3R Finance are able to give a flexible, low admin 100% finance solution. Our service offers a clear benefit to start-up recruitment companies or established businesses which have self-financing, invoice discounting or factoring facilities already in place.
3R Finance pay your contractors by Faster Payment within 2 working days after an authorised ‘timesheet’ is received.
- No deadlines. No frustrated contractors who must wait a week to be paid having missed a deadline by an hour.
- The automated authorisation process, allows hours to be approved at any time, even when contractor and authoriser are in different locations
When your Contractors are paid, your margin is calculated and paid on a weekly basis. Each weekly payment is clearly explained on a contractor by contractor statement, which is loaded weekly to your Back Office portal and stored for future reference.
You are not contracted to use 3R Finance to administer all of your contract business – you may choose to deal directly with prompt paying customers that you have a strong relationship with. However, we hope you will prefer to benefit from using our service for your whole contract plan and so we offer a unique rebate scheme, which pays you back a monthly lump sum against your clients who have paid within 7 or 14 days during the previous month – Some businesses are better than others: this scheme will ensure that we continue to provide the best value by scaling costs across a variety of customers.
How does it work?
Its really simple:
Stage 1 – Client Credit Limit
- We encourage you to request a credit check at the earliest opportunity. A provisional credit limit can be requested at any time for any client at no cost.
- Understanding your clients’ creditworthiness at an early stage will allow you to agree payment terms which reflect the credit status of your client.
- When the deal is done your provisional credit limit will be formalised and an agreed credit limit provided. It is important that you trade within this limit for your Bad Debt Insurance to apply.
- Don’t worry, you will have up to the minute reports on total debt against your clients’ agreed credit limits and emailed at key stages if necessary.
Stage 2 – Client Agreement
- Next upload assignment details to the 3RF Back Office. If you are using a compatible CRM, this can auto-populate.
- We will then confirm the details of the placement with your client – We send a simple email confirming basic information such as start date, pay rate, payment terms etc – No small print and no attachments.
- When your Client clicks ‘Agree’ the assignment is live and your contractor is provided with a login to the contractor portal.
Stage 3 – Weekly Payroll
- Your Contractor logs in through the Contractor Portal to submit their hours and any expenses that may need to be claimed.
- Client receives an automated email to authorise the ‘timesheet’. This process is completed very quickly with a simple click.
- Authorisation is confirmed back to the Client.
- Contractor is paid within next 2 working days.
- Recruiter is paid at the end of the week.
- Client invoice sent and collected by 3R Finance within agreed payment terms.
- Just in case, we also provide a convenient back-up to use traditional, paper timesheets. Simply upload the timesheet to the 3RF Back Office along with confirmed hours and rates