Platform allows contractors in more than 200 countries to get paid on their schedule
TORONTO and SAN FRANCISCO, March 6, 2018 /CNW/ - Cambridge Global Payments, a FLEETCOR company (NYSE: FLT) and the leading provider of international payments and foreign exchange transactions, is pleased to announce that it is aligning with Qwil to provide customers with advance payment capabilities. This powerful perk allows approved independent contractors, freelancers, and vendors to receive early payment without impacting the client's cash flow.
Qwil, powered by Cambridge, will provide customers with advance pay functionality in more than 140 currencies globally. Integrating with Cambridge's industry-leading payments platform, Qwil funds the advances and charges a one-time transaction fee to payees. The Qwil dashboard can also help companies track payments for tax records by documenting payments to independent contractors.
"We're excited to work with Qwil," said Anil Sawrup, Chief Commercial Officer, 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."
"Working with Cambridge was an easy decision," said Johnny Reinsch, Co-founder and CEO, Qwil. "We've always been impressed with Cambridge's payments technology, and we're excited to leverage their foreign exchange capabilities. As the bi-weekly 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."
57 million workers in the United States alone work freelance positions, contributing more than $1.4 trillion dollars to the economy1. Independent contractors using Qwil, powered by Cambridge, can have funds deposited in their bank account within 2-3 business days or receive them instantly on their Qwil pre-paid debit card in almost any currency they choose. Qwil does not collect any interest or charge any subscription fees for payment advances.
1 Upwork and Freelancers Union "Freelancing in America: 2017" study
About Cambridge Global Payments Cambridge Global Payments, a FLEETCOR company, is a leading provider of integrated cross-border payment services and hedging solutions. As a trusted partner for more than 25 years, Cambridge delivers innovative solutions designed to mitigate foreign exchange exposure and address unique business needs. Our award-winning capabilities and industry-leading technologies simplify the way businesses connect with the global marketplace. As one of the largest bank-independent providers globally, we are flexible and responsive, with offices and applicable licensing and regulatory approvals across North America, Europe, and Australia. Learn more at cambridgefx.com and follow us on Twitter and LinkedIn.
About Qwil Qwil is a leading fintech company and provider of cloud-based payments for freelancers and vendors. We enable companies and marketplaces to easily manage their independent contractor workforce, streamline payments to over 200 countries, and track compliance for a set transaction fee. Based in San Francisco, Qwil has raised more than $150 million from venture capital funds and financial institutions since 2016. We were named the Start-Up of the Year at the 2017 Pay Awards. Learn more at qwil.co and connect with us on Facebook and LinkedIn.
SOURCE Cambridge Global Payments
For further information: Cambridge Contact: Brad Loder, VP, Marketing and Corporate Sponsorships, (416) 646-6401 ext. 2392; Qwil Contact: [email protected]; Cambridge Press Contact: Nick de Pass, Kaiser Lachance Communications, (647) 725-2520 ext. 210, [email protected]; Qwil Press Contact: [email protected]