When Kim Decker formed Metropolitan Services, she knew she would need a solid partner that understood the unique needs of a start-up temporary staffing firm. "In the staffing business, it's all about relationships. Delivering what you promise when you promise it is an absolute requirement for success in the temp staffing business.
"When we approached Gateway, they took the time to listen and understand our plans for growth. They offered practical advice regarding credit and account receivables management techniques which we use every day. It was clear from the beginning that they were interested in starting a relationship. Something I can truly appreciate."
With any staffing agency, the biggest concern is operational funding to cover payroll. With a staffing company, funding ongoing operations is essential to being able to meet client expectations. When a staffing company makes promises to clients, it needs to be able to keep those promises if it wants to retain clients. With the help of a payroll factoring company, a staffing start-up can turn its accounts receivables into cash and have the resources it needs to exceed customer expectations.
When you work in an industry as focused on relationships as staffing, your company's reputation is extremely important. Your customers really do not care if you are a start-up or not. All your customers know is that they have production goals to meet and you have pledged to help achieve those goals. If your funding is weak or your cash flow is slow, then meeting the demands of your payroll will be difficult. All a staffing company has to do is disappoint one customer and that creates a negative reputation that can be hard to shake.
The cash flow from a payroll factoring arrangement allows a staffing agency to recruit and hire the talent it needs to deliver on each and every project. Without the kind of cash flow stability that staffing factoring offers, a staffing company would have a difficult time securing the proper staff and meeting the needs of the corresponding payroll. But a stable cash flow is exactly what a new staffing company needs to attract and retain critical talent.
A factoring company wants to learn as much about your staffing business as possible so that a proper financial plan can be put in place. In the staffing industry, there isn't time to submit bank loan applications that will eventually get rejected. That is why so many staffing start-ups turn to staffing factoring companies to help establish a reliable source of funding that forgoes the need for any other kind of funding. Staffing Factoring is fast, reliable, and predictable. As long as you have accounts receivable to offer, a factoring company can turn those invoices into money. It is that easy.
It takes a lot of hard work and dedication to get a staffing agency off the ground and make it successful. You need to be able to cover your growing payroll. The last thing you need is a weak cash flow slowing you down. As a start-up, your chances of getting bank funding are extremely slim. In most cases, the bank will want to see at least six months to a year of some kind of credit activity before it will grant a loan. But with invoice factoring, all you need is a steady flow of accounts receivable to fund your operations. When you need critical funding for your staffing start-up, you need to talk to a professional invoice factoring organization about putting together a financial plan that will help your company to meet all of its goals and exceed customer expectations.
At Gateway, we offer immediate factoring solutions with low fees and high advance rates. We can help you pay your employees with quick payment advances that a broker simply cannot offer. Choose a factoring program on your terms that provides you with the funds to grow your business and take care of taxes and other expenses. Our relationship managers have the experience to assist all kinds of staffing companies, including healthcare, manufacturing, and trucking. Payroll factoring is a unique process that offers a solution that is particularly valuable to a small business in need of payroll funding. Regardless of whether we are working with companies with a large or small staff, our factoring solutions give staffing companies a means to grow their businesses while managing their payroll.