With current employment trends, temporary staffing companies are growing rapidly these days. Like any growing business, staffing companies can experience cash flow issues on a regular basis while they wait for their clients to pay them. While business owners might be able to meet their overhead expenses, they often have little working capital left over to invest in new hires, new marketing strategies, or new equipment. Factoring can help staffing companies succeed in the following ways:
Receive instant access to cash
It’s not uncommon to wait 30, 60 or even 90 days for an invoice to be paid. When you partner with a factoring company, you will be able to instantly turn an invoice into cash and receive an upfront payment for your services.
Take on bigger clients or contracts
With factoring services, you know that you will always have the cash flow that you need to pursue bigger clients and contracts. You can rest assured that you will be able to cover your expenses and order stock or materials to cover the big projects.
Quickly take advantage of emerging opportunities
To succeed, you need flexibility to take advantage of new opportunities in the market. What holds many staffing companies back is access to quick cash. Getting approved for a bank loan can be a time-consuming and lengthy process. Factoring is a quick, affordable solution that ensures you have the money you need to diversify and grow.
Since 1993, Interstate Capital has partnered with hundreds of staffing companies to improve their cash flow and give them the money they need upfront to pursue larger, potentially more profitable client accounts. Contact Interstate Capital for a factoring rate quote today.