PHOENIX, Ariz.—June 20, 2018—Openforce®, provider of the most widely adopted platform for onboarding, settlement and risk management solutions for the transportation and growing on-demand economy, has launched a new partnership designed to give independent contractors cost-effective, early-access settlement funds. Through a strategic partnership with ZayZoon, a responsible financing solution, independent contractors can access their settlements ahead of schedule for a nominal fee.
Integrated with Openforce’s industry-leading IC Pay settlement solution, the program enables contractors to escape the exorbitant rates common to the payday lending industry. For example in California, where the interest cost of a $200-payday loan can be as much as 30 dollars or more, the cost of the program offered through Openforce and ZayZoon is just 5 dollars for that same $200.
“We have built out the most powerful portfolio of independent contracting management solutions, including settlement processing of more than $1.5 Billion last year, and we are committed to delivering products that help contracting companies and independent contract workers build sustainable and profitable businesses,” said Drake Pruitt, CEO of Openforce. “Integrating with ZayZoon to offer early settlement funds access was a natural fit for us and for our customers. This is just one of several upcoming innovative products and services we will be offering that support our vision of work without limits.”
Available to Openforce members using IC Pay, this benefit is designed to help contractors keep their independent businesses running while avoiding credit card advances, insufficient funds fees, payday lending practices and high debt loads. For contracting companies, this program eliminates the administrative work and risk of providing early settlement services directly.
As part of Openforce’s Member Benefits program, contractors using IC Pay can sign up with ZayZoon and receive early settlement transfers. Signup takes less than a minute, and contractors can immediately see how much money they are able to access, and have the selected amount transferred into their bank account on the same day. The contracting company is not involved in providing early access to funds.
Companies new to IC Pay, and in need of a flexible payment platform for on-demand workforces that helps combat predatory lenders and overdraft fees, are encouraged to visit www.oforce.com/ICpay or email firstname.lastname@example.org for more information.
Openforce® is the leader in technology-driven services that reduce operating costs and mitigate compliance risk for companies using independent contractors. Openforce frees contracting companies from the burden of onboarding, contracting, and settlement processing, while helping contractors build their business. Our cloud-based applications help businesses achieve more sustainable, profitable growth by removing financial, operational, and compliance barriers to getting business done. Openforce is a portfolio company of Boston-based private equity firm Riverside Partners. Learn more at www.oforce.com.
ZayZoon is a socially responsible Financial Technology company that was created to end predatory lending. We partner and integrate with payroll companies in Canada and the US to provide all workforces with access to their pay on-demand. This is important because 78% of Americans live paycheck to paycheck forcing them into difficult situations between banks that earn over $30B in overdraft fees and predatory lenders that charge upwards of 600% interest. ZayZoon’s on-demand access gives people control over their paycheck, reduces financial stress and prevents the debt spiral caused by predatory products.