Say you have temporary workers that are paid every week, but your client takes 30 days to pay their bills. So you're required to have cash on hand to float three weeks of payroll before you get paid. This sort of scenario is one of the most common problems in the staffing industry. Invoice factoring is when we advance you money on your invoices. Say you bill one of your customers $20,000. You send the invoice to us, we verify that it is valid and we will send then you $16,000 immediately. Your customer then pays the bill 30 days later. We take $800 as our fee, and send you the remaining $3,200.
This is helpful because you can get paid for your work immediately instead of having to wait. For example -- let's say you have a temporary staffing order with Nike. Nike takes 60 days or more to pay you. In the meantime, you have $15,000 of payroll to pay but only have $10,000 in your bank account. What do you do? The first option is to tell Nike that you don't can't fill that big of a request due to cash flow constraints. The second option is to factor your invoice with us.
How to start factoring?
We have a very simple and streamlined application process. You fill out a credit application and provide us with a few details about your business. Your credit score does not have to be very high, but you do have to be honest. If you'd like, you can speak to one of our account executives before you fill out the application and they will answer any questions you may have. Once you are approved, you can receive invoices the very same day.
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