What is Payroll Funding and How Can it Help Your Staffing Firm?
Making payroll can be difficult, especially for small and growing staffing firms. When your funds are tied to unpaid invoices, you may be stuck needing to make payroll without the available liquid funds.
Payroll funding, also known as invoice factoring, is a financing solution specifically designed for the complexities of staffing firms. This solution allows a payroll funding provider to purchase your customer invoices, paying you cash upfront. Once the initial invoice is paid, the payroll funding provider will send you the remainder of the payment, minus their fee. This enables you to grow your liquid assets without waiting 30+ days for an invoice to be paid.
With this form of financing, your staffing firm can more reliably have funds on hand to make payroll, leading to steady and reliable growth without any difficult tradeoffs. Below, discover some of the staffing industry’s leading payroll funding providers, and learn more about the funding options that can help you grow your staffing firm.
BlueVine
BlueVine provides flexible, fast, on-demand financing to Staffing Firms. Apply online in minutes, get approved in as fast as 24 hours. BlueVine provides two funding solutions to Staffing Firms — Online Invoice Factoring (up to $5,000,000 in funding), and Business Credit Lines (up to $250,000 in funding). Both accessible from the BlueVine Dashboard, these offerings make getting funds as simple as a few clicks.
Convectus Solutions
Convectus Solutions, a 1218 Company, provides a wide range of services and proven methodologies to meet the business challenges of staffing, recruiting, professional services and corporate HR organizations around the globe by leveraging Bullhorn and the Salesforce platform and ecosystem.
Madison Resources
Back office services. 100% payroll funding. World-class business intelligence. Madison Resources offers comprehensive solutions to help you finance growth, reduce costs, improve efficiency and maximize the profitability of your staffing business.
People 2.0
People 2.0’s money-saving, back-office solutions assume all of the non-core, yet vital areas of your staffing or contingent recruiting business (e.g. payrolling, invoicing, risk management, compliance, etc.), so you can concentrate on growing your business and placing top talent!