( PR4US.com | Press Release | 2016-05-25 20:09:39 )
Factoring companies for staffing agencies can help with overall cash flow and encourage business growth.
“We were able to quickly increase our business by over 250% in six months simply by factoring our receivables,” states Constance Moonzwe, President of ITH Staffing.
ITH Staffing based in Rancho Cucamonga is a medical staffing agency providing all levels of clinical personnel ranging from physicians, dentists and nurses to therapists, medical assistants, psychologists, and licensed social workers. In conjunction with a information technology staffing firm, ITH services 3,000 different healthcare and IT organizations in all 50 states. ‘
Moonzwe continues, “Our biggest problem was maintaining cash flow. ITH provides staff to facilities such as hospitals and then they pay us. For larger facilities it may be 30,60 or even 90 days before we get paid. In the meantime we still have to meet payroll not only for the medical staff but also our employees. That’s a cash flow problem!”
“Then we learned about factoring from HGS Financial Group Inc. Rather than sending invoices to medical facilities directly we submit them to HGS instead. HGS pays us immediately for the receivables less a small fee and they wait on payment from our client.”
Sartaj Singh, President of HGS Financial Group states “Factoring is a common financial transaction in all types of business around the globe. It's an arrangement where a business sells its accounts receivables or invoices to a third party like us (called a factor) at a discount.”
“Factoring is by no means an indication of the company’s financial status, it is simply a sound business decision. For staffing agencies like ITH factoring receivables allows them to pay medical staff on time and keep quality personnel on their books.”
“Unlike many factoring companies that are backed by investment banks, we are self funded. Investment banks dictate to the factoring companies how much money may be advanced to each client. Being self funded we can work with clients and really help grow their business,” concludes Singh.
Moonzwe concludes, “At one time cash flow problems prevented us from targeting and signing up bigger clients. We don’t have that situation anymore. With the knowledge we have the financial backing of HGS we have the ability to go after the larger clients. That’s how our business took off and we were able to increase sales by 250% in the last 6 months. We are still on that upward trend.”
For more information on Constance Moonzwe and ITH Staffing please call 877.769.3656 or go to www.ithstaffing.com
Sartaj Singh may be reached at HGS Financial Group Inc at 855.688.2710 or visit their website at www.keith650.wix.com/staffingfactoring