In October 2021, Qwil, a fintech that provides early payments to staffing firms and managed service providers, and Talent Solutions TAPFIN, a managed service provider (MSP) for contingent workforces, launched a partnership creating a technology enabled early-payment solution for staffing firms. In the year-and-a-half since, the partnership has expanded through LSQ’s acquisition of Qwil and has resulted in working capital improvement for contingent staffing suppliers.
Qwil, powered by LSQ, integrates directly with SAP Fieldglass and is available for staffing suppliers in
TAPFIN programs. TAPFIN and Qwil’s financial technology partnership facilitates easy enrollment, predictable cash flow management, flexibility with no minimum usage requirements and enhanced invoice data insights and reconciliation. Demand has accelerated in 2023, experiencing year-over-year growth of 65% in invoice volume and 120% in supplier enrollments.
“We have worked hard to create an embedded technology solution that provides the flexibility to staffing firms,” Dan Ambrico, CEO at LSQ, said. “We understand that liquidity needs to ebb and flow based on growth, seasonality or unforeseen circumstances, and we want to meet those cash-flow needs on-demand with a solution that is simple to access. The need for this solution has never been greater in today’s volatile and high interest rate environment. That’s what our partnership with TAPFIN provides.”
“TAPFIN is excited about the power that the Qwil solution provides to our suppliers,” David Gay, managing director of process excellence at TAPFIN, said. “This enables a more effective partnership with TAPFIN to meet our clients’ needs despite what can sometimes be challenging payment terms. The optionality that the solution provides benefits all involved, with little to no upfront costs and minimal effort for the suppliers, our clients, or TAPFIN.”
“The LSQ and TAPFIN partnership will continue to explore ways to solve problems for the staffing industry,” Avery Kepple, vice president of enterprise solutions at LSQ, said. “I am excited about further expansion of supplier access to the early-payment programs and what that means for TAPFIN suppliers as they build and grow their businesses.”
