If you’re a freelancer writing for a publication, you often have to wait around before you can get paid.
Tesorio, a new startup coming out of Y Combinator, doesn’t want you to wait 60 days to get paid money you’ve earned for work you’ve already done.
Instead, the startup helps companies pay their suppliers, vendors, and freelancers faster by offering discounts to big companies for paying immediately.
So instead of waiting 60 days to get paid $US100 for a story you wrote for a magazine or for cloth you sold to a big t-shirt company, you can opt to get paid $US99.40 to get paid immediately.
To incentivise companies to pay their vendors and freelancers faster, Tesorio gives them discounts for paying immediately. “This is beneficial for both the supplier, who gets paid immediately for the services they’re already rendered, and the company, which gets a discount on their payment terms,” Tesorio cofounder Carlos Vega told Business Insider.
Tesorio facilitates the payment process between companies and their vendors, taking a per cent of the savings they generate for companies. The service is free for suppliers, vendors, and freelancers who want to speed up their payments.
When companies use Tesorio to pay their vendors, Tesorio sends an email letting their vendors know their invoices have been approved. Without having to open up a website or an app, you can either opt to take a slightly reduced but immediate payment, or wait 60 days to get paid the full amount.
Tesorio’s founders Carlos Vega and Fabio Fleitas met at the University of Pennsylvania. Vega was working on his MBA at Wharton, and Fleitas was an undergrad studying computer science. A 13-year age gap between the two founders doesn’t seem to cause much of a rift. “I wanted to find a cofounder who grew up in tech in a way that I did not — Facebook came out after I graduated from college,” Vega says.
The founders are currently part of west coast tech accelerator Y Combinator, which Fleitas says puts “good pressure” on its founders. “They give you high goals and high expectations and amazing resources at your disposal,” Fleitas says. “The batch mates are awesome. You can get awesome introductions at companies you’d otherwise not have access to. It facilitates a lot of hiring down the road. People are always sharing resources internally.”
Aside from Fleitas and Vega, the rest of Tesorio’s team — three employees and a few contractors — are based in Philadelphia. The company, which launched last year, counts Drexel University, the University of Pennsylvania, and enterprise company SciQuest among its clients.
Y Combinator’s Demo Day is next week, and Tesorio, which has already raised some angel funding, will present to a group of investors.
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