ZenCash – Get Paid In Full and On Time

ZenCash is a tool that freelancers and small business owners can use to collect the money that they are owed. The web-application syncs with its users’ invoicing applications and sends automated follow up emails to customers who’ve gotten behind on their payments.

To start collecting on the money you’re due, sign up for ZenCash and sync ZenCash with your existing invoicing or accounting apps — the application integrates with apps like FreshBooks, Blinksale, QuickBooks, LessAccounting, Xero, Clio, and Harvest. When your invoicing data has been synced, you can start setting up an “action timeline” that determines when ZenCash should take certain actions to collect on unpaid invoices on your behalf. The web-app can send printed thank you notes — which may or may not include gift card add-ons — when clients pay their bills on time, and place quick reminder phone calls when unpaid bills are about to become overdue. With ZenCash, you can even assign third-party bill collectors to make calls to clients who’ve gone into default.

If you choose to enable collections through your ZenCash account, then you can choose the day when collections should start — usually when bills are 90 to 120 days past due — along with legal action in certain situations. The price you pay for ZenCash’s collections service will vary depending on the amount being collected. If you’ve opted to provide ZenCash with your bank account information, then you can get funds collected in the default stage directly deposited into your bank account.

Practical Uses:

• Collect on an unpaid invoice
• Make sure your clients are aware when invoice due dates are looming
• Mail printed thank you notes to clients who pay on time
• Start collecting on bills that have gone into default

Insider Tips:

• New invoices are automatically pulled into the ZenCash system
• Users who provide their bank information to ZenCash can get default funds deposited directly into their accounts
• ZenCash can sync with FreshBooks, Blinksale, QuickBooks, LessAccounting, Clio, Harvest and soon to be Xero (we’re told it’s about a month away)
• Users can see the status of their invoices in the ZenCash inbox

What we liked:

• ZenCash handles the messy process of bill collections so business owners don’t have to
• Users only pay for collection on invoices after ZenCash has collected their funds
• Invoices are automatically synced each time a user clicks the Update button
• People can hire ZenCash representatives to call their clients about overdue bills

What we didn’t like:

• Users must pay a non-refundable $500 fee to enable ZenCash to take legal action on their behalves

Alternatives:

• FreshBooks – http://www.freshbooks.com
• WePay – https://www.wepay.com

Company Info:

• Launched: February 2012
• Privately Held
• Headquarters: Dallas, Texas
• Founded by: Brandon Cotter
• Web site: http://www.zencash.com

Costs:

• $1.95 to send a printed invoice
• $1.95 to send a printed thank you note
• $2.95 to place a phone call from a receivables specialist
• $18.45 to send a thank you note with a $15 iTunes gift card
• Contingency fees for collections range from 20% to 30% of the bill