If your business depends on a dramatic boost in revenues from the holiday season, then you know now is the time to get ready and prepare. Many such companies know they need to hire seasonal employees but hesitate to do so because the cost of payroll financing can seem overwhelming. Hiring sufficient staff to meet holiday demand is a common business dilemma. On one hand you want to meet demand for your product or service yet on the other hand you don’t have the capital available to cover the expense.
Staffing Factoring Puts Temporary Employees Within Reach
Yet staffing financing does not have to be so costly to your bottom line. Overall payroll funding for temporary employees is probably less than for full time staff as you do not have to pay benefits. Moreover, temporary staff enables you to greater flexibility to scale – and then cut back — when business calls for it.
Businesses that need to hire holiday help right away but don’t have the capital available to do so can turn to factoring receivables as a way to get the cash infusion they need. Staffing factoring or payroll financing is a unique way businesses can get cash when they need it. By selling their existing invoices, they can get the money they need to cover the costs of hiring seasonal workers.
Staffing Factoring and Advance Payroll Funding Can Pay For:
- Finding and sourcing seasonal employees.
- Any fees associated with working with a temporary staffing agency.
- The actual payroll of your seasonal staff so you don’t have to worry about bouncing checks.
- Any training that is needed to get these employees up to speed.
- The costs of hiring an accountant to assist with temp employee taxes.
Payroll financing companies like ours understand how important timely payroll is to seasonal and full-time workers alike and they will do everything they can to get you the capital you need in 3-4 days or less in most cases. And unlike a bank, which requires you to have money in reserves before you quality for a small business loan, invoice factoring companies can provide you with cash when you need it most – when you don’t have it.