When business owners partner with factoring companies to convert their accounts receivable into instant working capital, they gain more than improved cash flow. Their businesses also gain access to additional services and benefits, such as back-office support with credit checks, invoice preparation, and collections. Some factoring companies add a special benefit for payroll services for staffing firms. Keeping up with weekly paychecks is key for staffing companies to keep good employees, whether they work in health care, office administration, janitorial and cleaning services, manufacturing, or other fields.
Leading factoring companies can take the worry out of payroll services deadlines by coordinating and integrating paycheck processing with their funding process. Typically, these paycheck providers are third-party payroll specialist companies that partner with the factoring company. The income coming into the payroll provider stays “in sync” with the temporary staff’s work with the staffing company’s customers along with the factoring company’s regular fundings. Staffing companies don’t have to wait weeks or months for their customers to pay as the factoring company provides a continuous cash flow. Meeting payroll deadlines for their temporary or professional staff is invariably the highest priority for owners of staffing companies — and it’s a priority for the factoring company, too.
Benefits of Payroll Services
- Never miss a payroll deadline with coordinated payroll services
- Work with two specialists: a factoring company and a payroll provider
- Simplify accounting and financial transfers among customers, payroll provider and factoring company