FAQs

Service Basics

What does money-only or factoring mean?
What does payroll funding or full service mean?

Operations Basics

Will my clients know I’m a TemPay client?
Does TemPay keep my information private?
Does TemPay have any hidden costs?
What about TemPay’s fees?
If I sign a two-year contract, can I receive a special fee?
Do I have to give TemPay all my business?
Is TemPay the employer of record or am I?
Can I qualify for TemPay services if I have some credit issues?
How long does it take to get up and running with TemPay?
I have an SBA loan. Can TemPay take a second position on my receivables?

Client Connections

Do you over-advance?
Can TemPay help with collections?
Does TemPay monitor my customers’ creditworthiness?
Can my clients pay their invoices by credit card?
How can I maximize my weekly profits?

Employee Connection

Does TemPay offer direct deposit?
Can employees cash their checks at a local bank or TemPay’s bank?
Does TemPay provide health insurance for my temp employees?


 

Service Basics

What does money-only or factoring mean?
Factoring or money-only service means TemPay wires money into your company’s account for eligible accounts receivable to cover expenses. Your company processes its own paychecks, prints invoices and pays and files payroll taxes.

What does payroll funding or full service mean?
Payroll funding or full service means TemPay not only provides funding but cuts your paychecks, prints your invoices and pays and files your payroll taxes.

Operations Basics

Will my clients know I’m a TemPay client?
No. TemPay operates as an invisible partner. Paychecks, invoices and tax filings all bear your company name along with our lockbox remittance address. If we call your customers, we do so under your name.

Does TemPay keep my information private?
All your information remains totally confidential. It is shared only with the government as required. Client information is not discussed with other clients, and no company or individual can access our databases.

Does TemPay have any hidden costs?
There are no hidden costs. TemPay does not charge for paychecks, wires, invoices, W-2s, envelopes, postage, overnight shipping or anything beyond the stated fee.

What about TemPay’s fees?
We have both standard full-service and money-only fees but offer discounts for larger volume customers. Our fees are based on the bill rate not the pay rate.
There are no hidden costs. TemPay does not charge for paychecks, wires, invoices, W-2s, envelopes, postage, overnight shipping or anything beyond the stated fee.

If I sign a two-year contract, can I receive a special fee?
TemPay always is glad to negotiate longer contracts often at rates less than the standard 12-month contract.

Do I have to give TemPay all my business?
Full-service clients are required to allow us to handle all of their temporary business. Our money-only clients must offer the opportunity to factor all new customers. If we choose not to factor a particular customer, you can choose to self-fund that customer.

Is TemPay the employer of record or am I?
Your company remains the employer of record.

Can I qualify for TemPay services if I have some credit issues?
We are not looking for perfect credit. Clients need to complete both a business and personal confidential information sheet. We generally can provide an answer within a couple days.

How long does it take to get up and running with TemPay?
As little as two days. Rarely does it take more than a week to get started.

I have an SBA loan. Can TemPay take a second position on my receivables?
In most cases, TemPay will not take a second position.

Client Connections

Do you over-advance?
If you have enough in unpaid earnings without owing a liability to TemPay, we will advance additional funds. Our clients often need this money to help with workers’ compensation insurance payments, one of the largest expenses for all staffing agencies. They also have other pressing expenses such as office lease payments, additional in-house office personnel hiring or additional branch openings.

Can TemPay help with collections?
Our credit and collections department is led by a credit manager with more than 30 years’ experience. They will determine the creditworthiness of new customers, get payments from existing customers, and see that remittances are applied promptly and properly.

Does TemPay monitor my customers’ creditworthiness?
Through its Dun & Bradstreet database, TemPay monitors the creditworthiness of your customers 24/7 at no additional charge. If we receive an alert for a decline in creditworthiness, we will immediately notify you. Many of our clients have saved thousands of dollars in potential losses due to this capability.

We also provide you with alternative methods to retain business if customers are not creditworthy. These include cash on delivery (you hand over payroll checks only when payment is made for that payroll), TemPay’s eCheck payment method or margin adjustment for additional credit risk.

Can my clients pay their invoices by credit card?
Yes, we accept all major credit cards, including government-issued credit cards.

How can I maximize my weekly profits?
If you have clients that are slow or late paying, you can improve staffing company cash flow by holding customers to the pay terms set in their contracts. If a customer doesn’t adhere to the terms, it is important to be proactive. Contact your customer for status on the payment, and consider increasing your bill rate for terms longer than the typical net 30 days. You can also maximize profits by having customers pay via TemPay’s eCheck payment method or automated clearing house (direct deposit).

Employee Connection

Does TemPay offer direct deposit?
TemPay offers standard direct deposit and payroll cards, which can be used at any ATM or store that accepts credit and/or debit cards.

Can employees cash their checks at a local bank or TemPay’s bank?
TemPay issues paychecks drawn on national banks. By offering direct deposit and payroll cards, employees don’t have to deposit their paychecks at all. Staffing firms also have made arrangements with their bank or nearby local banks to enable their temporary employees to cash paychecks.

Does TemPay provide health insurance for my temp employees?
We have an alliance with a company that provides affordable health insurance for temporary employees. The cost of the insurance is deducted from the employee’s bank account or payroll card. TemPay works with other brokers on insurance, including Essential StaffCARE.