Commercial Factoring For Small Business
The US economy is showing signals of recovery
, this is what the secretary of the United States Treasury has stated. With this, many people bet that staffing agencies will see a significant increase in the business. Why? Because most firms will be reluctant to hire full time employees until the recovery is well underway. By using the services of a staffing agency, employers can get the needed manpower without the commitments - monetary ones at that - associated with this move. And with this trend, we will also see an increased demand for staffing agencies that need commercial factoring.
Staffing agencies usually have invoices payable in thirty days but must pay their employees on a weekly or bi-weekly basis. Temporary staffing is one of the stronger industries to factor, the work has been completed and you have concrete proof in the form of signed attendance sheets. These leads need more aggressive follow-ups though. Invoice factoring can be a key solution for staffing agencies that have promising contacts and prospects but limited capital.
Today, several business owners are re-assessing their operating strategies - about maximizing the use of their invoices to stay afloat. The usual case is that firms don't get immediately paid in cash - but cash is something that businesses must always have. This is where commercial factoring can be of such great help - turning invoices into immediate cash, instead of simply waiting for 30, 60 or 90 days.
No matter what the business, doing business can be time-consuming, and many business owners find that they get really busy running their business that they forget to bill their clients regularly. Otherwise, they usually come up short when it's time to pay their bills, and sometimes, they can't even pay suppliers as well as employees.
To further understand the idea of commercial factoring, contact the Interface Financial Group (IFG) at 877.210.9748.
by: Iris Caesar
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