French startup Shine is adding a new option today. If you think a customer will not pay your next bill, you can insure that bill to avoid nasty surprises.
Seem to be builds a challenger bank for freelancers and small businesses. You can send and receive money in 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. Taking on 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 directly 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 for them.
However, many customers often wait until the last minute to pay an invoice. It may take a month or two after an order is completed, which means that any outstanding invoices will be forgotten.
In a few weeks, Shine users can create and insure an invoice before it is sent. It will cost you 2% of your total amount on your bill. There is no subscription fee, it's a one-time process.
If your customer has not paid you after the due date, Shine will contact your customer again to try to get the payment. If this does not work, you can make a claim with partner insurance.
In this case you will receive 100% of your invoice if the company is still in operation. If the company collapses, you will get 90% back. (Of course, without taking into account the 2% fees you have already paid.)