Afternoon Coffee: Qwil offers an early finance option to TAPFIN clients to pay for casual labor; Toy makers face tough Christmas supply chain choices
The Qwil payment provider today announced a partnership with Talent Solutions TAPFIN to offer an advance financing solution to all TAPFIN suppliers. Qwil already integrates with SAP Fieldglass and is now available for personnel suppliers in TAPFIN programs.
Qwil said its fintech solution provides payment options to contingent labor providers as soon as their invoices are approved, regardless of net metering terms.
“Qwil’s mission is to give personnel suppliers the flexibility to be paid as and when they want,” Johnny Reinsch, co-founder and CEO of Qwil, said in a press release. “Through our innovative partnership with TAPFIN, we are now able to offer the exceptional benefits of our solution to thousands of suppliers covering billions of dollars in annual contingent expenses. Now these suppliers can choose their payment terms, which puts them in control of their business’ cash flow on any given day. “
If you are digitally transforming your business, first read this “5 Step Buyer’s Guide to Procurement Technology” from Spend Matters.
Amy Doyle from TAPFIN, SVP and Global Brand Leader, said the collaboration is filling a void in the market.
“By partnering with Qwil, our suppliers now have more transparency about when they will be paid and have the option of being paid more quickly when needed,” she said. “This allows our customers to engage a larger network of diverse suppliers who traditionally have not been able to meet expedited payment terms.”
Supply chain puts delivery of holiday toys at risk
The disruption of supply chains by Covid, including expensive overseas shipments and expensive delivery options to the United States, has created a harsh climate for toy makers to get goods for the Christmas shopping season, according to the Associated Press.
Truck maker Tonka said it was so expensive to ship the toys to the United States that the company decided to leave the trucks in China until shipping prices came down.
“We never left a product this way,” said Jay Foreman, CEO of Basic Fun, which makes Tonka toys. “We really had no choice.
Other toy makers are also making tough decisions now that shipping containers can cost $ 20,000 this year, up from $ 3,000 before the pandemic, according to the AP article.
How do you find the right procurement technology and the right supplier for your business? Spend Matters’ 5-Step “Procurement Technology Buying Guide” can help – with how-to documents, checklist templates and other tips.