Small Fleet Trucking Company
Audio Visual Design & Install
Staffing agencies that specialize in placing factory workers need to be creative when it comes to attracting and retaining customers. This includes such things as excellent screening standards and offering compensation for workers who don't show up or who do a poor job. The competitive nature of the industry also requires temporary staffing agencies to offer customers up to 90 days to pay outstanding invoices. While this measure is often necessary, it can put your own company in a financial bind. The slow turnover of accounts receivable invoices means that you may have to put off hiring more workers, paying competitive wages and signing on new customers. An accounts receivable factoring loan from 1st Commercial Credit can help with all of that.
Turn Your Unpaid Accounts into Liquid Assets You Can Use Immediately
When temporary service agencies specializing in factory work need cash, a bank loan may seem like an obvious solution. Unfortunately, the requirements to qualify for bank loans are becoming more stringent all the time. Companies must have at least three years worth of credit history with a near-perfect payment history to even be considered. Banks often require collateral as well. When your company's primary service is labor, there is nothing to put up for collateral. Your unpaid accounts receivable invoices are all the collateral you need with 1st Commercial Credit.
Our factoring company for Staffing Agencies provides you with immediate access to cash in exchange for selling us your unpaid invoices. With other lenders, you often have to wait weeks or even months to get the cash you need. If you had that long to wait, you wouldn't be applying for a loan in the first place. We consider your customer's payment history with your staffing agency as well as its business credit report. This is an ideal solution for agencies that have experienced credit problems in the past or that don't have enough of a credit history to satisfy traditional lenders.
Why Factory Work Staffing Agencies Prefer Working with 1st Commercial Credit
Unlike banks and other types of lenders, our factoring company takes the time to learn about each industry we serve. We understand that many companies won't meet rigid loan requirements due to the nature of the services provided. For example, temporary staffing agencies may see a peak in billed invoices during the summer because regular employees take vacations and factories need more temporary workers to take their place. This is a normal business variation and something we don't concern ourselves with too much.
In addition to flexibility and immediate financing, we also offer: