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Payroll funding enables recruitment businesses to focus on their core strength – recruitment.
This type of service ensures timely payments to temporary staff or contractors (weekly, bi-weekly, or monthly), handles client invoicing directly, manages timesheets (online or manually), and provides comprehensive back-office systems for seamless payroll management. Typically, it features a single fixed fee on each invoice, often without setup costs or minimum monthly fees – a straightforward pay-as-you-go solution for payroll needs!
With a variety of providers in the market, each offers different functionalities. Here are some examples:
How does it work?
You upload candidate/client details to the provider’s system.
You submit/process timesheets online using the provider’s system.
The provider disburses payments to your temps/contractors and issues payslips, if required.
The provider generates and sends invoices (in your name/branding) to your customer.
Get your profit/margin weekly (minus fee) through your provider.
The outstanding money is paid by your customer to the lender when due.
Most payroll facilities include bad debt protection to safeguard against instances where your customer fails to pay or enters administration (terms may vary).