Executive Banking for Solopreneurs

This story originally appeared on the Freelancers Union site.

Late last year I was riding in a Lyft and making small talk with the driver. The driver mentioned that he was making over six figures between his primary job and side gigs, but was denied a mortgage because his bank didn't know what to make of his non-recurring income and long lead time for payments from his work as an independent contractor translating documents.

It was a problem I was familiar with. As a former refugee and immigrant, and now as an entrepreneur, I understand the value of ready access to financial services. And as a former federal bank regulator, I also know how antiquated and outdated the current system is.

I knew there could be a better way.

Drawing on both my professional and personal experience, I decided to create one.

I've spent the past year speaking with many entrepreneurs: small business owners, independent contractors, and people working in the freelance economy. I was a small business owner too, and like them, I encountered a dizzying array of tools to manage my business' financial needs, as well as the ever-present stress of collecting on invoices.

So, I created Joust. The Joust platform merges invoicing with banking, allowing you to accept all forms of payment directly into your Joust bank account. It also centralizes business finances with an all-inclusive toolkit that protects you against personal liability and unnecessary taxes by helping you to incorporate as an LLC or a C Corp. Additionally, Joust saves you time by integrating with many popular business tools like bookkeeping, HR, and tax management platforms.

Fighting the #1 issue facing freelancers

But the biggest feature is our invoice assurance tool, PayArmour, which guarantees you payment when your customer is late or defaults. There's a ton of literature that painstakingly explains how NOT to get stiffed by customers, and I am sure that you have read it all. But, none of it provides a comprehensive solution to the incredibly delicate task of building relationships, while maintaining healthy pressure to get you paid.

With Joust's PayArmour, you don't have to be a career diplomat to strike a perfect balance and get paid. Download our app and let us fund your invoice. We'll even make sure your client has a positive experience—instead of threats, we offer incentives and gentle reminders, letting your client know that we've got your back.

Like every other banking platform, we collect all of the regulatory-mandated information to open an account. However, instead of discarding it, we link it to your history with Joust, your clients’ profiles, and to the details of the invoice.

As a result, we are able to near-instantly predict the probability of default. But, since we need to know a little about you, PayArmour only becomes available after your third transaction with Joust.

The great news is that with Joust, whether customers pay late or don't pay at all, you are covered.

It's time to do more

If you're like everyone else on the planet, you'll want to know that your money is being kept safe. Can't say we blame you. Joust has partnered up with several small community banks that excel at serving their respective neighborhoods by extending low-interest loans and revitalizing financial deserts.

When you use Joust, your money isn't lining the pockets of the Wall Street fat cats. Instead, we are creating a financial ecosystem that both serves our customers and reflects our values.

It's simple: With Joust you get the same benefits and protections enjoyed by major corporations, with financial tools developed for your small business.