Shine adds invoice insurance to its freelancer bank account – TechCrunch
French startup Shine added a new option today. If you think a customer won’t pay your next bill, you can insure that bill to avoid nasty surprises.
Shine is building a challenger bank for freelancers and small businesses. You can send and receive money on a separate business account, pay with a MasterCard, create invoices and keep track of administrative tasks.
It also helps you get started as the startup can fill out all the administrative documents to register as a freelancer. You will also receive notifications reminding you that you should pay your taxes and more. Freelance jobs can be confusing, and Shine can help you with that.
Shine has an integrated billing tool. You can add a customer and create an invoice right in the mobile app. You can then send a link to your customer. You will receive a notification when your customer opens the invoice. You can download a PDF and get your bank details to pay you.
Yet many customers often wait until the last minute to pay a bill. It can be a month or two after an order is completed, which means pending invoices are also forgotten.
In a matter of weeks, Shine users will be able to create an invoice and insure it before it is sent. It will cost you 2% of your total amount on your bill. There’s no subscription fee, it’s a one-time process.
If your customer hasn’t paid you after the due date, Shine will contact your customer again to try to receive the payment. If that doesn’t work, you can file a claim with partner insurance.
In this case, you will receive 100% of your bill if the company is still up and running. If the company collapsed, you get 90% back. (Of course, without taking into account the 2% fees that you have already paid.)