100% Recruitment Finance

Recruitment funding is a form of financial assistance that businesses can access to help cover the cost of paying temporary workers. It is often used by recruitment agencies who have recently started up or are looking to grow their business to help with their cash flow.

Businesses can access recruitment funding through different sources. However, the most common is via a recruitment funding provider such as Back Office Support Services who can provide a full end-to-end service.

Recruitment finance helps agencies fund and administer payroll obligations for temporary workers and provides them with their gross profit upfront. This allows agencies to concentrate on developing their recruitment agency and not be distracted with back-office requirements.

Recruitment agencies from start-ups to established agencies across a range of sectors.

Recruitment funding is used to pay temporary workers’ payroll and provides recruitment agencies with their gross profit.

There is no formal application process for funding, every provider will have its own process and consultation method. Here at Back Office Support Services, we will get to know you and your business so we can ensure that our offer will work for you.

Yes, the eligibility requirements for recruitment funding vary by provider. At Back Office Support Services, we recommend that people have recruitment experience as there is legislative requirements which you need to understand. We would also require documentation to verify the identity of the director/s of the business. Many recruitment funding providers work in this way as it’s about meeting individual business requirements rather than being a rigid process.

The timeline for a decision on a recruitment funding application depends on the provider. Generally, the decision will be based on whether using the provider is the right way to go for their business. Once you have provided the right information and signed all the correct documentation to set up your account getting started can be quite quick.

The main benefit of using recruitment finance is that it covers payroll obligations for temporary workers, which in turn gives the recruitment agency time to focus on growing the business.

A recruitment finance provider offers services such as payroll, invoicing, credit control and bad debt protection, as well as the finance to support the payroll.

The best way to get started with a recruitment finance company is to contact them directly and discuss your specific financial needs. They will be able to provide further information and assistance.

Invoice financing is the general term used when someone wants to borrow money against an invoice. Invoice factoring is a type of invoice finance where the business transfers ownership of the invoices to a factoring company. With the invoice factoring model, providers like Back Office Support Services are the organisations that will take ownership of these invoices and take responsibility for collecting the monies owed from the business, such as a recruitment agency, so they can concentrate on what they do best.