PermPay, offered by SDP Solutions, presents a versatile payment solution designed to enhance client flexibility. PermPay is our line of credit by offering a ‘hire now, pay later’ option to your clients. Once you have done a stella job of finding a great employee for your client, your client will have an option to pay your invoice in 2,3 or 4 monthly instalments. You will receive 90% of the invoice upfront. You also have an option to on charge the finance costs back to the client. It means recruitment agencies will have the opportunity to go after the industry’s lucrative permanent placement market with confidence.

The PermPay product is specifically crafted for recruitment companies specialising in permanent placement, no matter in which industry your clients are in. It caters to

• Recruitment agencies seeking an advance of funds against permanent placement invoices; and
• Clients looking to benefit from spreading the recruitment fees in their P&L over four monthly instalments.

PermPay aims to assist recruiters in attracting and retaining new customers by ensuring access to the necessary funds for hiring top-notch permanent placement candidates. This innovative solution enables recruiters to expand their services to a broader range of businesses and capitalize on the thriving market.

Accessing the funds is simple – here is an example.

1. Recruitment Company raises an invoice for $10,000 on 01 April 2023 to “Success Corporation Ltd” (Client) for a permanent placement of a candidate.
2. The Client accepts the invoice on 02nd April 2023.
3. The Client completes a simple application.
4. Once this is complete, we will approve and send a payment date to the client and will then release funds to you.
5. The Client agrees to the 4-instalment plan with payments due as below. Recruiters may decide to on charge the interest cost to the client.
a. 02nd May 2023 - $2.500
b. 02nd June 2023 - $2.500
c. 02nd July 2023 - $2.500
d. 02nd August 2023 - $2.500

6. Recruiter is advanced $8,600 on 02nd April 2023. (90% of $10,000 less 4% PermPay funding fee of $400).
7. The balance of $1,000 is paid on receipt of all 4 installments on 02 Aug 2023.
8. Recruiter may decide to on charge the interest cost to the Client. In such case the Client’s monthly installment increases to $2,600.