Start Up Staffing Agency
IT Staffing Florida
Many staffing agencies today are in a frustrating catch-22 position. Employees expect to be paid within days of completing an assignment while customers need up to 90 days to pay their invoices. Without money coming into the temporary service, it can be difficult to keep up with payroll, recruit and train new workers, pay general operating costs and attract new customers. If you demand immediate payment from your customers, you risk losing their business to another agency. Fortunately, you don't have to even consider that when you take out a factoring loan with 1st Commercial Credit. We provide the immediate cash flow your staffing agency needs to meet all of its business goals.
Leverage Your Unpaid Accounts Receivable Invoices to Avoid Taking on Debt
Business debt is a reality for many companies, but it doesn't have to be when you apply for an accounts receivable credit line with 1st Commercial Credit. We advance you funds based on the value of the invoices that are owed to your company. Unlike other types of lending, there is absolutely no risk involved. You don't have to run up a huge balance on a credit card and then not have the funds to pay it when the bill comes due.
When you are unable to pay your credit card balance in full, interest is added on and it can become a vicious cycle. Business credit card interest rates can be as high as 20 percent or even greater. 1st Commercial Credit offers very low financing fees because your loan is guaranteed by your unpaid accounts receivable invoices. If you miss a payment on a bank loan, the consequences could impact you for years.
Typical Reasons for Temporary Staffing Agencies to Work with 1st Commercial Credit
The account representatives at our factoring company have extensive knowledge about the needs of the temporary staffing agency. Our financing programs are ideal for this industry for the following reasons:
Our Application Process is Fast and Straightforward
When you apply for a factoring line of credit with us, we don't ask for profit and loss statements, sales forecasts, collateral or numerous letters of recommendation. We keep it simple by only considering the credit worthiness of your customer invoices. If your customer normally pays according to terms, your staffing agency can receive money within one business day. New customers need to allow an additional three to five days for us to establish an account. Once your factoring loan has been approved, you have immediate online access to it.