In need of some immediate contractor funding for your recruitment agency?
We have the perfect funding and administration solution for you, our TBOS Freedom plan.
If you are a recruiter that handles a number of contract placements, you will know your agency needs fluid financing. Not many recruiters will be able to cover paying contractors out of their own pocket which is why they seek out invoice finance, this is to cover their contractor payments until they receive payment from their clients. With that said, many recruiters will opt to use a Pay & Bill company to facilitate their contract placements, however with this option they are likely to pay a fee which is a percentage of each invoice value, which as you can imagine, can stack up after a period of time.
The other options for invoice finance…
- Invoice Finance through Banks/Factoring Companies
If you apply for invoice finance through your bank, you can expect the contract they set up to last 12-24 months. This will also come with minimum monthly fees and a significant set-up cost at the very beginning. Additionally, this type of funding can take 3-6 weeks to set up.
- Invoice Finance through Third Parties
Most third party providers consist of Pay & Bill companies and also require a long term sign-up period. As these companies fund 100% of the debt it can also make it difficult for the recruiter to leave their solution as the new provider will have to pay off the debt in full. These companies will also charge their fees based on a percentage of each invoice value.
In each case, you have close to the same problem, you’re committed to a long term contract with considerable costs associated. Even if you decide to get out of the contract placement game or it doesn’t take off as you have hoped, taking the chance with either invoice finance supplier can hurt your bottom line for up to two years.
Needless to say, a lot of recruiters pass on the contractor route because it runs the risk of these hidden costs. For this reason, TBOS has specifically designed a back-office and funding solution which is not only cost-effective but covers the complete administration of processing contractors.
PAY AS YOUR CONTRACTORS WORK WITH TBOS FREEDOM
TBOS Freedom is the perfect alternative Pay & Bill solution for recruiters placing contractors.
Be it 1 contractor, 20 contractors or more, our TBOS Freedom plan can accommodate a range of contract placements to over 170 countries worldwide. There are no set up fees or long-term commitment and its pricing is completely flexible to the number of contract placements your agency makes, this is because we adopt a ‘Pay-as-your-Contractors-work’ fee structure.
By using the contractor funding with TBOS Freedom, you also receive our comprehensive back-office service too, this covers everything you need to process your contract placements:
- Unlimited Credit Checks
- Invoice Finance
- Timesheet Management
- Invoicing (UK & International)
- Contractor Payroll
- Credit Control
- Intermediary Reporting
- Telephone & Email Support
- Contract Administration Service
Other great benefits about this plan:
- Flexible Arrangements
You’re not locked in to the long contract. You’re free to arrange as many or as few contract placements as your desk handles. We’ll adjust to suit your capacity.
- International Placements & Currency
Even if you work across country borders and some of your invoice financing has to be in other currencies, TBOS Freedom can handle that, although it will take a little more time to set up.
- Immediate Set Up
For UK contracts, at least, we can have your service up and running in under three hours from you discussing what you need with us.
- Peace of Mind
We credit check clients and ensure debts are insured, minimising risk to your agency and to ourselves.
- Contract Preparation
We can help with contract templates this ensures that all parties are protected and that IR35 and AWR regulations are being followed.
If you like how this solution sounds, please feel free to complete our profit calculator below and get in touch with our team to discuss your contractor requirements in more detail.