The staffing industry plays a critical role in today’s economy. Temporary workers provide a unique function during periods of growth and decline, allowing employers to insulate their permanent employees from the ebbs and flows of the economy.
For entrepreneurs with the right skill set, the staffing industry has a great deal of appeal. Startup costs are low and demand for personnel is high – a great combination.
There are, however, a host of expenses associated with staffing, ranging from advertising and vetting employees to securing insurance and processing payroll and fees for employees prior to collecting on invoices from the employers that contract their services.
Cash flow can be a challenge. And for emerging or mid-sized companies striving to grow, bank financing can be out of reach.
That’s where factoring, also known as invoice financing or accounts receivable financing, steps in. At Gibraltar Business Capital, our accounts receivable financing solutions help staffing companies manage cash flow shortages and fluctuations.
For instance, in our experience, we have found that most traditional factors operate on an invoice-specific basis. That means they look at each individual invoice as a separate transaction, and funding is provided on an invoice-by-invoice basis. Customers are required to take the full value, and incur the associated fees, regardless of what is needed at that time.
Whether you are struggling to meet payroll or expanding your staffing or temporary employment agency into new markets, Gibraltar can provide immediate access to capital. For a no-obligation quote, contact a member of our team or call 847-272-9618 today.