The staffing industry makes a vital contribution to the US economy, servicing businesses across virtually all industries. According to the American Staffing Association, more than three million temporary and contract employees work for America’s staffing agencies during an average week.
Having access to steady cash flow is crucial for staffing agencies. One of the most common problems for staffing agencies is waiting for customer payment, even if it is only a seven-day wait. When it comes time to make weekly payroll, many agencies find that they are short on cash.
In an industry that thrives on securing new contracts, if you don’t have the working capital you need to meet payroll deadlines and other business obligations, you can miss out on substantial growth opportunities. That’s why we provide payroll funding to agencies like yours: with the ability to meet payroll, you can focus on growing your agency.
As an agency, one of your top concerns is the ability to meet payroll. That’s why we have customized programs designed to meet your payroll needs, and much more. Here’s how it works:
But it is not just cash flow that you receive when you partner with TCI Business Capital- there is much more. Let’s take a look at the top seven benefits of payroll funding.
But it is not just cash flow that you receive when you partner with TCI Business Capital- there is much more. Let’s look at the top seven benefits of payroll funding.
Without payroll funding, it can be hard to know when payment will arrive. Eliminate the worry and have the peace of mind knowing that payroll will be met each week.
Some factoring companies offer services to help your staffing agency streamline your invoicing and collection processes. TCI Business Capital offers a spectrum of back-office support services to clients, such as accounts receivable management, collections, credit analysis, risk assessment, and treasury services.
Payroll funding gives you the confidence to pursue new contracts, expand your business into additional markets and hire.
Unlike bank loans, payroll funding does not create debt on your balance sheet. Instead, it’s debt-free financing that grows as you grow.
Since you won’t be waiting for customer payment, paying down bills is less of a struggle. Even creating a rainy-day fund is possible when you can count on your consistent cash flow.
With the working capital from payroll funding, you can invest in technology and tools to run your business more efficiently.
Payroll funding gives you the confidence that you’ll have enough working capital to pay your employees, bills and even grow your staffing agency. The fear of a negative cash-flow statement due to slow-paying customers is alleviated because you’ll be paid on your invoices right away.
When you partner with TCI Business Capital, you receive not only funding to meet your payroll with confidence, but a multitude of services designed to strengthen the entire operations of your agency. Contact us to learn more about the TCI Business Capital difference.