In today’s often inclement and unstable economy, many people have found themselves in unfamiliar territory, as in unemployed or suffering from a feeble job market, where even a college degree or years of work experience has left them out in the cold with the other hundreds of applicants. In the interim, some have turned to less traditional means in order to keep a paycheck coming into their depleted bank accounts. Working for staffing companies on a part or full time basis has been one method to keep your resume full and your bank account above water. Our lackluster economy has proved to be a boon for such companies, an unexpected surplus of qualified, educated individuals who are desperate for work and the chance of full-time/ permanent employment.
However, if you are an owner of such a business or work in the temporary staffing industry, then you already are probably aware of the up’s and down’s of such business. The upside of course, is that you have plenty of people to choose who eagerly jump at the chance to work and earn money. The downside? A hitch in services-rendered, sometimes 30 to 60 days from when the invoice is submitted before their accounts receivable funds those monies owed. Something that is difficult in normal times and outright financially ruinous during these rather tumultuous periods.
If this sounds at all like what you have experienced, there is another way to get paid, quicker and without the worry of loans, interest or seeking collections on money owed. Staffing company factoring is a way to earn that money without having to apply for traditional loans or waiting for that lengthy 30 plus days. By using factoring receivables you can eliminate that worry of replacing income, as a matter of fact, you can receive your money sometimes in less than 24 hours, something unheard of with the standard practice of accounts receivable. The best part of the process is that there no hurdles or hoops to jump through, no waiting periods during billing transactions. Your company merely needs to submit invoices with the dates, amounts and time shown so that you can be paid accordingly. Gone are the days of billing bureaucracies, of red tape procedures and lost time due to clerical errors or postal delays.
Instead, you can receive money quickly, efficiently and without the hassle of applying for bank loans or the added cost of fees and interest that are often involved with such a process.
Curious? Look into the benefits of Durham’s Factoring Receivables program for your staffing company.