As the economic conditions of recent years produced an increasing number of freelancers, ZenCash aims to help them manage receipt of timely payments for services rendered. The company’s system works equally well for small startup businesses.
ZenCash launched its service in early 2012 just in time to help companies start the year with improved payment collection. The ZenCash process alleviates the burden on small operations to handle the occasional dirty work of getting paid. This is a procedure that owners of a new business are unaccustomed to conducting.
A lack of collection skills by small enterprises opens the door for their customers to put off remittances of invoices. ZenCash has a considerable pool of entrepreneurs needing help to implement the right collection methods. Many individuals have recently started businesses for extra income or began freelancing in response to employment market headwinds.
Small operators need to collect payments without delay in order to continue functioning. ZenCash manages the collection process for startups and freelancers by rewarding their customers for timely payments and pursuing those who don’t pay. Thank you notes and gift cards are sent to those who pay on time. But delinquent payers receive deficiency letters and phone calls.
Each ZenCash service encounters an incremental price. Small businesses and freelancers pay per invoice reminder or collection effort phone call. If an unresolved invoice is sent to a collections agency, ZenCash gets a percentage of any payment eventually obtained.
Customers of ZenCash avoid devoting time to resolving payment issues. Also, ZenCash integrates with accounting software, such as QuickBooks. Competing accounting services like Freshbooks can also email payment reminders, but don’t provide the collection efforts of ZenCash. In addition, freelancers have higher cost alternative support avenues like Elance to settle payments and address any disputes.
ZenCash has launched with just $500,000 of capital invested by the founders. The team consists of only six people, who are located in diverse areas of the US and Europe.