There are many situations where the traditional funding methods for recruitment businesses may not be the most suitable.

The traditional routes tend to be varying approaches to invoice factoring or invoice discounting direct from bank or asset-based lenders.

These models tend to require onerous paperwork, personal guarantees and minimum fees and do take some time to set up.

This is where the idea for our Workwell Fund-As-You-Go service came from. We designed it to give agencies the flexibility to fund on a placement-by-placement basis. It is quick and easy to set up and does not have the same onerous requirements as a traditional funding facility, e.g. contract periods, minimums, or indeed personal guarantees.

It’s a great solution if you’re hiring just a handful of contract workers every so often, or if you want to explore growing a more solid contract recruitment side to your business (in the UK or overseas) but aren’t ready to commit to or have a regular funding arrangement.

Workwell Fund-As-You-Go works by paying your contractor whilst you’re waiting for invoices to be paid by your clients. Whilst your margin won’t be paid until your client pays (unlike our Workwell Complete Funding solution which gives you immediate margin), you don’t have a cashflow problem when it comes to paying your contracts.

The benefits

• 100% invoice financing on a contract-by-contract basis
• Full bad debt protection
• Quick & easy setup
• No debenture or personal guarantees

Whether you’re funding workers in the UK or overseas, we’ve got you covered. Workwell Fund-As-You-Go can support payments in 17 currencies and we can pay contractors via our international Employer of Record businesses in 170+ countries, so it’s perfect if you’re exploring whether to grow internationally too.

It’s a simple and hassle-free set-up process. If you’re switching from another funding provider, we’ll ensure this is seamless, allowing you to focus on running your business and building a successful income from contract placements.

How much does it cost?

The pricing is simple, for 3.5% of your gross invoice value, your contractor will be paid to terms on time, your client invoices will be generated, sent out and collected and your debt will be insured in the event your client defaults.

• No maximum funding limits
• No minimum weekly or monthly fees
• No set-up fees
• No charges for credit checks or account set-up
• No audit or annual review fees
• No drawdown fees

How does it work?

The process is simple and straight forward. Once you have signed up, you will provide us with the placement information.

We will do a credit check and advise you how much trade credit you can have with your customer. We will generate contracts for your client and candidate and only despatch them with your sign off.

Once the contracts are signed your contractor will be able to submit online timesheets for approval and your client can approve them after which we will process pay and invoice your customer. Once your customer pays, we will raise a margin invoice on your behalf on which we will pay you.

Ongoing support

As experts in recruitment funding, we’ll be by your side every step of the way. Our team will seek to understand your business and provide the advice & guidance you need to set up the right funding solution to support your goals, whether that’s with Workwell Fund-As-You-Go or Workwell Complete Funding which can include back-office services.

Ongoing, we’ll deliver a professional, smooth-running service so you can focus on placing workers and serving your clients.

To find out more or to discuss your business needs, please arrange an appointment with Dan Benson.