TSL Express Daily News

Staffing early-payment program recently surpassed $700 million in invoice volume and experienced 65 percent year-over-year growth.

ORLANDO, Fla. (June 21, 2023) - In October 2021, Qwil, a fintech solution that provides early payments to staffing firms and managed service providers, and Talent Solutions TAPFIN, a leading managed service provider (MSP) for contingent workforces, launched their partnership creating a technology enabled early-payment solution for staffing firms. In the year-and-a-half since, the partnership 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 unique financial technology partnership facilitates easy enrollment (within 5 minutes), 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 percent in invoice volume and 120 percent in supplier enrollments.

“We have worked hard to create an embedded technology solution that provides the flexibility to staffing firms,” said Dan Ambrico, CEO at LSQ. “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.”

●            Qwil technology and its streamlined integration with TAPFIN and SAP Fieldglass allow suppliers to request early payment from day 1 (invoice consolidation) through the original term. The net terms from the buyer and managed service provider stay the same.

●            The Qwil platform’s API integration with the VMS avoids any additional steps for the buyer or TAPFIN; the platform automatically pulls invoice data to obtain newly consolidated invoices and instantaneously make those invoices available for early-pay requests.

●            Suppliers can take payment on all, some, or none of their consolidated invoice amounts early.

Since the beginning of the partnership, the Qwil platform has added six buyers with more than $500 million in combined annual spend. Overall, the program has seen year-over-year growth of 120 percent in supplier enrollments and a 65 percent increase in enrolled invoice volume.

"TAPFIN is excited about the power that the Qwil solution provides to our suppliers,” said David Gay, Managing Director, Process Excellence at TAPFIN. “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,” said Avery Kepple, VP of Enterprise Solutions at LSQ. “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.”

About LSQ | lsq.com

LSQ is a market leader and pioneer in working capital finance and payments solutions. For more than 25 years, LSQ has leveraged innovative technology, credit and risk expertise, and proprietary data that empowers thousands of businesses to optimize their working capital, automate and accelerate payments, manage collections, and mitigate risk. Every year, we accelerate billions of dollars in payments to businesses and their suppliers through our LSQ FastTrack and Qwil platforms to help them obtain the funds they need to grow and thrive. LSQ is headquartered in Orlando, Florida. Learn more at www.lsq.com.

About Talent Solutions TAPFIN | tapfin.com

Talent Solutions TAPFIN is a leading managed service provider (MSP) dedicated to the innovation and delivery of integrated workforce management solutions worldwide. TAPFIN's customized, scalable MSP solutions for contingent and project-based spend are instrumental in driving process, performance and productivity improvements across the client organization, while providing visibility, predictability, risk mitigation and overall cost reduction. Part of the ManpowerGroup® family of brands, TAPFIN offers a complete suite of workforce management solutions that fully leverages a blend of global expertise and local knowledge. For more information, please visit www.tapfin.com.