- Q1. I am a new recruitment agency, should I be using TBOS Freedom?
A1. TBOS is ideal for new start up recruitment agencies, especially if they have less than 5 contractors and do not know how their contract base will grow over the first 12 months. Using TBOS Freedom means that new agencies do not have to sign up to a long term factoring arrangement (often 12 months) with high fees and monthly minimum fees as the service is a ‘pay as your contractor works’ service based at fixed fee rates.
- Q2. I am a permanent only agency, when would I use TBOS Freedom?
A2. TBOS is ideal for recruitment agencies who only deal with permanent placements. Sometimes clients will require a candidate to work as a temp to perm deal and expect the agency to finance the candidate during that time. Often permanent agencies will have to decide on whether to fund the placement themselves or use another agency to payroll the candidate. TBOS helps by ensuring that all contracts, invoicing and payments are completed correctly whilst retaining the client relationship without impacting cash-flow.
- Q3. I have a bad personal credit rating, will TBOS Freedom fund my contract placements?
A3. TBOS bases the funding decisions on the clients you are invoicing not based on the financial history of directors of the agency so if you have bad credit or no assets this will not affect using our model. As the debts are fully insured and we only distribute profits once the client makes payment then TBOS will take any risk on the placements.
- Q4. If TBOS produce the contracts and invoices, how do I retain my identity on the placement?
A4. The contracts are created and signed between your client/candidate, you as the Agency and TBOS as the Service Provider. As the Agency you are named as the owner of the client/candidate and placement and are ultimately responsible for the conduct of the placement. TBOS acts as the Service Provider who are responsible for administering the contracts and invoicing, funding the candidate and receiving the funds from the client.
- Q5. What happens if a client wants us to use their contract template instead of the TBOS Freedom template?
A5. In this circumstance, TBOS will work with the client and our legal team to add the appropriate clauses to ensure that all parties are protected within the transaction. This would either be in the form of an amendment letter or changing the existing contracts so that TBOS can also sign on the contracts.
- Q6. What happens if my client goes bust mid contract? Will I still get paid?
A6. All funded placements made with TBOS have bad debt protection included within the factoring fee and we constantly monitor our clients to ensure that all of your debt is insured. Should your client go into administration or liquidation then you will be reimbursed in full (minus a £500 first loss).
- Q7. My client has 60 day payment terms and I want to pay my candidate after 30 days, is this possible?
A7. TBOS works to your payment terms and schedules. We do not have weekly or monthly deadlines and can pay within the terms that you set meaning you have greater control over your candidates and fees.
- Q8. Do I have to pay any set up fees or charges to use the TBOS Freedom service?
A8. TBOS does not charge any fees until you start using the service and all charges are taken from the self-bill profit invoice that is produced once the client makes payment. There are no charges for credit checks, no charges for producing contracts and no other set up costs.
- Q9. It is Friday lunchtime and I have a contractor starting on Monday morning, can you help fund my placement?
A9. TBOS is already being used by many recruitment agencies so the facilities are already up and running. As long as all the details we require are sent to TBOS immediately then we can produce the Service Level Agreement, complete the credit check and raise the contracts for signature within 3 hours (UK placements only).
- Q10. I have a potential contractor working in Europe in Euros, can TBOS Freedom help me?
A10. TBOS can fund placements in over 170 different countries and in various different currencies. For these type of placements the weekly fee increases to £45 per week and the credit check can take up to 48 hours to complete. We also have a wealth of knowledge on many countries worldwide and can help to ensure that your overseas placements remain compliant.