ZenCash: Accounts receivable without having to send the boys around

Review posted Tue 15 May '12  ·  41 comments
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What do you do when a customer hasn't paid the invoice and it's 90 days past due? Get on the phone? Send another letter? Send the boys in? ZenCash is a payment accounting application designed for small businesses that covers all your accounting processes from the original invoice right through to the rather painful 90 day last resort call in order to get the invoice paid.
 
The idea for ZenCash originated when founder and CEO Brandon Cotter, a six-time serial entrepreneur, once found himself unable to make payroll at his small business due to unpaid invoices. He spent hours calling customers and even hired couriers to collect money in-person from late-paying clients. It worked, but Brandon saw an opportunity to streamline and make the process more efficient. Years later, this was the seed that led him to found ZenCash - a web application that helps small businesses and freelancers get paid on time. They do this by automating the entire accounts receivable process from the day the invoice is sent to the day it gets paid. This includes automated bill reminders and, for positive reinforcement, personalized thank you notes you can send when your customers do pay. You can also send default accounts to collections straight from the app. Think of it as drip marketing for all your unpaid invoices. With ZenCash, your businesses can now focus on the actual work instead of chasing invoices and worrying whether or not they will be paid. It works by syncing with your current invoicing application so you don’t have to enter any data manually. Once synced, and once you have taken a few minutes to customize your timeline, define what you want sent to remind your customer and when you want to send it. Nobody likes to ask for a late payment so ZenCash automates the whole receivables process. ZenCash has partnered with United Recovery Systems, LP, a leading account receivables management firm with over thirty successful years in the ARM industry and normally only available to Fortune 500 companies.
 
There is little more demoralizing for a business than doing great work for a customer and then having to fight tooth and nail to get paid for it. So ZenCash takes over your whole accounts payable system from the original invoice right through reminders to the point when it's getting a little rude. It even sends out thank you notes for customers that pay on time for good customer relations. There are no sign up fees or monthly residuals. With ZenCash you just pay for the services you use.



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