Offering staffing services is a great way to connect employers and workers. Having the available funds is crucial when running a staffing agency as it can help diversify your recruitment and offerings, improve marketability, and increase profits.
All business owners know that maintaining a healthy and consistent cash flow is crucial, especially in the staffing industry where payroll needs to be carried out each week, typically before your clients pay you. Being responsible for funding payroll can bring some cash flow issues if you have extended payment terms and slow-paying customers.
When cash flow is tight, payroll funding can be challenging to manage, putting many staffing firms at risk. While you have to pay your contractors weekly or biweekly, it can take up to 90 days before your clients pay you. Don’t let the cost of funding payroll keep you from growing what could be a very lucrative business. The good news is that factoring services can help staffing firms in this situation. A factoring company can purchase client invoices due within 30-90 days and give you immediate cash.
1st Commercial Credit provides various funding services giving small businesses the ability to resolve their cash flow problems. We help companies maintain a reliable and healthy cash flow by advancing a percentage of their outstanding invoices so owners can take care of their employees. We finance businesses of all sizes and in many sectors by securing payroll funding through factoring services. If financial struggles in your industry prevent you from paying your employees on time each period, 1st Commercial Credit can help.
Although many business owners only think of bank funding, you should be aware that temp staffing factoring is considerably easier to qualify for and has a faster process. The main factor these lenders look at is your clients’ credit. If you have qualifying invoices from creditworthy customers, approval is likely. Our lines of credit help businesses that may not be eligible to qualify for other types of lending for several reasons, including:
Once a business and the factoring company sign a financing agreement, they receive a cash advance immediately after sending their qualifying invoices for services already delivered. The advance amount varies based on the factoring company, but the cost of factoring receivables is often anywhere from 1-3%. 1st Commercial Credit offers competitive and accessible financing rates starting at 0.69% to 1.59%. Factoring fees are a small percentage of the invoice value. Fees are determined using criteria such as your client’s creditworthiness and the length of time it takes them to pay.
1st Commercial Credit is an expert on PACA and the agriculture industry needs. We understand the financial struggles that farmers, distributors, and manufacturers face each season. Our financing services can help you access the funds needed to keep your business growing and thriving through agriculture invoice factoring.
Agriculture and farming factoring is a debt-free financing solution that provides your business with continuous funding each month and throughout every season.
The process is fast and straightforward. We purchase your unpaid accounts receivables and give you up to 97% within 24 hours. You'll receive the remainder after your clients pay their invoices in full.
When it comes to the agriculture and produce sector, many companies have to cover payroll every week and cover expenses every day, yet their customers can take 30, 60, or 90 days to pay. That means businesses are left worrying and waiting for clients to pay so that they can handle general overhead and unexpected expenses. This situation is ongoing and very stressful. The excellent news is that you don't have to continue struggling with this situation every week with our accounts receivable funding. This alternative financing solution can give you immediate payment for your invoices to keep running your day-to-day operations without cash flow worries.
Invoice factoring is not debt financing, meaning we use your assets, in this case, your accounts receivable invoices, to give you the money you need to run operations. There is no debt involved as we simply pay you for the services or products you've already sold, and in exchange, we retain a small percentage for this service called the factoring fee.
The process is simple with 1st Commercial Credit:
Farmers, growers, packers, and distributors use our services to fund payroll, buy inventory, buy or repair machinery, and handle other expenses. Very few lenders are willing to fund agriculture and production businesses because of the many challenges of financing this sector. 1st Commercial Credit values the services provided by the agriculture and farming industry and is determined to ensure you have the best financing available to run your business.
Sioux Falls, South Dakota, continues drawing visitors from all around the globe wanting to see the famed waterfalls of the Big Sioux River. Falls Park near downtown Sioux Falls is the most popular tourist attraction where visitors come to witness the cascading waters flow over pinkish Sioux quartzite. Sioux Falls is also home to the Big Sioux River Recreation Trail and Greenway, where visitors and tourists can take advantage of more than 20 miles of paved trails going through parks and urban and wildlife areas. Sioux Falls offer many outdoor activities, including fishing for jumping carp and numerous outdoor trails. Visiting the Great Plains Zoo and Delbridge Museum of Natural History are also great places to visit if you come to Sioux Falls.
According to Forbes, Sioux Falls has been ranked #1 for “Best Small Places for Business and Careers.” This town offers a strong community and is a leading destination for business. Some of the advantages this place offers include low business costs, a reliable and growing workforce, and excellent infrastructure, just to mention a few. Some of the key industries in Sioux Falls include distribution & logistics, advanced manufacturing, health, bio & life sciences, cyber security and IT, and finance & banking.