Ask any CEO what the main challenges of their business are and in the top five will likely be attracting and retaining top talent for their business. Being able to provide your clients’ access to top talent in their industry can set your staffing agency apart from others. Even if “top” talent is for a warehouse or clerical office work, the bottom line is you need to be able to meet your obligations as a staffing company to your employees – and the main one of these obligations is being able to make payroll without fail.
Reliably making payroll is one of the biggest challenges of running a staffing agency. You may not get paid in 30-60 days, but your employees need to be paid every 7-15 days. With today’s margins being more compressed by competition, it’s likely you don’t have a big stack of cash lying around to help you wait those 30-60 days for your customers to pay! So how do you retain top talent, maintain your margins and run your business well? Payroll funding through invoice factoring may be the answer.
With invoice factoring, you no longer have to wait 30-60 days to be paid. A factoring company, like Triumph Business Capital, will purchase your accounts receivables less a small percentage so you can get your cash quickly to make payroll. By using Triumph to bridge that 30-60 day gap, you can confidently grow your business as much as possible, knowing that payroll needs will be met.
Triumph also provides back office solutions such as checking credit on new customers and helping you collect your invoices. Triumph has over 10 years of experience in helping clients with their invoices. Add to this that we’re part of a regulated bank and a public company (NASDAQ: TBK) and you can rest assured your account will be in good, professional hands.
Don’t confuse invoice factoring with a loan. It’s scalable to your business. It grows with you…and almost as important, it shrinks with you too. Think about it: if you take on a loan to service a large account and that account then goes away, you still owe the money on that loan. With invoice factoring, because it’s all based on your invoices, it grows and contracts with you, leaving no debt to slow down your business’ growth.