Payroll funding allows recruitment businesses to spend their time on what they do best – recruitment. This type of facility would pay temporary staff or contractors (weekly, bi weekly or monthly), invoice clients directly, mange timesheets (online or manually) with the provision of full back office systems to manage the pay and bill process. Normally there is one fixed fee on the invoice value and often with NO SET UP or MINIMUM MONTHLY FEES – just pay as you go payroll!
With numerous providers in the market, each one offers different functionalities. Examples of some of the key functions are:
The basic process is outlined in the diagram below: -
1 - You upload candidate and client details on the providers system.
2 - Timesheets are uploaded or approved online.
3 - Candidate gets paid by the provider.
4 - Client gets invoiced by the provider (in your name and branding).
5 - You get your profit/margin weekly minus the provider's fee.
6 - The outstanding money get paid to the lender by your customer when due.
Most payroll facilities include bad debt protection should you wish to protect against your customer not paying or going into administration (different terms apply).
Click here to get your payroll funding quotes.
If you are focusing on the construction market and don’t have CIS gross status, we can assist with this and have providers that can still fund at 100% - ask us for more information.Find out more