When running a recruitment business that supplies temporary workers, invoicing is key to consistent growth. However, if there are any issues with your invoicing, this can cause major setbacks and financial troubles for you and your company. Invoice factoring helps removes these issues. Back Office Support Services have one of the best invoice factoring services available for recruitment agencies supplying temporary workers.

 

What is Invoice Factoring?

Also known as debt factoring, invoice factoring allows a recruitment agency to release cash against outstanding invoices before they are paid.

Using our service, we pay your temporary workers each week, then invoice the clients you supply workers too, then pay you the margin minus our fees. This saves you the hassle of having to invoice yourself, and ensures your workers are paid on time, every time.

Invoice factoring goes hand in hand with the credit control part of our service, where we handle chasing invoices and collecting payments for you, giving you both peace of mind and more time to focus on running your business.

 

The Advantages of Invoice Factoring

One of the main advantages of invoice factoring is how quickly it works. If you have a new customer, the first invoice they receive may take longer to be paid than future ones. Or your established customers are being slow with their payments, meaning you have to chase them every month. For a recruitment company, these delays can mean that you don’t have the funds to pay your temporary workers or are unable to cover costs.

Our service solves this by giving you access to 100% of the funding straight away. We then pay your workers for you, saving you time and hassle, and the excess, after our fees, can be used to cover costs and/or be reinvested into your business.

All collections are handled professionally by our dedicated credit controllers. If there are any concerns, they will contact the client directly to ensure there are no surprises or issues later on.

 

Invoice Factoring and Debt Protection

Bad debt protection is an important part of our service, as it protects both you and us from any issues surrounding debt.

Our service includes unlimited company credit checks on your clients before anything goes ahead at no extra cost. Also, your dedicated credit controller monitors your customers’ credit limits and liaises with you to manage their future requirements.

Our bad debt protection service gives you peace of mind that if any of your customers go out of business you will be covered. As a last resort we can also offer legal assistance and debt recovery support if absolutely necessary.

Why Choose Us?

Our service covers all aspects of back-office support for recruitment companies. With Back Office Support Services, you get 100% payroll funding, payroll support, invoice factoring and funding, credit control, and debt protection all in one, giving you the time you need to focus on growing your business.

When it comes to invoice factoring, with us your get more for your money. Other invoice factoring suppliers don’t give you access to 100% of the invoice, more commonly 80-90%, where we make sure you get every penny, minus our reasonable fees.