Paying Candidates on Time is Vital for Any Agency – So Having the Right Finance in Place is Essential. We Can Help.
The recruitment industry has always needed invoice finance solutions simply because contract placements rely on the agency paying the candidate ahead of the client making payment.
However, arranging invoice finance can be a minefield; there are many products on the market on offer from a range of banks and other finance companies, but these products aren’t equal in terms of what they provide, what limitations they impose, or what they can cost.
Factoring and Invoice Discounting services are both available, and which one you want depends on how much of the admin work you’re willing to take on – the costs are very different, but how much it would cost you to handle raising invoices and managing the dunning cycle is also a factor.
Many agencies also insure their debtor books – but, again, this is another cost, and for large debtor books or for start-up agencies the cost can be significant.
It’s also vital that you know your provider offers all the services your currently require. Do you need permanent invoice funding? Is currency/international funding important to your business plan? Whatever the case, you’ll certainly need adequate levels of credit control.
We have a great deal of experience setting up and managing invoice finance facilities on behalf of recruitment agencies. Through this, TBOS has also developed relationships with a number of invoice finance providers, both banks and other finance companies, which allow us to negotiate for preferential rates and reduce your costs.
We can help agencies at any turnover level to secure the funding they need, working with:
- New Start Up Recruitment Agencies looking for their first invoice finance arrangement
- Permanent Recruitment Agencies looking for funding on their permanent placements or their first contract placements
- Existing Contract Recruitment Agencies looking to review their existing arrangements
With our experience, we can ensure your agency receives the right service for the right price. Specific services we can arrange include:
- 90% funding on Contract placements and 65% on Permanent placements
- Funding in over 200 countries and in 15 different currencies
- Minimal Set Up Fees
If you would like to discuss setting up a new invoice finance arrangement or for us to review your existing invoice finance arrangement then please contact our office.