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A New Way of Working

We live in an age of disruption where survival is increasingly predicated on a business’s ability to adapt to new products, services and processes.

In this context, one of the last bastions of the “old economy” (the traditional employment model) is now under pressure and the emerging “new economy” model of hiring specialist resources on a contract basis, to meet specific business needs is on the rise.

The underlying macro-trends driving this change are:

    • An accelerating rate of change: which means that the full time staff hired to do a particular job, may not be required in 10, 5 or even 2 years time
    • The impact of disruption: which mean that most businesses experience regular short-term demand for specialist skills to help them pivot to a new way of working that largely disappear when the transformation is complete
    • The evolution of employment law: which is making it increasingly difficult for businesses to part ways with under-performing or functionally redundant staff
    • Changing financial management practices: which make the idea of taking employee costs off balance sheet, increasingly attractive
    • A change in employee expectations and aspirations: from securing “a job for life” to achieving a “work-life-balance” that includes greater control of one’s working conditions

The confluence of the above trends is rapidly pushing us towards a tipping point. One where the employment model that first emerged during the industrial revolution, is replaced with a whole new way of working.

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THE WAY BUSINESSES HIRE IN 2020

Permanent

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  • Senior Management
  • Core Roles
  • Skilled Workers - that require extensive on-the-job training and experience

Casual

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  • Non-core roles
  • Lower skill barrier
  • Fluctuating demand

Contract

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  • Short-term surge in demand for additional resources
  • Skilled and unskilled
  • Immediate availability

KEY CHALLENGES FOR THE CONTRACT HIRING INDUSTRY

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Contract Labour Hire

  • Identifying new major project opportunities
  • Finding a way to finance the funding gap on major projects
  • Balancing new business development with maintaining quality talent pool
  • Overcoming the internal funding capacity growth-ceiling
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Professional Service Contracts

  • Funding gap between payment of wages and receipt of payments
  • Balancing new business development with maintaining quality talent pool
  • Overcoming the internal funding capacity growth-ceiling

Who is being hit the hardest by these pain points?

Whilst almost every Contract Labour Hire Firm is affected by the key challenges detailed above, they are particularly prevalent for firms servicing industries that require expert and expensive human resources, where fluctuating project demands require variable staff numbers, and where environmental changes require people with new skill sets that might not exist in their talent pool.

The Rise of a New Employment Model

"Revenue is vanity, profit is sanity, but cash is king."

A Better Way to Fund Contract Labour

The big news shaking up the Contract Labour Hire industry in Australia is that the arrival of HirePay has all but eliminated the funding gap.

"By providing Contract Labour Hire companies with easy low-doc access to 100% invoice finance (less a small upfront fee of 1-3% of invoice value), HirePay is enabling companies that were previously constrained by the availability of funding for 80% of invoice value to grow by over 600% before they reach their internal funding constraint. WOW!!!"

Tell me more

A detailed analysis of the leading funding options available to Contract Labour Hire firms follows below.

Product Details HIREPAY Other Market Products
Debtor Finance Facility Value Unlimited Limited
Invoice Advance Rate 100% 75-85%
Facility Term N/A 6-24 month
Notice Period N/A > 1 month
Monthly Minimum N/A > $500/month
Recourse Period After 120 days 90 days
Service Fees N/A $1000 - $5000/month
Administration Fees N/A > 1%
Management Fees N/A > $1000
Set up Fees N/A > $5000
Service Fee 0.75 - 1.5% per fortnight Varied
Ongoing Facility Costs N/A > 0.5%
Special Conditions N/A Specified
Private Confidentiality Shared Confidential Account Available Unavailable

Welcome to

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The easiest 'Pay Later' solutions for every part of the hiring process.

Why HirePay?

Receive 100% funding of your Labour Hire invoices in 24 hours.

How to finance the funding gap?

WHAT IS HIREPAY?

HirePay is a technology platform that solves cash flow issues associated with the hiring process. Our innovative financial products make HirePay the easiest way to grow your business.

Our frictionless, transparent & affordable solutions enable:

  • Professional Labour Hire and Recruitment firms to accelerate their business growth without being constrained by cash flow
  • Employers to recruit the talent they need through the Labour Hire or Recruitment firm of their choice

In what-promises-to-be the biggest disruption to hit the Contract Labour Hire Industry since it first came into existence, HirePay has all but eliminated the funding gap and unshackled firms constrained by their internal funding capacity.

 

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KEY BENEFITS

HirePay for Contract Labour Hire Firms

Get 100% invoice funding in 24 hours.
The biggest problem in labour hire is having funds to pay weekly wages until your customers pay you.
We fund you 100% upfront so you can focus on securing more projects for your business.

How HirePay helps you

You get 100% funded within a day of issuing an invoice. For a fee of 1-3% per month, we’ll advance you your full invoiced amount within 24 hours of the issue of the invoice. HirePay is the only company that will offer you 100% of the required funds. The industry standard is a maximum of 75% upfront.

No lock-in contracts or hidden fees

With HirePay, we have only one simple fee of 1-3% per month so there are no hidden surprises in store for you, and you can end your HirePay service any time.

Lightning fast approval

The application takes only 2 minutes to complete and no financial information is required. You will get the application outcome in a day. When you request payment, you will only need a minute to upload the invoice to HirePay.

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Easy 3-Step Process

Sign Up

Our simple form takes seconds. No financial info required.

Notify

Notify selected clients that you are assigning invoices to HirePay for collection.

Process

Complete the online application form and start uploading invoices for payment.

 

Switch to HirePay to fund your next project

Get started in 2 mins

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Vision

To unlock business growth potential by improving the quality of the people engaged. Better people ... Better results!

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Mission

To provide innovative funding tools that make it easier and more affordable for businesses to recruit the best available staff, consultants and contractors.

WHAT OUR CLIENTS SAY

“We use HirePay to fund multiple large contract labour hires in Victoria. I cannot begin to describe the difference this has made to our business. Receiving 100% funding has taken all the pressure off our cash flows and allowed us to grow by taking on new large projects. The process is simple and fast. And the people are a delight to deal with.“

Dannielle Walz Director of Operations, Track Protection Australia

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"We are a mining, tunnelling & construction company based across Australia. HirePay has helped us pay our employees their wages on time and enabled us to take on contracts, which wouldn't have been possible without this service and support. We would certainly recommend HirePay to other businesses like ours."

Daniel Salter CEO, MTC Concepts Pty Ltd

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HirePay Contract Labour FAQs

Does HirePay cost me anything?

Our small fees of 0.75-1.5% per fortnight or 1.5-3% per month are deducted before your funds are advanced to your account.

What’s in it for me?

As a Contract Hiring company using HirePay, you:

  • Never have to worry about whether your company can cope with the financial pressure of providing additional people.
  • Can rest assured that the people working for your company are always paid in full and on time.
  • Can reduce the cost and complexity associated with managing multiple lenders on large projects
What if the client fails to pay? Who is liable for the outstanding payment?

In the event of non-payment by your client, you will be liable for the outstanding payment.

What is the fee payment process and schedule?

As an example, for a $100,000 invoice, which your company issues to a client, you will receive the full amount in 24 hour net of HirePay's small fee (e.g. 0.75% per fortnight) as per the payment schedule of your choice:

  • For a 14-day schedule, you will receive $99,250 (less $750 HirePay fee)
  • For a 30-day schedule, you will receive $98,500 (less $1,500 HirePay fee)
  • For a 60-day schedule, you will receive $97,000 (less $3,000 HirePay fee)

The repayment amount will be debited from your designated bank account on the repayment due date.

Do you accept any invoice amount?

There is no limit or minimum requirement on the invoices that you can process with HirePay. Each invoice is reviewed as a standalone application.

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