Payroll factoring is a service recently introduced by Candor to help agencies manage their cash flow.
We have a close relationship with a number of companies who we can work with to broker the best deal for you, ensuring that you get the most cost-effective deal whilst at the same excellent service.
Payroll factoring works as invoices are sold from agencies to a selected broker for a discounted value. They will then collect the invoices on behalf of the agency.
This method is similar to borrowing money from a bank, but is a commercial alternative. It also reduces risks, helps to release immediate funds and create a more consistent cash flow.
Payroll factoring has become increasingly popular, particularly with new and growing SMEs.
Benefits of payroll factoring:
Helps with cash flow for businesses
Lower risk compared to borrowing money from the bank
Offers more flexibility compared to a bank as agencies can use it for a one-off payment or regular payments
Not adding debt on a company
Frees up your time as you don’t have to chase invoices, so allows you to concentrate on your business.
We have developed a good working relationship with the team at Candor. They work in a very professional manner and the payroll process seems to run like clockwork. People at every level in the business are approachable and very helpful.
- Amar Sandhawalia, Director
I have worked with Candor for just over 12 months now, they payroll around 50 contractors a week for us and I couldn’t be happier with the service they provide.
My contractors are very happy with the service as well which is the most important thing for me. Candor has a fabulous and friendly team, who make my job a lot easier.
I would definitely recommend Candor.
- Rachael Roberts, Office Manager