In today’s business world, security guard companies play a critical role in safeguarding our workforce and valuable business assets. Having the most qualified security guards working for you can make all the difference in your revenue, reputation and longevity in the marketplace. Businesses and building managers know that hiring the best security guard company will save them money and time in the long run.
However, security guard companies frequently face the challenge of hiring and training new resources, which requires a careful balance of expenses and revenue. Finding and qualifying security guards can take a long time. And, many companies may not see any return on that investment of time and resources for weeks or months after the guard is placed on a job site. At the same time, resources and overhead expenses still need to be paid.
This is how factoring can solve the cash-flow challenges faced by security guard company owners. A factoring company works with you to close the gap between placing guards on job sites and receiving payment from customers. The factoring company purchases your invoices, or accounts receivable, and pays you the majority of the amounts right away. Then, when the customer pays the invoice in full, you receive the rest, minus a small factoring fee.
With factoring, there is no need to wait 30, 60 or even 90 days for payment from customers. By advancing the majority of your customer’s invoice amount to you, factoring enables you to pay your staff on time and cover overhead expenses. It is an affordable and convenient funding solution and eliminates the need to take on a formal loan or incur debt.
Factoring Tips for Security Guard Companies
Finding a factoring company with experience in your industry is a must. You want to work with factoring professionals who are flexible enough to customize a factoring program that will meet your needs today and allow for growth in the future.