Cambridge Global Payments, a unit of FLEETCOR and a provider of international payments and foreign exchange transactions, announced news on Tuesday (March 6) that it is aligning with Qwil to provide customers with advance payment capabilities.
In a press release, Cambridge Global Payments said offering Qwil will enable independent contractors, freelancers and vendors to receive early payments so cash flow isn’t impacted.
Qwil, which is powered by Cambridge Global Payments, provides customers with advance pay functionality in more than 140 currencies around the globe. When integrated with a company’s payment platform, Qwil funds advances and charges a one-time transaction fee to the payees. The Qwil platform also helps companies track payments for tax records by documenting the payments to their contractors.
“We’re excited to work with Qwil,” said Anil Sawrup, chief commercial officer at Cambridge Global Payments. “As more of the workforce transitions to freelance employment, this agreement allows our customers to remain ahead of the market trend with best-in-class technology. The ability to offer fast payments around the world in more than 140 currencies will help companies attract and retain top talent.”
According to Cambridge Global Payments, 57 million workers in the United States are freelancers, contributing more than $1.4 trillion to the economy. Independent contractors who use Qwil, powered by Cambridge, can have funds deposited in their bank account within two to three business days or receive them instantly on their Qwil prepaid debit card in almost any currency they choose. Qwil doesn’t charge interest or subscription fees for payment advances.
“Working with Cambridge was an easy decision,” said Johnny Reinsch, co-founder and CEO of Qwil. “We’ve always been impressed with Cambridge’s payments technology, and we’re excited to leverage their foreign exchange capabilities. As the biweekly and monthly pay cycle falls out of favor, it makes good business sense for companies to offer independent contractors the flexibility to get paid on their schedule.”