Afternoon Coffee: Qwil offers early finance option for TAPFIN clients to pay contingent workforce; Toymakers have tough supply chain choices for Christmas

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The payments provider Qwil todayannounced a partnershipwith Talent Solutions TAPFIN to offer an early financing solution to all TAPFIN suppliers. Qwil already integrates with SAP Fieldglass and is now available for staffing suppliers in TAPFIN programs.

Qwil said its fintech 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," Qwil co-Founder and CEO Johnny Reinsch said in a press release. "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."

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TAPFIN's Amy Doyle, SVP and Global Brand Leader, said the collaboration helps fill a void in the market.

"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," she said. "This enables our clients to engage a wider network of diverse suppliers who traditionally were not able to meet expedited payment terms."

Supply chain woes imperil holiday toy delivery

Covid disruption of supply chains, including costly overseas shipping and expensive US delivery options, has created atough climate for toymakersto get products for the Christmas shopping season, according to the Associated Press.

The maker of Tonka trucks said it's so expensive to ship the toys to the US that the company decided to leave the trucks in China until shipping prices come down.

“We’ve never left product behind in this way,” said Jay Foreman, CEO of Basic Fun, which makes Tonka toys. “We really had no choice.”

Other toy makers are making tough decisions too now that shipping containers can cost $20,000 this year, instead of $3,000 before the pandemic, the AP article said.

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