Freelancing has gradually become a popular choice for those who would rather have more control over their work. Working in this way allows a person to create their own schedule, set pay rates, and choose the number of clients they take. There are pros to being an independent contractor. However, it can be difficult when it comes to getting your clients to pay you. Joust, a new banking platform, has launched a new app for freelancers, entrepreneurs and individual contractors that make getting paid a lot easier.
How it works
Traditional banks can be a problem for entrepreneurs. It’s extremely hard to be approved for loans or credit cards. Banks can charge fees for unnecessary features and payment processing times aren’t consistent. Joust CEO Lamine Zarrad explains, “we’ve brought together our freelancing, product design, and regulatory experience to tailor Joust to the needs and values of those workers historically shut out of the banking system.” With Joust, entrepreneurs can feel safe knowing that the system is designed specifically for them.
Joust users can create a free FDIC-insured deposit account backed by a community bank. They can also open a merchant account to process debit and credit transactions for their products and services. Most importantly, users can also protect themselves and their money with PayAmourTM, which protects invoices up to $5,000. Unlike traditional banks that charge ridiculous fees, Joust gives you access to these services for a low fee.
Many times, freelancers have to use multiple financial services to make sure they receive their payments. It takes a long time to organize the financial side of things, including filing your taxes and setting your rates. Joust allows you to do away with multiple confusing services and combine them into one, easy to use application that protects you and your money. The Joust app is now available for both Apple and Android devices.