TRANSFAC CAPITAL OPENS $2 MILLION LINE FOR STAFFING FIRM

Posted in: Factoring Staffing Industry News, Press Release, staffing factoring, Staffing Factoring Articles, staffing industry, Staffing Industry Financing Company, Staffing Industry Financing News- Aug 07, 2013 Comments Off

Salt Lake City, UT – (Marketwired) – August 7, 2013 – Transfac Capital, Inc., a specialty finance company providing accounts receivable financing to small and mid-sized companies, today announced the payroll financing of a multi-location staffing firm based in Georgia.

 

Financing the staffing industry is not new to Transfac Capital. With over eight locations nationwide, Transfac has been funding staffing company invoices for years.

 

Mari Dezham, Account Executive Manager of Transfac Capital, stated, “We’ve financed several staffing agencies throughout the years and are very familiar with their payroll challenges. This particular company  has 13 locations,  each of which generate a large number of invoices. Due to the high volume of invoices, it was obvious that smaller factoring companies didn’t have the resources to handle this account quickly and efficiently. We have appointed an account executive whose sole focus is this account, which is exactly the type of service we believe our customers deserve. With our newest client, we opened a line of credit at $2 Million and the first funding was close to $1 Million, which allowed for them to continue business without interruption.

 

“When these large staffing companies, or even the smaller ones for that matter, send out their invoices, they don’t always collect payment in time to be able to make payroll. We provide a seamless, simple solution to this problem by covering those expenses and collecting the invoices for them,” said Dezham.

 

With locations in Salt Lake City, San Francisco, San Diego, St. Louis, Louisiana, North Dakota and Ohio, Transfac Capital is earning distinction as a leader in invoice financing solutions for small to medium-size businesses.

 

If your staffing agency or firm has been challenged to meet payroll, call Transfac Capital at 800-458-6056 or go to www.transfac.com. 

About Transfac Capital, Inc.

Transfac Capital, Inc. has financed business since 1942.  With over 10 locations nationwide and growing, coupled with its team’s experience owning and operating companies in the oilfield, staffing and transportation industries, Transfac Capital has become one of the leading factoring and financial business solutions companies in the industry.  Transfac Capital offers competitive services in invoice factoring, account receivable management, account receivable financing, inventory financing, purchase order factoring and a fuel card program.

 

To learn more about Transfac Capital’s financing options for oilfield, transportation and staffing companies, please visiwww.transfac.com  or call 800-316-4212.

 

To view career opportunities with Transfac Capital, visit www.transfaccareers.com.

 

Industry sites:

http://truckingbusinessfinancing.com/

http://staffingcompanyfinancing.com/

http://oilfieldbusinessfinancing.com/

www.fundmyfreight.com/

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management’s view of Transfac Capital Inc.’s future expectations, plans and prospects.  In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements.  Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements.  These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Transfac Capital, its subsidiaries and concepts to be materially different than those expressed or implied in such statements.  Unknown or unpredictable factors also could have material adverse effects on Transfac Capital’s future results.  The forward-looking statements included in this press release are made only as of the date hereof.  Transfac Capital cannot guarantee future results, levels of activity, performance or achievements.  Accordingly, you should not place undue reliance on these forward-looking statements.  Finally, Transfac Capital undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Transfac Capital.

 

FOR MORE INFORMATION:

HANOVER|ELITE

Kathy Addison, Chief Operating Officer

407-585-1080 or via email at TFAC@hanoverelite.com

Labor SMART, Inc. Secures $2 Million Finance Facility

Posted in: staffing factoring, Staffing Factoring Articles, staffing industry- Aug 06, 2013 Comments Off

HIRAM, GA–(Marketwired – Aug 5, 2013) – Labor SMART, Inc. (OTCQB: LTNC) (the “Company”) announced it has secured a $2 million dollar finance facility with San Francisco, CA based Transfac Capital.

The Company will use the new facility to supplement working capital during times of rapid growth and expansion. The finance facility is secured with Labor SMART’s accounts receivables and is not tied to any type of registrations or share conversions.

Ryan Schadel, Labor SMART’s CEO, stated, “We are extremely pleased with the securing of our new $2 million finance facility. As with any young growth company, one of the key components for success is a company’s ability to access capital in order to sustain growth. This new credit facility replaces our existing credit facility with Riviera Finance and will reduce our cost of capital substantially.” He also stated, “We recently came off of our best week posting $432,572 in revenues and are optimistic that August will prove to be our most productive month so far in 2013.”

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BLS: Staffing Employment Continues Growth

Posted in: staffing factoring, Staffing Factoring Articles, staffing industry- Aug 01, 2013 Comments Off

BLS: Staffing Employment Continues Growth
Staffing Employment Up 6.7% From a Year Ago

Seasonally adjusted employment data released Friday by the U.S. Bureau of Labor Statistics indicates that staffing firms added 9,500 new jobs from May to June (up 0.4%). In a year-to-year comparison, temporary help employment for the month was 6.7% higher than in June 2012.

Non-seasonally adjusted BLS data, which estimate the actual number of jobs in the economy, indicated that the staffing industry added 25,000 new jobs (up 0.9%) from May to June of this year. On a year-to-year basis, there were 6.0% more staffing employees in June than in the same month last year.

“In this slowly growing economy, businesses continue to strategically increase the size of their permanent and flexible work forces,” says Richard Wahlquist, president and chief executive officer of the American Staffing Association. “Staffing firms report that the rate of growth in demand for talent in several sectors has moderated compared to last year at this time.”

Overall U.S. non-farm payroll employment increased by 195,000 jobs in June and the unemployment rate remained unchanged at 7.6%. Over the past 12 months, employment growth has averaged 182,000 jobs per month.

Sectors adding jobs to the economy included leisure and hospitality (+75,000), professional and business services (+53,000), retail trade (+37,000), health care (+20,000), and financial activities (+17,000). Federal government employment continued to trend down (-5,000) and has contracted by 65,000 jobs over the past 12 months. Employment in most other major industries showed little change over the month.

BLS also provides employment estimates for search and placement firms, but those are nonseasonal only, and reports lag one month. Friday, BLS reported that search and placement employment in May was up 1.7% from April, totaling 285,000 jobs for the month. In a year-to-year comparison, May employment was up 4.6% from the same month in 2012.

For more information, visit the ASA newsroom.

Interviews with ASA executives are available.

The American Staffing Association is the voice of the U.S. staffing industry. ASA and its affiliated chapters advance the interests of staffing and recruiting firms of all sizes and across all sectors through legal and legislative advocacy, public relations, education, and the promotion of high standards of legal, ethical, and professional practices. ASA members provide the full range of employment and work force services and solutions, including temporary and contract staffing, recruiting and permanent placement, outplacement and outsourcing, training, and human resource consulting.

Contact
Melissa Beattie
Public Relations Specialist
703-253-2047
mbeattie@americanstaffing.net

Financing Your Medical Staffing Agency

Posted in: staffing factoring, Staffing Factoring Articles, staffing industry- Jul 30, 2013 Comments Off

Finding money for your existing medical staffing agency to cover your invoices and pay your employees is what this article is about. Financing options once available to Small Businesses have begun to dwindle with the rise of mergers and acquisitions between financial institutions. The standards required to qualify are so strict that securing a business loan to finance your medical staffing agency is impossible.

Factoring is the birth child of the regulatory medium designed by banks to decrease and avoid high-risk loans. Commercial banks are not internally structured to handle the dynamic nature of the medical staffing industry.

Factoring has provided accounts receivable financing for small and medium size medical staffing agencies. Factoring is the product of banks inability to provide loans for small businesses

The difference between factoring and banks is banks provide loans based on your history, credit worthiness and ability to make payments, you are expected to make monthly payments on your loan on good times and bad. Factoring usually only require proof of client’s accounts receivables in order to receive funding.

Here is how factoring works:

1. Your invoices are recognized as immediate asset

2. The invoices are verified to advance funding.

3. Usually between 60% to 90% of invoice value can be advanced.

4. Funding can be provided in as fast as 24hrs.

5. Certain percentage of the invoice is kept until you pay the amount owed

Example:

Factor amount of $2,000

90% Advance ($1,800)

10% held in reserve ($200)

Once Invoice is paid the following occurs

3% transaction settles ($60) FEE

Withdraw account balance ($140.00) your money

The cost of borrowing $2,000 to cover your invoice is only $60 dollars

Factoring is a viable alternative to securing loans to cover your invoices. Why is this important? The medical facilities are notorious for paying invoices on net 60, net 90 and at times net 120. If you are a new company providing staffing to various facilities it would not be impossible to accumulate a $50,000 payroll debt before you even get paid from these facilities.

Factoring is a respected alternative that is widely used and accepted in the medical staffing industry. This form of financing can help your medical staffing agency from dying a horrible death from an inability to cover your invoices. This is a fact that many starting a medical staffing agency are not aware off and are not told.

There are many other factors that can deal a heavy blow when starting a medical staffing agency. The above is just one example, as a consultant my primary role has been to help new and existing medical staffing agency avoid the hidden industry mistakes.

Roy Vera MBA, RT is an experienced medical staffing consultant. Roy is an accomplished author and publisher with over ten years experiece in the medical staffing field.

 

http://www.vismedical.com
Article Source: http://EzineArticles.com/420110

 

How staffing agencies help small to midsize business in 2013

Posted in: Staffing Factoring Articles- Jul 23, 2013 Comments Off

It’s more than half way through 2013 and your company is at that in-between time where you would like to grow, but the capital isn’t there. We have seen more startup companies since the economic fall these last several years than ever before. We have also seen strong companies downsize and have to rebuild in a down economy. It has become essential for startup and surviving businesses to save money, and grow slowly utilizing the staffing industry.

The money that is needed for the growth goes beyond just hiring an extra hand or employee. You’ll need material, work station, phone, desk etc. Your investment for an additional employee(s) can be expensive. This is where a staffing agency might save you money. Staffing agencies pride themselves on getting you the right fit when it comes to your next employee. If you are searching the resumes sent to you from your ad in the classified, you might be not taking up valuable time that could be used doing something that your expertise is, but you’re taking a risk on hiring the wrong person for the job when it comes to qualifications. There are other benefits to hiring from a staffing agency you might not have considered.

First question is do you have to ask is, do you have the capital to pay the taxes, insurance, and other overhead costs that will come with a new hire. You can cut down your costs and gradually get to a permanent hire utilizing a staffing agency who will deal with these costs, leaving you to just worry about How to best utilize you temp employee, and work towards building a permanent position. Insurance would be the most expensive item, and in the late 2000’s it bankrupted several small companies in California due to 17% increase on workman comp costs.

Next question we mention is quality of the employee. Do you really have the time and money to find out your new hire is a great fit? Staffing agencies can cut down a lot of time and headache in this area, due to their knowledge based on previous successes. Your company at this point can’t risk a production decline on any level, so why not leave the decision of is the best candidate to the professionals. With this Type of support, you can bring on the next addition to your company with them “hitting the ground running” result.

Finally, relying on a staffing agency allows for flexible growth. Most staffing companies will help you gradually add your new hire to the mix without jumping your budget, and putting you in a hard financial situation. This gradual climb is the best way to keep your company expanding without getting under financially.

These are just a few thoughts on the benefits of utilizing a staffing firm to help expand your business. Take a look at where your financials are annual growth rate and look into using a staffing agency to help with both.

What Is Staffing Factoring?

Posted in: Staffing Factoring Articles- Jun 28, 2013 Comments Off

Factoring is a kind of financial transaction that occurs in the world of business when one company or organization sells its accounts receivable to a third party for the sake of having cash flow. Staffing factoring, then, is a transaction that occurs when a staffing company, such as an employment agency, sells its accounts receivable in order to fund operations. This kind of transaction is especially important among staffing companies since they often do not receive payment for placing employees until after the employee has received a paycheck. Some of the best tips for staffing factoring include finding a factoring service that is reliable with a good reputation and which provides a number of extra services that are useful for those in the staffing industry.

There are a number of different staffing factoring companies to choose from. Many experts believe that the best services are those that are provided by companies that with years of experience serving a wide variety clients. Some staffing industry professionals believe that the best factoring services are provided by a company that specializes in working with a particular industry, such as health care or manufacturing. Others prefer a company that is able to provide factoring services for a number of different industries since this may show flexibility on the part of the factoring company.

Source: http://www.wisegeek.com/what-are-the-best-tips-for-staffing-factoring.htm

 

Staffing News – Google Says Some Hiring Practices Were “A Complete Waste Of Time”

Posted in: Staffing Factoring Articles- Feb 14, 2013 No Comments

It’s hard to get hired at Google. Job candidates at the tech giant have had to submit to as many as 29 interviews before getting an official offer. And attempting to answer intentionally confounding interview questions proved too much for most. But now Google admits at least some of those hiring practices don’t work.

“On the hiring side, we found that Google Says Some Hiring Practices Were “A Complete Waste Of Time” brainteasers are a complete waste of time,” stated Lazlo Bock, senior vice president of people operations at Google in this New York Times article. “How many golf balls can you fit into an airplane? How many gas stations in Manhattan? A complete waste of time. They don’t predict anything. They serve primarily to make the interviewer feel smart.”

Instead, what does work, according to Bock, is structured behavioral interviews, where you have a consistent methodology for how you assess people, rather than having each interviewer just make stuff up.

“Give me an example of a time when you solved an analytically difficult problem.”

More specifically he said, behavioral interviewing works where you’re starting with a question based on a candidate’s real life work experiences, such as, “Give me an example of a time when you solved an analytically difficult problem.”

“The interesting thing about the behavioral interview,” says Bock, “is that when you ask somebody to speak to their own experience, and you drill into that, you get two kinds of information. One is you get to see how they actually interacted in a real-world situation, and the valuable ‘meta’ information you get about the candidate is a sense of what they consider to be difficult.”

Bock also detailed a time several years ago when Google did a study to determine whether anyone at the company was particularly good at hiring.

He says they looked at tens of thousands of interviews, and everyone who had done the interviews and what they scored the candidate, and then how that person ultimately performed in their job.

“We found zero relationship. It’s a complete random mess.”

That sentiment was echoed by Peter Norvig, Google’s director of research, and former head of the Computational Sciences division at the NASA Ames research center.

Here’s what Norvig tells Peter Seibel in a Q&A in the book Coders At Work.

“One of the best indicators of success within the company was getting the worst possible score on one of your interviews.”

“One of the interesting things we’ve found, when trying to predict how well somebody we’ve hired is going to perform when we evaluate them a year or two later, is one of the best indicators of success within the company was getting the worst possible score on one of your interviews. We rank people from one to four, and if you got a one on one of your interviews, that was a really good indicator of success.”

Google said they do better when they add more real life components to the candidate assessment process and fewer deliberately confounding brainteasers.

While it’s not likely that your employment applications include such classic questions as, “How much should you charge to wash all the windows in Seattle?” and “Why are manhole covers round?” are there some lessons to be taken from Google?

Have you had success using behavioral interviews? Are you more concerned with a few failures to hire great people or hiring people you shouldn’t have? Have you ever tracked the correlation between how successful applicants scored on their job interviews, and their subsequent performance on the job?
– See more at: http://staffingtalk.com/index.php/googles-tough-hiring-practices-complete-waste-of-time/#sthash.RlAuNeSN.dpuf