|
With over 35 years of experience with factoring and the staffing
industry, we've become specialists in helping temporary staffing
firms with their cash flow needs through factoring.
It is common for staffing firms to face cash challenges during times
of growth. Dealing with many different pay cycles, meeting payroll
can become difficult. Many staffing firms will turn to payroll
funding or factoring to get them though their time of need. While
payroll funding is a good option for some staffing firms, factoring
offers more flexibility.
At a glance, here are some of the differences between Payroll Funding
and Factoring a staffing company:
PAYROLL FUNDING:
Funding only the payroll portion of the invoice
Long-term contracts
Usually the staffing firm must submit all time cards
No Credit guarantee
Funding Company takes over invoices payroll and tax processing
FACTORING WITH RIVIERA:
Funding of entire invoice. The staffing firm may use the funds for
any purpose, payroll, marketing, expanding, etc.
No long-term contracts required
Staffing firm has total control over which invoices they submit to us.
Credit guarantee, in factored invoices
Will fund into staffing firm's payroll account
Staffing firm manages payroll, insurance, etc
The benefits of factoring with Riviera really boil down to adding
profit to your bottom line. Before you factor, make sure you can take
advantage of the features and leverage them into value:
TAKE ON ADDITIONAL BUSINESS
Most of our staffing clients can do more business if they have better
cash flow. Some real examples are:
Immediate access to your working capital
Shifting manpower from collection to marketing for growth
Meeting payroll efficiently and consistently
REDUCE EXPENSES
Many of our clients in the staffing industry actually reduce expenses
by outsourcing credit and administration to Riviera, and by
leveraging their healthy cash position. The most common ways include:
Eliminating bad debt with Riviera’s credit guarantee
Reducing collection and administrative expenses
IMPROVE YOUR FINANCIAL CONDITION
Exchanging invoices for cash enables some staffing businesses to
“get current” or reduce strains caused by tight
cash flow. It also improves their own credit rating which is critical
to do business with larger customers. Here are some examples we
frequently see:
Meeting regular payroll obligations
Bringing payroll taxes current
Reaching a higher quality customer base
How can YOUR Temporary Staffing company benefit from Factoring?
Every staffing company has a unique situation. Before signing up to
factor, it’s important to estimate how our services can
increase your business, reduce your expenses, and improve your
financial situation. Call a Riviera representative or request
information, and we can help you answer these important questions.
FREQUENTLY ASKED QUESTIONS
Ready to work with Riviera? Contact us Today!
|
