There are a lot of recruitment funding providers out there. Most offer a single service, which does get you the improved cash flow you’re looking for, while others like us provide a service that covers recruitment funding as well as invoicing, payroll, and credit control.

Since you’ll rarely want to work with more than one, and switching to a new provider can cause headaches, you should be picky when picking who you partner up with.

To make that easier, today we’re going to share some questions that you should ask recruitment funding providers, before you agree upon anything. This will allow you to make an informed decision, and most won’t mind a mild interrogation!

 

How Does your Service Support my Agency?

This is obviously the first question you should ask, and the first one a recruitment funding provider will expect. They’ll then outline their service, giving you a good idea of what they will do.

One thing to listen out for is how much recruitment funding they provide. We’re one of the few third parties who offer 100% recruitment funding, meaning you have access to all the cash flow you need, with no limits or restrictions. If the provider you’re speaking with doesn’t have that, it could harm your agency in the future.

No matter how much you need, your funds will be available within a day or two, helping to cover the gap between invoices.

You should also find out how this funding can be accessed, as this can vary too. Some providers use a 3rd party to gather the funds themselves; others dip into their own funding and then send that to clients. Both ways work, and you may not ever learn which your provider uses. As long as you have access to 100% of the funds, you’ll have no issues paying your temporary workers every Friday.

 

How Much does Recruitment Funding Cost?

This is another question that you’ll always ask. If your budget is tight, you want to find a service that you can afford, but remember that the cheapest options will often be cheap for a reason.

Our prices are reasonable compared to the industry standard, but the important thing is that we are transparent from the very start. Other providers may tell you one price, which looks great, but there will be hidden fees that they will try to hide.

Contract length is another contributing factor – you don’t want to be stuck with a provider you aren’t happy with long term!

The most affordable recruitment funding providers will try to undercut the industry standard, but the service they provide will be poor. This can be a lack of communication, or general unreliability.

Either way, it’s lacking the personal touch that you need.

 

How Personal is your Service?

This is a question not many providers will have a definitive answer for, but it’s just as important as understanding their service and the overall cost.

An important thing to know is that many of these providers work with a large number of agencies. This means that you will rarely be their priority, and their team will be stretched thin as they try to support multiple agencies at once.

Not the case with Back Office Support Services. We set you up with just two points of contact; your payroll account manager and your credit controller. They’ll not only help with recruitment funding, but also invoicing, payroll, and credit control. Both will be fully dedicated to you, so you’ll never be ignored or forgotten if you have any questions or concerns, and they’ll be in regular contact with you and your clients to keep everyone in the loop.

This more personal service is what really sets us apart, and is something you should expect from your provider.

 

How Easy is it to Switch?

If you aren’t happy with your current provider, it’s time to switch to one who will put you first and provide a better overall service.

However, switching to a new recruitment funding provider can be a hassle, which puts some agency owners off. Multiple parties need to work together to release funds, and ensure that all the correct details and data are forwarded to the new provider.

But it doesn’t have to be difficult! We make switching recruitment funding provider a breeze by handling the majority of the legwork on your behalf. All you need to do is send us the details of your clients and let your current provider know that you’re moving on.

Then just set a date for the transfer. This is so you and your team can work around the switch with minimal interruption. And that’s it! We’ll take over and you’ll quickly see an improvement in service and can continue to pay your temporary workers on time.

This is mostly thanks to your onboarding manager, who will guide you through the switching process and get things set up before handing you over to your credit controller and payroll account manager. It’s as simple as it should be; you’ll be able to focus on running your agency, knowing that everything is going to plan.

 

A Recruitment Funding Provider you can Trust

When we’re contacted by a temporary recruitment agency, we’re happy to answer any questions they may have. Switching is a big decision, even if we make it easy, so we take extra time to explain everything in detail.

We work with agencies of all shapes and sizes. Some are new start ups looking to invest in third-party support for the first time, others are established agencies who have outgrown their current provider.

Whatever your reason for looking into our service, we’re an open book ready to help you clear anything up. And since our service is the best in the UK, you won’t have to look any further than Back Office Support Services!