Payroll factoring, also known as Staffing factoring, is a way for staffing companies to get their invoices converted into immediate capital. A typical advance rate is 85% to 90% of the invoice value immediately.
Not all factoring companies are the same. Staffing agencies need to consider who their strategic factoring partner is before signing on. Porter Capital offers invoice factoring up to $10 million per month with low requirements. The application process is fast and easy. Schedule your call or apply today.
What Is Staffing Factoring
Staffing factoring is a way to convert outstanding invoices into cash almost immediately. Factoring your accounts receivables, is where you sell them at a discount to your factoring partner. Your customer pays their invoice to the factoring company instead of your business. This allows for you to focus on growing your business and put the responsibility for collecting invoices on your factoring company.
Staffing Factoring Qualifications
The typical qualification for a staffing company includes a minimum of $25,000 per month of revenue or invoices and a business history of two or more years.