Dealing with death - Perms Simply - Simply gets better

100% finance and 12 months rebate guarantee: even if the Applicant dies!

Perms Simply already provides employment agencies with the highest invoice funding level combined with the longest rebate guarantee in the perm placement market and from today it gets even better.

Before today, rebates paid to agencies ñ to pass on to their clients - during the 12 month rebate period would have only been applicable if the Applicant positively terminated their employment. From today the 12 month rebate scheme will be applicable even if an Applicant dies during the rebate period.

Tom Atkinson of Perms Simply said, ìWe are absolutely delighted with the take up by agencies of this ground breaking Perms Simply product which is seeing massive growth and we are sure that this change will add even more strength to our agency customersí sales propositions.î

Perms Simplyís growth is driven by the fact that other invoice financers do not provide a high level of funding in the perm market, simply because of rebates. The finance fundamental is that money is advanced against an asset of known or assessed value. In the case of invoice finance, that is of course the invoice value.

For contractors/temps, the time sheet process validates the invoice value and says that a 100 invoice is worth 100 and 100 should be collectable, so you will see invoice finance deals of between say 70% to 90% of invoice value funding depending the financial strength of the agency and how much you pay, before all sorts of other costs- (see www.cashsimply.com - Hidden Charges Guide) .
In the perm market things are different. Rebates have become part of the perm marketing deal, so the invoice financer doesnít know whether a 100 invoice is worth 100 at collection time or something much less. Consequently, it does not know how much it can safely advance against such an invoice. Because of this uncertainty many shy away from perm invoice funding and only fund contractor/temp work. Those that stick in tend offer low advances so as to be safe. (50% is not unusual.)

Perms Simply was started in order to deal with this very issue (see www.permssimply.co.uk) and uniquely - offers 100% invoice funding of perm invoices to employment agencies together with a unique marketing tool of a twelve month rebate scheme for them to pass on to their clients. It achieves that safely with a unique combination of features, namely production of its customersí invoices, (in the agencies name and with their logo and VAT number of course ñ but payable to Perms Simply) thereby guaranteeing the date of invoice and value. It includes debt protection, thereby covering the debt should the client goes bust before making payment. Adding credit control guarantees an accurate record of payment date and therefore rebate entitlement (and takes ìarm twistingî pressure off of the agency to pay rebates to late paying clients as per the example seen in the Euro London case) and finally, the underwriting of rebate payments. The unique combination provides a very simple 100% funding for agencies and 12 rebate proposition for them to pass on to their clients - and from today ñ a rebate even if the Applicant dies!

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