What services does 1PS provide recruitment businesses?
1PS provides fast, highly cost-effective funding of your invoices. We act as an extension of your company and provide a genuine concierge service to support your company and the relationship with your clients and contractors. Our platform supports your placements, timesheets, approvals and automatically produces all relevant invoices, not to mention a suite of value add reporting. We also perform the collections of the invoices from the end clients in a highly effective, professional manner.
How does 1PS differ from other invoice funding providers?
1PS looks at each customer on an individual basis. We don’t have a ‘computer said ‘no’ response to your placements. We will review your specific situation of client credit rating, limits used, pipeline, etc to make a risk-based business decision of how we can support your business. We are always happy to look at putting together tailored products and processes for your business. All agencies are provided with dedicated relationship managers and credit controllers who know your business, your requirements and your clients.
How much do you finance?
1PS finances 100% of the gross invoice value. We pay your contractor directly (or their umbrella) and pay you your commission plus your VAT on a weekly basis.
Do you fund Perm and Statement of Work placements?
Yes, 1PS is happy to support all aspects of your recruitment business. We pride ourselves on being one of the few invoice financers who will support Permanent and Statement of Work placements.
What currencies can you support?
We support GBP, USD, EUR, SEK, and AUD primarily. However, if you need another currency - just ask!
What do you charge?
Our entire service including invoice finance, concierge relationship management, timesheet, invoicing, collections, and the use of our platform is provided at one, low-cost fee of the invoice value. There are no hidden charges or surprises. Our fee is deducted from the agency commission payment and is based on the risk of the client and the number of placements - the more business the lower the fee.
How do you support switching from another provider?
Our seamless switching framework makes sure the clients and the contractors are happy. We are so sure of our switching process that we have the 1PS pledge. Ensuring that there are no problems with the switching, or you get your first month with 1PS fee-free!
How does onboarding work?
Our highly experienced onboarding team will support you through the due diligence process and once completed, every time you have a new placement, you advise them of the contractor and client details. We apply for Bad Debt Protection on your behalf (if applicable) and our team will onboard them quickly and with ease. We will keep you updated with the latest status of the onboarding each day.
What is the risk?
We go above and beyond with the checks we perform on the end clients on your behalf to minimise your risk of fraud. We also ensure up-to-date credit limits and availability are maintained so that you are not exposed above your risk appetite. Our collections team has an outstanding record of debt collection and our bad debt rate is below 1%.
How does invoicing work?
Our platform automatically creates the invoices between the contractor and agency, the agency and 1PS (for the full turnover of the invoice amount), and 1PS fee when a timesheet is approved. 1PS then sends the invoice for the full amount to the end client on your behalf.