide you with an advance on your slow-paying invoices. This advance gives you the funds you need to pay employees and grow your company.
Factoring invoices provides your staffing agency with predictable cash flow and strengthens your company’s financial position. Factoring provides a platform that enables you to take on new clients and grow.
We can provide quick financing at low rates and with high advances. For an instant quote, fill out this form. To speak with an expert, call us toll-free at (877) 300 3258.
Benefits
Our program has a number of advantages for staffing agencies, including:
- Provides funds to meet payroll – eliminates the need to wait up to 60 days for clients to pay
- The invoice financing line grows with your revenues
- Easy use and set up
- Available to small businesses and start-ups
How does factoring work?
A factoring program can be integrated easily to any temporary staffing agency. Factoring works as follows:
- You send us a copy of the invoice you want to finance. Please include signed time cards.
- We deposit the advance in your bank account. The advance covers 90% of your invoice.
- Your client pays the invoice on their normal schedule.
- We rebate you the remaining 10%, less fees, and settle the transaction
For more detailed information about our program, read “How Does Factoring Work?”
Low costs
The cost of factoring invoices varies based on the amount of financing you need and the creditworthiness of your clients, but it ranges between 1.5% and 3.5% per month.
We can provide quick financing at low rates and with high advances. For an instant quote, fill out this form. To speak with an expert, call us toll-free at (877) 300 3258.
High advances
We have a lot of experience in the staffing industry and understand it well. This knowledge allows us to provide higher advances, which improves your cash flow. Most advances start at 90%, though higher advance rates are possible.
Qualification Criteria
Qualifying for the program is comparatively easy. Your company must meet the following criteria:
- You must have creditworthy customers.
- Your clients should provide signed time cards or a similar confirmation.
- Your invoices must be free of liens.
- Your company must be free of legal and tax problems.
Typical clients
We can work with any type of staffing agency that bills commercial clients. We have worked with staffing company clients in the following fields:
- Office work
- Technology
- Hospitality
- Engineering
- Energy – oil and gas
- Consulting
- Nursing
- And others…
Additional resources
To learn more about our programs, review our resource centre. Popular articles include:
- What is Factoring?
- How to Select the Best Factoring Company
- Why do Staffing Agencies Get Higher Advances Than Other Industries?
- Should You Offer Net-30 Terms?
Service availability
We offer factoring services to temporary staffing agencies in provinces across Canada. For specific information, visit: