Unique partnership allows staffing suppliers to get paid as early as Net 1.
Qwil and Talent Solutions TAPFIN announced that Qwil, a payments and liquidity platform, is now offering an early financing solution to all TAPFIN suppliers. The Qwil solution provides payment options for contingent workforce suppliers as soon as their invoices are approved, regardless of net billing terms.
“Qwil’s mission is to empower staffing suppliers with flexibility to get paid how and when they want,” stated Johnny Reinsch, co-founder and CEO, Qwil. “Through our innovative partnership with TAPFIN, we are now able to provide the outstanding benefits of our solution to thousands of suppliers spanning billions of dollars of annual contingent spend. Now these suppliers can choose their payment terms, putting them in the driver’s seat for the cash flow of their business on any given day. This is a huge win for staffing suppliers!”
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The early payment solution integrates directly with SAP Fieldglass and is available for staffing suppliers in TAPFIN programs. Staffing suppliers who choose to enroll with Qwil continue to work in the program with TAPFIN as usual but are paid by Qwil, which provides an early payment opportunity on an invoice-by-invoice basis. Suppliers elect to take all, some, or none of the offered early payment. They have flexibility to take funds at any point up until the amount is paid by the client per the usual contract terms. TAPFIN and Qwil worked closely to ensure utmost flexibility of the program and there is no cost to the supplier to enroll.
“By partnering with Qwil, our suppliers now have more transparency over when they’ll get paid and have optionality for getting paid faster when needed. This enables our clients to engage a wider network of diverse suppliers who traditionally were not able to meet expedited payment terms. We’re excited to partner with the Qwil team on this much needed early payment service” said Amy Doyle, SVP and Global Brand Leader of TAPFIN.
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Qwil and TAPFIN’s partnership is a first of its kind offering for contingent staffing suppliers where traditional supply chain financing has been unavailable. Qwil’s early payments solution works alongside existing credit facilities, is non-recourse and offers another important financial tool in the toolkit for staffing suppliers to accelerate growth of their businesses.
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