Important Questions to Ask Your Financial Provider about Recruitment Factoring

Whether you have just started a recruitment agency or you have been running one for years, you can always turn to a factoring company to help you out if you need to free up some cash for any reason, or you are finding it difficult having to wait for your clients to pay their invoices. However, before you go out and sign up with any recruitment finance company it is important that you ask a few questions first.

What is Your Experience working in the Recruitment Sector?
It may be worth your while to work with a factoring company that has been around for a while and has an established name; however their rates may be slightly less competitive so it is vital that you shop around. What may be more important is their experience in the industry and the type of clients they have worked with. If they have worked with clients from a similar industry then they may be able to handle your project more effectively than those who have a lot of experience in a different industry.
What Rates Can You Offer?
Each factoring company will have different rates so it is important that you discuss this with them as well as finding out if these rates are likely to change, or remain the same. You should always be suspicious of any company offering you unrealistically low figures as they may quickly raise them once you have signed up. So be aware of what you are signing up to before you put pen to paper. Reputable companies such as cashsimply will be happy to discuss rates openly with you so that you can ensure that you have clear figures before you commit.
How Will You Interact With Our Clients?
Remember that the factoring company that you choose will inevitably have to contact and interact with your clients; so even though it is not you who is speaking to them, they are representing your company in a sense and you need to ensure that this is done in a respectable and courteous way. At the end of the day, they are asking your client for money, and this may cause some issues if not handled correctly. You will need to find out what experience they have had in dealing with potentially difficult clients, as your client’s experience will determine whether they stay with you or move to a different recruitment company.
Do You Have Excellent Feedback?
When looking for a factoring company it is important that you choose someone with good feedback. They can tell you themselves how dedicated and professional they are; but nothing gives you a realistic picture of their success like speaking to past clients. Any company worth their salt will allow you to see feedback from past companies they have worked with, and even speak to them about their experience.
So just remember these steps when choosing a company to help you with your factoring needs and you will be well on your way to a happy and lengthy business relationship with them, and financial stability.
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