Does the funding company include additional factoring services that will help you grow your business? Account management and back-office services should be part of your decision. Additional Factoring Servicesįactoring services often go beyond increasing your cash flow. Discuss the terms, fees, and conditions of payment before selecting a staffing factor. Flexible terms will enable your staffing company to choose the invoices you want to factor as needed. Be sure the staffing factor offers flexible terms that work for your business. Hidden factoring fees and lengthy terms may accompany low rates. Of course, it’s smart to check out multiple factoring companies to get a feel for what constitutes a fair rate, but keep in mind that the lowest factoring rates aren’t always what they seem. Competitive Factoring Rates and Flexible TermsĬompetitive factoring rates are important. Whether it’s nurse staffing, temporary staffing, medical staffing, IT staffing or construction staffing, choosing a factoring company that understands your particular staffing firm is key to managing your business growth. Experienced staffing factoring companies possess the specific know-how to manage the financial needs of staffing agencies across a wide range of industries. The best factoring companies understand that every industry has unique staffing needs. Not all invoice factoring companies have extensive staffing industry knowledge. Factoring companies with ten years of invoice factoring experience are generally well established. The staffing factoring company should be able to demonstrate financial stability throughout multiple business cycles.
Those who have been in practice for awhile will have proven track records and a solid understanding of the unique financial needs of staffing agencies. Note which factoring companies have been around for a long time. Experience with Staffing Agency Factoring Remember, the staffing factor will work on behalf of your company, so a demonstrated track record of professionalism is a must. The factoring company you work with should have a reliable credit history and a list of long-term clients. Request bank references and client references within the staffing industry, read testimonials and a summary of their financial status.
Perform a thorough internet search on the names of potential staffing factoring companies. Ask colleagues and others in your industry if they have experience working with an invoice factoring company. Do your research when trying to narrow down the best factor for your business. The reputation of a staffing factoring company is crucial. We’ve compiled five qualities of the best staffing factoring companies to help you make the best financial decision for your business. If you’re considering factoring your staffing agency invoices, it’s important to know what to look for in a factoring company. How can business owners decipher the best staffing factoring companies from the less than stellar ones? What Should Staffing Agencies Look for in a Factoring Company? Staffing companies will get the most from working with a factoring company that offers programs tailored to their business, not a ‘one-size-fits-all’ approach to funding. Many claim to understand the temporary staffing industry, but oftentimes don’t. Not all factoring companies for staffing agencies are created equal.
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