BusinessManager®: Accounts Receivable Financing for the Staffing Market
Accelerate Loan Growth by Targeting the Staffing Industry
Take Advantage as the Economy Increases Needs for Cash Flow in the Staffing Industry
Staffing service companies represent a significant opportunity for banks in today’s market for working capital finance. This includes key employers in manufacturing, business services, health services, security services and more. The need for temporary and seasonal workers often creates cash flow fluctuations throughout the year. These imbalances also occur because agencies must pay workers even though they haven’t yet been paid by customers.
Clearly the demand for skilled, temporary workers has the potential to further increase employment and revenue among staffing firms. The key question: How can banks best support this industry’s growth?
It is a proven, business-friendly alternative to factoring. Staffing is also one of the largest users of receivables-based financing in your market.
What It Does
- Provides accounts receivable financing to small businesses serving today’s staffing industry.
- Allows businesses to receive cash deposited into their operating account every time they submit a customer invoice, helping them always have cash on hand to:
- Take advantage of new growth opportunities in their industry.
- Meet payroll.
- Purchase new equipment or technology.
- Add staff.
- Provides a safe and sound turnkey solution, with 20+ years of experience.
What It Does For Me
- Enables banks to work more effectively and profitably within the staffing sector and tap into the latest high-growth opportunities.
- Assists banks in marketing and selling the program to existing and prospective customers with the help of a dedicated ProfitStars Business Development Manager who knows the staffing industry.
- Gives banks the ability to provide key management reports on funded transactions, such as aged receivables and customer balances.
- Helps identify new relationships and develop new business.
- Offers banks the potential to cross-sell other meaningful products like cash management, investment, and lockbox services after establishing an initial lending relationship.
- Increases fee income.
- Controls risk.
- Generates core deposits.