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.