PayArmour is our proprietary invoice tool that allows you to send quotes and invoices to anyone, anywhere, and get paid by Joust upfront. You can choose to instantly fund individual invoices upon request, or guarantee receipt of payment within 30 days.
Although PayArmour feels like invoice insurance, it is a form of invoice factoring. With factoring, Joust business users can draw needed funds from Joust. We assume ownership of the receivables and relieve you of the hassle of having to collect from your customers.
How to get covered:
- Sign up for a Joust account
- Link your existing bank account and upload 3 months most recent bank statements
- Make sure your invoice is related to a commercial transaction (we don't support personal payments)
- Successfully process 2+ transactions with Joust of at least $500 in aggregate
- Send an invoice with PayArmour
How much does PayArmour cost?
- We provide a 30-day payment guarantee on invoices up to $2500 for a flat fee of 1%
- We can instantly fund invoices up to $5000 for a flat fee of 6% (making 50% instantly available and you receive the rest when your customer pays)
When can I access the funds?
- If you selected the instant funding option you can expect your funds instantly.
- If you selected the invoice guarantee option you can expect your funds on the 30th day.
What if my customer is late or does not pay?
- The moment you elect to protect your invoice with PayArmour, we reach out to your customers and remind them to pay early.
- We maintain regular contact with your customers by sending friendly e-mail reminders.
- In case of your customers' insolvency or bankruptcy, Joust assumes all responsibility over the unpaid portion of the invoice.
- In the event your customer doesn’t pay the invoice due to a dispute or in cases of fraud, you are responsible for settling your balance with Joust. You can self-pay the invoice directly in the app, or we will enroll you in our installment plan.
How do you manage fraud and default?
- We manage the risk of default and fraud by using structured analytic techniques, predictive models and good ol' fashioned customer service.
- In some cases, we may ask for additional information to confirm the business agreement (Statement of Work, Terms and Conditions) and confirmation of delivery of work.