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Top 6 Mistakes to Avoid When Starting a Staffing Agency
How to Start a Staffing Agency: Pitfalls to Avoid Early On Whether you’re interested in how to start a staffing agency or you’ve already begun doing business on your own, congratulations and welcome! The staffing industry is multifaceted and intriguing. When you first start out, though, it can be difficult to know what mistakes you…
Read MoreWhat Is Invoice Factoring and How Does It Work?
It can often take 90 days or longer to receive payment from customers or clients. Invoice factoring, also called payroll factoring or payroll funding, gives you access to the instant cash flow you need to meet financial obligations. Staffing companies commonly rely on invoice factoring because long waiting periods make it difficult to maintain operations…
Read MorePayroll Factoring 101: Recourse vs. Nonrecourse Factoring
You may already know that factoring is when a factoring provider like Encore Funding buys your outstanding invoices and transfers you cash. However, it’s important to understand the two main types of factoring, recourse vs. nonrecourse, before you decide how to manage your staffing firm’s capital needs. Read on to discover more about…
Read MoreEncore Funding Acquires Two National Companies, Millennium Funding and TemPay
Landmark deal sparks new funding opportunities, expanded services for staffing and transportation industries. Encore Funding, an alternative lender that unlocks capital and strategic support for entrepreneurs in the staffing and transportation industries, is pleased to announce its acquisition of two national companies: Millennium Funding, another alternative lender that provides working capital to the staffing and…
Read MoreCash Flow Challenges for Staffing Agencies
All businesses obviously need cash, but a staffing business is ven more unusual with their cash needs. Our clients don’t feel any of the pinch of being with a regulated lender with excessive red tape and compliance issues to access capital. We make it easy to get funding. Learn more about our funding solutions…
Read MoreWhy Work with Encore Funding?
When you work with Encore… You gain a team of advisors that believes in YOU – your business, your vision and your potential. As a company that’s wholly dedicated to the staffing industry, we’re proud to support businesses that help millions of people make a living every single day. Learn more about our team of…
Read MoreFull-Service vs. Money-only Payroll Factoring
Payroll factoring is one of the most popular types of business finance. Within that, there are two types of factoring: money only and full service. Money-only invoice factoring provides strictly payroll funding. You process your own paychecks, print your own invoices and file and pay your own taxes, while the factor delivers cash to cover…
Read MoreHow Full-Service Payroll Factoring Enables New Staffing Businesses to Thrive
The financial choices you make during the early stages of your staffing firm are critical to its growth, and among those choices is how to fund payroll. Your first instinct may be to look to banks as a payroll funding solution. But the long application and approval processes, many fees, and strict covenant requirements typical…
Read MoreHow to Start a Temp Staffing Agency in 6 Steps
Creating your own business may seem daunting, but staying organized and focused is key. Follow our six steps on how to start a staffing agency and you’ll be well positioned for future success. 1. Gain Staffing Industry Experience Too many people try to start their own company with little to no experience in the…
Read MoreSigns That It Might Be Time to Find a New Payroll Funding Company
Given the importance of a payroll funding company to the continuity of your staffing firm, it’s critical to take the time to review the relationship and look for warning signs that your provider might be underperforming. When reviewing your payroll funding partner, consider whether full-service or money-only best serves your business. In addition to advancing…
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