Invoice Factoring For Staffing Firms

As business owners, we understand the importance of maintaining access to your information at all times. We offer a web-based information portal allowing you to see the status of your open invoices, payments, availability, reserves, and much more. You are also provided a dedicated account executive to answer any questions you may have on your account. Let us help you take your business to the next level.

Don’t wait 60-90 days to get paid from your customers when you can have access to immediate working capital for your business. Our invoice factoring for staffing companies services goes beyond just financing. Allow our credit department to access your risk with specific customers. Free credit checks provided. The application process is simple – why wait?

Contact us today to find out how our programs can work for your company’s unique situation.

Talk to an Expert

Frequently Asked Questions (FAQs)

What is invoice factoring in staffing?

Invoice factoring in staffing is often referred to as payroll funding. It is a specific financing strategy used by staffing agencies to turn unpaid client invoices into cash without waiting weeks or even months for their payments. It is the advancing of money based on the amount being invoiced weekly, bi-weekly, or monthly to have capital on hand to handle one’s payroll expense. Invoice factoring can also enable staffing companies to invest in marketing and expansion efforts while waiting for client payments. Ultimately, staffing factoring offers staffing agencies an important solution for mitigating the unpredictability of when their receivables will be paid, allowing the staffing agency to continue its operations uninterrupted.

How much does invoice factoring for staffing companies charge?

Staffing factoring rates with Goodman Capital Financing are competitive in the market and provide tremendous value to our clients. The actual rate ranges are based on the staffing agency’s customer base and the funding needed per month.

What types of businesses use invoice factoring?

Invoice factoring is a versatile tool used by businesses of many different types and sizes. It is particularly popular among companies with a B2B model in which they invoice and then wait for payments. Manufacturing, transportation, staffing, and construction companies regularly use invoice factoring to maintain a steady cash flow and are particularly suited for invoice factoring.

What is a good rate for invoice factoring in staffing?

There is so much that goes into a factoring rate. What is even more important than the actual rate is that you pick the right partner for your business, one that you can trust, has a proven track record, good communication, and total transparency. At Goodman Capital, we pride ourselves on making these a priority.

Do you need good credit for invoice factoring in staffing?

When looking for staffing factoring, you may think a good credit history is necessary. However, staffing companies often have different requirements than traditional lenders for financing. At Goodman Capital Finance, we largely base our approval decision on the credit quality of who you are working with, so the client’s personal credit is secondary.

How long does it take to factor an invoice?

At Goodman Capital, we advance funds to our clients the same day they submit their invoice to us. This is one of the aspects that sets us apart, as many lenders have variable timelines for making funds available.

How can staffing firms use money from factoring?

Staffing firms frequently struggle with cash flow due to invoice cycles, which are often weeks or months long. Invoice factoring is an excellent tool for alleviating those problems. By using invoice factoring, a staffing firm can receive an advance of funds against unpaid invoices or accounts receivable. This influx of cash allows the firm to pay its vendors and employees immediately, allowing for uninterrupted operational costs and reliable staffing for clients. It can also be used for various essential expenses, such as insurance, marketing, and sales.