6 questions to ask your payroll factor

Not all payroll factors 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 flow, […]

Why aggressive sales tactics can backfire for your staffing firm

These mantras are as familiar to salespeople as they are commonplace in the business world. Don’t take no for an answer. Create a sense of urgency. Keep calling. But while trying to land a big client or close a big deal can be daunting – especially when your prospective client is difficult to pin down […]

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 […]

How should I communicate the role of my payroll factor?

Staffing firms have credit constraints due to a variety of reasons, including personal credit problems, start-up business costs, low margins or no working capital. In those situations, they turn to a payroll factor to provide the necessary financing for weekly payroll and other expenses, such as workers’ compensation insurance, office equipment, additional office personnel and […]

5 points to cover in your staffing agency business plan

Your staffing agency business plan is your blueprint for success, whether you are starting a staffing agency or planning for expansion. Not sure where to start? Here are the five key points to cover when creating your staffing agency business plan. Write your elevator speech. You should be able to describe your new company to […]

Why staffing agencies struggle with payroll costs

Paying employees regularly, on time, is what allows you to retain a reliable workforce, which keeps your staffing agency in business. Payroll costs take up a high portion of your staffing agency’s total expenses, making effective management of payroll activities even more critical. Here are some of the leading reasons that staffing agencies get into […]

Technology planning for your staffing agency

How to improve productivity using staffing agency software and mobile technologies The digital revolution has created ample opportunity in recruitment and related back office responsibilities for staffing agencies. Productivity-enhancing technology can take many forms in staffing, from mobile apps to boost hiring efforts to staffing agency software that keeps your business producing. Here are some […]

How Factoring Can Help with Accounts Payable

In a perfect world, you would send an invoice to a client and the client would send you a check upon receipt. But in reality, it hardly ever works that way. Instead, you send an invoice, and it could be 30, 60 or even 90 days before you get paid, which can make it difficult […]