How will this help my agency?
As a staffing agency grows it requires access to increasing cash flow in order to deal with overlapping pay cycles and cover its payroll needs. If sales are increasing rapidly, profits alone will not cover this growth. More agencies have faltered not for want of profit but through lack of cash flow.
With our payroll funding solution, not only do we provide cash against the value of your outstanding invoices but then, as invoices are raised, we can release up to 90% of their value into cash within 24 hours. The remaining 10%, less a small service fee, is paid to you once your customer pays. This means your business has access to an ongoing supply of cash linked to your sales. So as your business grows so does the amount of funding available to you.
We will enhance your cash flow and also reduce your administrative expenses and responsibilities by professionally dealing with time-consuming tasks such as credit control and collections, leaving you free to focus your manpower on key business tasks such as marketing for growth.
Bibby has extensive experience in dealing with the staffing industry. They represent over 15% of our client base. As a result, we understand the importance of dealing with staffing funding requirements promptly, ensuring cash flow is aligned with the businesses payroll cycle.
We can make available credit insurance for the businesses customers. We are also one of the few receivables funders willing to consider permanent placement funding as eligible as a proportion of your overall business volume.
As a Receivables Funder, Bibby Financial Services, can meet both those challenges. By advancing up to 90% of your accounts receivable within 24 hours of billing you have the cash to fund that growth. The facility also grows with the value of your accounts receivable therefore ensuring that you success is not your downfall.
How much does it cost?
Our services are tailored to your agency so the fees will depend upon your specific needs.
There are two types of fees. The first is the cost of the money you use, which is extremely competitive when compared with other forms of finance. The second is a service fee, which encompasses the collections service. We are happy to provide a proposal.
If you would like to speak with one of our Payroll Funding specialists simply complete our contact form. You can also call us on 877-88-BIBBY (1-877-882-4229), email us at firstname.lastname@example.org or request a call back.