ZenCashFights For Your Right to Get Paid

ZenCashFights For Your Right to Get PaidWhat is the name of your business and URL?

ZenCash. You can find us at http://www.zencash.com.

A brief synopsis of the website / application:

ZenCash is an online service that helps small businesses and freelancers say thanks to customers who pay on time and follow up with those who don’t. We do this through automated tools like direct mail and phone calls, and even facilitate sending claims to collections or legal when things get bad.

Our goal is to help the millions of businesses out there who are not getting paid on time or at all. Customers love having a service that manages the whole follow-up process for them so they can actually focus on what they love versus hounding clients. And let’s be honest, no one likes doing that!

ZenCashFights For Your Right to Get Paid

Brandon Cotter, ZenCash founder and CEO

Why did you start this company?

I found inspiration from a lot of places but realized the true extent of the problem when I was unable to make payroll at one of my first businesses due to clients not paying on time. We spent hours calling customers and even hundreds of dollars hiring couriers to collect money in-person so we could make ends meet. I realized there had to be a more efficient way, and so the entrepreneur in me eventually set out to create the solution.

Who is your competition, and what do you do better?

Our major competition is people painstakingly following up on their invoices by hand, or going directly to collections agencies. We’ve found though that people are hungry for solutions that alleviate that burden and use positive reinforcement to encourage customers to pay on time in the first place. Doing it all on a one-off basis is a huge time suck, and often when you pass a certain customer threshold physically not feasible. Even if you have a full-time accounting person or department, it’s just not the best use of your staff’s time.

The biggest benefit with ZenCash is everything is automated. You set it up, tell us what to send when and to whom, and we do the rest. No more chasing invoices. We also sync with major invoicing applications like QuickBooks, FreshBooks, Harvest and Blinksale so companies and freelancers can seamlessly import their outstanding invoices into our system.

ZenCashFights For Your Right to Get PaidAre there different pricing levels?

It’s free to sign up for ZenCash and from there, we charge on a “per action” basis for the tools we offer to nudge clients to pay or help you say thank you when they do. For example, a phone call from a receivables specialist is $2.95 and a “thank you” note with a $15 iTunes gift card is $18.95. If a claim goes to collections, we then charge based on a fee on the total amount of the outstanding invoice. If you don’t get your money, you pay nothing.

How long have you been in business?

The company was founded in 2011 and we officially launched in late February of this year after many months of development and beta testing.

How do you see your company in the next 2-5 years (more products or services?)

Certainly we have goals around the pure quantity of customers we’d like to have, and ultimately would like to be helping tens of thousands more than we are today. A maybe more important goal though is that we’re providing deeper value for customers so their lives get easier. Providing a mobile solution is a no-brainer, but there are also some less obvious opportunities, especially around data. For instance, wouldn’t it be nice to know before you take on a customer that they always pay late? Or that other businesses like you are getting paid on average after 60 days so your 55 doesn’t make you feel so bad? These are the kinds of concepts we’re thinking about.

Was your company started on a shoestring budget or funded?

The founders have invested $750,000 thus far.

Do you a YouTube video URL that you can share with us?

What other web based products would you recommend to entrepreneurs, business owners, or freelancers?

We have employees on multiple continents so having reliable, cloud-based applications is imperative for us. To that end, we are huge fans of Basecamp, CloudApp, Evernote, World Time Buddy, FogBugz and Dropbox. We are also constantly on Skype for both calls and video conferencing.

Do you have a Facebook or Twitter page where people can keep updated?

Yes, you can join us on:

Twitter : https://twitter.com/#!/zencash
Facebook: https://www.facebook.com/ZenCash

What about a blog?

Yes we do. Visit http://www.zencash.com/category/blog/ for news on the company, product updates, and other interesting tidbits related to running a small business and freelancing.

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