Recruitment finance comes in various formats and with various added on services. Typically it is a requirement of temporary recruitment companies who have a weekly payroll yet only get paid by clients on a monthly basis if they are lucky. That said we have sourced numerous facilities for permamnent recruitment companies to allow them to access the cash tied up in their invoices.
Let’s have a look at some of the options available for recruitment finance:
Spot factoring – only this week we have been approached by a recruitment company looking to factor a single invoice for a placement they have made. This is where a factoring company will factor a single invoice for a fixed fee.
Invoice discounting – this is possibly the ‘lowest touch’ form of finance available when looking at invoice finance options. It can be confidential and simply provides cash against your invoices. There are no add on services other than credit protection should you wish to protect your recruitment company against bad debts.
Factoring – this provides cash in the same why invoice discounting does with the added service of outsourced credit control. This can also include credit protection should you want it.
Full back office solutions – this is ideal for recruitment companies who simply want to concentrate on recruitment. Aswell as finance this service will provide the following services: invoicing, payroll, credit control and credit protection.
If you are interested in what recruitment finance solutions are open to you please contact the Smart Factoring Quotes team today on 0845 863 0738