SAP Fieldglass vendors can now access the Qwil Supplier Payment Optionality Solution through the SAP App Center. This latest addition to the digital enterprise marketplace will allow managed serviced providers (MSPs) using SAP Fieldglass as their vendor management system to easily manage and create solutions for their contingent workforce by streamlining payments globally.
In an announcement made on 18 April, the global FinTech solution company’s CEO, Johnny Reinsch said that the integration couldn’t have come at a more crucial time as demand for services by contingent workers surge due to the current crisis:
“With the current COVID-19 pandemic, companies and individual employees are being detrimentally impacted by the strain facing the financial services industry. Access to capital is now harder than ever to obtain. We’re thankful that our services can be of assistance to [sic] the largest of suppliers to the smallest suppliers of contingent labor, providing them with immediate access to liquidity.”
According to Gartner Inc., following the COVID-19 pandemic, one of the relevant workforce trends that will impact the future of work is the expanded use of contingent workers.
This is no surprise—utilizing a contingent workforce has significant cost-saving benefits for businesses, especially small to medium-sized enterprises. Contingent workers provide better workforce management and flexibility.
Some industries like finance and retail giants are hiring more contingent workers and contractors to support minor business processes. Many companies are also trying to resolve remote workforce challenges by hiring contractors that already have the capability and the hardware required to effectively work from home. These trends will no doubt last as the crisis continues.
With the COVID-19 pandemic causing significant revenue shortfalls and disruptions across operations and workforce management, businesses are being forced to redesign strategies to successfully adapt to emerging trends in order to survive and thrive in an extremely volatile economic environment. Qwil offers solutions through the its Supplier Payment Optionality Solution:
Contingent Workforce Solutions for SAP Fieldglass Vendors
- Gain control over cash flow with customizable payment terms and options
- Broaden the existing pool of diverse workers and increase retention through attractive global payment solutions.
- The task of paying vendors’ contingent workforce suppliers will be handled by Qwil, relieving them of secondary administrative tasks to better maximize resources.
- API integration allows for simple, straightforward access to current and historical payment records.
- Fast-tracked worldwide deployment of contingent labor with currency support to 140 countries to enable earlier access to payments to the larger pool.
- Dynamic APR feature allows contingent workforce suppliers to get paid on a sliding scale based upon the SAP Fieldglass vendor’s specific early payment fee, which means that as invoices age, the prices are reduced.
- Keep costs at a manageable level. Qwil’s underwriting decisions are made based on alternative data such as payment information and do not rely on FICO scores.
Qwil is a public benefit corporation offering automated financial technology and liquidity solutions to SMBs and contingent workforce suppliers globally. The company was founded in 2015 and most recently, landed $24.4 million in equity, as well as $200 million in debt funding to grow its lending platform. The company is also a partner in the SAP PartnerEdge program.