DENVER, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Banking platform Joust and Freelancers Union today announced they have partnered to bring Joust’s multi-feature financial app to freelancers and independent contractors who need banking services and protection against clients who pay late or not at all.
Believed to be the first product of its kind, Joust's PayArmour Protection provides independent workers protection against delayed payment and non-payment by guaranteeing invoices up to $5,000. This directly addresses a persistent problem experienced by 71% of independent workers according to a survey by Freelancers Union of over 5,000 of its members.
The Joust app also enables users to open a free, FDIC-insured deposit account backed by a community bank, and also open a merchant account to process credit and debit card payments for their products and services. Collectively, Joust’s features directly address the failure of the current banking system to serve the needs of freelancers, who commonly experience behemoth traditional banks denying them loans, credit cards, payment processing and other services that they routinely provide to established businesses and salaried workers.
Along with the announcement of the Joust-Freelancers Union partnership, Joust today also announced the immediate availability of the Android version of the Joust app. This follows last month’s launch of the iOS version.
“Joust’s partnership with Freelancers Union means freelancers now have ethical banking and financial solutions tailored to their specific needs,” said Lamine Zarrad, Joust co-founder and CEO. “Our PayArmour solution highlights our focus on the unique financial needs of the 35% of US workers who rely on freelancing and independent contracting to earn a living. Our entire product offering addresses the needs of this large and growing sector of the economy.”
“The nature of work is changing, and 35 percent of the American workforce has turned to freelancing as a way to fulfill their goals. But our social infrastructure hasn’t kept up with this change, and many freelancers struggle with basic things like getting paid for the work that they do,” said Caitlin Pearce, Executive Director of Freelancers Union. “By partnering with Joust, we are able to offer freelancers special access to banking and payment protection services that will empower our members to continue to do the work they love.”
About Joust
Joust provides a banking toolkit equipped with solutions for the complex and dynamic needs of the independent workforce. We grant entrepreneurs a free and instant FDIC-insured bank account, a merchant account with the ability to accept credit cards and bank transfers from around the world, and an invoicing tool with invoice protection and instant funding. Founded in 2017, Joust is headquartered in Denver, CO. For more information, visit www.joust.com.
About Freelancers Union
Freelancers Union is the largest and fast-growing organization representing the 57.3 million independent workers across the country. It gives its 425,000+ members a voice through advocacy, benefits, and community. Since its founding, Freelancers Union has fought for and won protections for freelance workers, including Unincorporated Business Tax reform and successfully advocating for new models for health care. In 2016, Freelancers Union led a victorious campaign to enact first-of-its kind legislation in New York City giving freelancers unprecedented protections from nonpayment. Learn more at www.freelancersunion.org.