VeoGlobal can allow your staffing company to use your invoices to receive instant capital to pay your employees that are working in the field on a weekly basis.
Staffing operations have one common problem that invoice factoring can solve: payroll. Every week, a staffing company must meet the payroll of hundreds of employees. The employees are the staffing company’s lifeblood, and if there is late payroll then that company may bleed out. Instead of growing excruciatingly slow, factoring your invoices allows your staffing firm to meet payroll immediately and then focus on accepting new work orders, advertising, and other critical functions your staffing company faces every day. VeoGlobal offers additional financing solutions as well.
Factoring your invoices allows you instant access to capital
In a typical staffing-hiring relationship, a staffing firm will pair with a larger company for a few reasons. Sometimes it is because of seasonal work. For example, a party staffing firm will be most busy in the summer because the work they are providing is only needed when tourism is high. Another reason why a larger company would utilize a staffing firm is that they are reluctant to hire W2 employees. By hiring a W2, that company would need to provide benefits, HR support, payroll, etc. Utilizing a staffing firm protects that large company from the liability associated with hiring employees from within.
Staffing Invoice Factoring Is An Effective Way To Manage Cash Flow
Staffing is a lucrative, much-needed business to build but as with every industry, staffing has unique hinderances. The main difficulty associated with owning a staffing firm is the constant need to meet payroll for a large volume of employees. If growth is properly managed and the proper finance company is in place to help manage cash flow, this problem is immediately solved. This is where invoice factoring comes into play.
Invoice factoring is the most viable solution to the staffing industries payroll problem, here is the process:
- Staffing Invoice Factoring Process
- Place employees, bill your client as usual
- Send completed and signed timesheet/invoice to your factoring company
- Receive an ACH advance from the invoice factoring company
- Instead of paying you, your customer will pay the invoice factoring company
- Receive the remaining cash minus a fee once your customer pays the factoring company
In addition to factoring your invoices, VeoGlobal provides you with the following services at no charge:
- Free credit checks for prospective clients
- Complete accounts receivables management
- Professional collection calls that will never hurt your relationship with your client
- Consultation for growth and cash flow
- An account executive team specifically trained in staffing to provide you with the very best service
So what are you waiting on?
Contact us today, and not only will someone call you back within an hour, and you will also be able to personally talk to our Owner and CEO of VeoGlobal who will review your needs, and ensure that your Staffing Factoring Needs will be serviced properly, for the best rate possible, and as fast as humanly possible.