100% Recruitment Finance
Finance is essential for recruitment agencies. Money comes in and out of your business frequently, so timing, balancing and managing funds will be a skill and tool that you’ll need to have.
What Is Recruitment Financing?
Recruitment financing is a financial solution that provides recruitment agencies with immediate access to the money that they have tied up in their unpaid invoices. Recruitment finance allows recruitment agencies to maintain a steady cash flow, pay employees on time and invest in growth opportunities for their business.
How Does Recruitment Finance Work?
With recruitment finance, agencies will raise their invoices with their clients as normal and carry on placing candidates into roles, they will then send a copy of their invoices to their recruitment finance provider, who will transfer the cost of the invoice to the agency so that they are able to maintain a steady cash flow within their business.
Funding for start-up and SME recruitment agencies
Specialising in finance to the recruitment industry, New Millennia offer a unique service in the complex area's of managing cashflow and helping recruitment businesses succeed.
Our recruitment financing solutions offer a superior alternative to invoice factoring, meaning an end to your cash flow concerns.
You’ll discover a level of transparency that is not found with other invoice factoring and your clients and temps will experience this too. With individual online portals where timesheets and invoices can be uploaded, the whole process provides clarity and security for all parties.
Options for finance solutions are not as openly available to many startups as they may be to more well established firms, however startups are the ones who often require this support the most.
Recruitment startup finance can be less readily available from banks or lenders as there is no history of good credit in a brand new business. New Millennia does not require proof that a startup is eligible for credit, meaning simpler more accessible funding for your recruitment startup.
Invoice financing is a great solution for recruitment agencies. Most recruitment agencies work on an invoice basis, meaning that they will have to carry out the work before actually raising the invoice with their clients. This can be challenging for businesses and it can be difficult to balance money between paying employees and settling invoices from clients.
Rather than waiting for invoice payments to arrive and risking dissatisfied temp workers, New Millennia provides 100% funding so that you do not have to go without payments. We then also take on the responsibility of collecting the invoices directly ourselves; no waiting, no delays and no hassle.
Invoice financing allows recruitment agencies to maintain a steady cash flow, pay their employees on time and can also help smaller recruitment agencies to grow.
The task of issuing payslips, managing timesheets as well as issuing P45s can all be undertaken by our bespoke, specialist finance services.
With our recruitment payroll funding, payment delays due to cash flow can be a thing of the past, swift and sleek payments are made exactly when they should be. Our experience of over 19 years and our startup funding solutions mean temp workers can be kept satisfied by your services and your reputation can be maintained as a reliable recruitment agency.
Why New Millennia?
At New Millennia, we have been in the recruitment industry for over 20 years and we know the challenges that arise when starting a recruitment agency. We specialise in recruitment financing and offer a unique service to help recruitment agencies manage their cash flow.
New Millennia makes everything simpler and we are a team specialising in helping recruitment agencies succeed. We will create a trusted relationship with your business and will provide the best recruitment finance services to meet the needs of your business. Get in touch today to find out how we can help your business.