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Recruitment agencies always need ways to remain competitive in such a busy marketplace and the right invoice financing provider can offer a great way of staying ahead of the game.

Partnering with a specialist provider can bring many benefits, but how do you know if they are working in your best interest? Protecting your business's financial health and maintaining a healthy cash flow must always be a top priority.

Unrealistic charges

When it comes to paying for an invoice financing service, the way some present their charges can be complex and confusing. This makes it difficult to plan for the costs of finance and what you need to budget for. 

Ensure what you are paying for is fair and transparent. The costs should be provided to you on a weekly basis, in a format you understand fully. 

You can expect to pay:

  • A set up fee - this should be limited to the time it takes to set  up the facility
  • A service fee - the cost of providing the service
  • Credit insurance / bad debt protection 

Any other charges should be explored in detail, to ensure they are appropriate.

 

Customer service not up to scratch

You should always be happy with the customer care received and trust your funding partner to be working well on your behalf. Your funding provider represents your brand and can ensure your clients remain loyal to you. A professional service should be a given.

Consistency of service and accuracy of information are key. Relevant issues should be flagged with you promptly, to ensure a quick resolution. Good systems and processes are vital in helping you manage your day-to-day workload and free up valuable time. 

 

Inflexible offering
A specialist provider has an extensive knowledge of the recruitment industry and its specific requirements. A provider with a complete back office and funding solution ensures you spend minimal time on payroll, invoicing and credit control. This reduces the stress of having to worry about financial errors, chasing invoices yourself and gives you time back.

Access to industry software allows you to manage your agency thoroughly. Automating your day-to-day processes, protecting your data and keeping you compliant at the same time. 

Using fully integrated software, outsourced payroll services and a recruitment finance solution can ensure your administrative processes are well managed, plus contractors, temps and staff are paid on time, every time.

 

Download our eBook to find out more about hidden costs within invoice financing

 

 

Photo by Peggy Sue Zinn on Unsplash 

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