LSQ, a leading provider of working capital finance and payments solutions, and Randstad Sourceright today announced that Qwil, LSQ’s embedded finance platform for staffing suppliers, will be offering an early-payment solution for Randstad Sourceright suppliers. Qwil’s embedded finance product will allow staffing companies using Randstad Sourceright to get paid as soon as invoices are approved, regardless of original payment terms.
“We are seeing payment terms trending longer and longer across a variety of industries,” said LSQ Chief Operating Officer Richard Lee. “When terms get to 90, 120 or 150 days, that puts tremendous financial pressure on staffing suppliers and MSPs.
“By partnering with Randstad, we are creating a technology-enabled working capital solution that makes it easy for suppliers to gain access to affordable funding the next day after invoices are approved. We have seen staffing firms using Qwil be able to scale by growing existing contracts or taking on new clients without having to worry about cash flow because they have payment certainty and know cash flow isn’t going to be an issue.”
Staffing suppliers that choose to enroll with Qwil continue to work in the program with Randstad 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 in a Randstad Sourceright program.
“Smoothing the way for our clients to transact and get the services they need from the suppliers they wish is a core pillar of our work,” said Jennifer Aubin-Anthony, CFO, Randstad Sourceright North America. “Therefore, we are really excited to partner with the Qwil team on this agile payment solution, which greatly enhances our suppliers’ capabilities. It enables us to adeptly meet our client’s needs, provide a wider mix of suppliers, and support payment flexibility and transparency. These significant advantages around payments benefit everyone involved, with minimal upfront costs and effort required.”
