Typical payment period from agency

[DodgyAgent]

Not unheard of unless you can negotiate better.
I would recommend credit checking the agency, just in case they have money problems.

Given the state of the economy these days, I always insist on a weekly payment.
i.e. work one week, invoice Monday, paid Friday.

That limits me to the potential exposure of "only" losing one weeks money.
The risk of losing money, if an agency goes under is very real, I've heard of people losing £20K+ before.

Spot on Marky McMark face . This comes from the "janet and John" guide to risk!

[MrMarkyMark]

Spot on Marky McMark face . This comes from the "janet and John" guide to risk!

Very true, although looking at some of the replies I have read on here.......

Well, at least someone, albeit an agent, has finally got the real issue at hand.
I can't believe the amount of contractors, here, that don't fight to try and improve their terms.

Dodgy QQ for you, do all your contractors get the same payment terms? I know for a fact that some agencies operate a 2, or more, tier system and that not everyone gets treated the same.

When I have been truly direct I have had 90 days payment terms, this was for a large blue chip, so I had to suck it up.

[SimonMac]

As soon as I've got a timesheet signed, I've got a legitimate claim on that cash - it is owed.

Sorry but that is bollocks, you have a legitimate claim once the terms of your contract have been honored, if they say a month you have to wait a month.

[LondonManc]

Sorry but that is bollocks, you have a legitimate claim once the terms of your contract have been honored, if they say a month you have to wait a month.

I think you're missing the point completely as to what both MMM and I said; the timesheet signed means that the money is owed, not necessarily that it is due, which is what the payment terms deals with. Two different things

[DodgyAgent]

Very true, although looking at some of the replies I have read on here.......

Well, at least someone, albeit an agent, has finally got the real issue at hand.
I can't believe the amount of contractors, here, that don't fight to try and improve their terms.

Dodgy QQ for you, do all your contractors get the same payment terms? I know for a fact that some agencies operate a 2, or more, tier system and that not everyone gets treated the same.

When I have been truly direct I have had 90 days payment terms, this was for a large blue chip, so I had to suck it up.

I have about 60 contractors and if they ask i will pay them on terms that suit them. We factor anyway so payment is pretty quick

[MrMarkyMark]

I have about 60 contractors and if they ask i will pay them on terms that suit them. We factor anyway so payment is pretty quick

Ah.......there's a real surprise.....

If you don't ask, you don't get, blow me down with a feather

[DodgyAgent]

Ah.......there's a real surprise.....

If you don't ask, you don't get, blow me down with a feather

[Safe Collections]

Not unheard of unless you can negotiate better.
I would recommend credit checking the agency, just in case they have money problems.

Given the state of the economy these days, I always insist on a weekly payment.
i.e. work one week, invoice Monday, paid Friday.

That limits me to the potential exposure of "only" losing one weeks money.
The risk of losing money, if an agency goes under is very real, I've heard of people losing £20K+ before.

This +1

We regularly talk to contractors who are in this exact position, they get a gig from an agency and do zero due diligence on the agency or its directors/shareholders.

Generally the first indication these contractors have that anything is wrong is when the final invoice goes unpaid... Only then do they actually conduct any due diligence and they'll often find obvious warning signs of a poor payment history or "sharp" business practices

If you haven't credit checked a potential agency you can't even begin to identify the risk, let alone negotiate terms to accurately reflect and negate it.

[Lance]

If you haven't credit checked a potential agency you can't even begin to identify the risk, let alone negotiate terms to accurately reflect and negate it.

Where's a good starting point to do a check on an agency?
I've never done one, and never been let down, but will do in the future.

[DodgyAgent]

Where's a good starting point to do a check on an agency?
I've never done one, and never been let down, but will do in the future.

Google to begin with. name of company and name of directors