Talent Solutions’ TAPFIN, a managed service provider for contingent workforces and part of the ManpowerGroup family of brands, extended its partnership with LSQ through Qwil, LSQ’s early-payment embedded finance solutions for staffing suppliers.
Through Qwil, suppliers in eligible programs can get paid as soon as invoices are approved, regardless of original payment terms. Qwil’s early-payment solution also works alongside existing credit facilities.
“As the economy continues to evolve and credit gets tighter, working capital becomes more important than ever,” Richard Lee, chief operating officer at LSQ, said. “The Qwil solution, buoyed by the ease of use within TAPFIN, helps deliver working capital liquidity by allowing staffing suppliers to get paid earlier.”
Staffing suppliers that choose to enroll with Qwil can continue to work in the program with TAPFIN as usual but are paid by Qwil. According to Lee, creating flexibility and ease of use were paramount when designing the early-payment program. Suppliers can accelerate payments on an invoice-by-invoice basis and can elect to take all, some or none of the early funding available until the original contract due date. Qwil enrollment is free for all suppliers using TAPFIN to manage their relationship with the company.
“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.”
