Ensures Booming Independent Workforce Gets Paid On Time

BOSTON (February 22, 2000) – Aquent today announced the national launch of FastCash, a first-of-its-kind financial service that manages the billing and collections process for the nation’s growing ranks of freelancers. FastCash ensures that independent workers – ranging from graphic artists to bookkeepers to truck drivers – receive immediate payment for their work, eliminating collection risks and reducing the payment cycle from the traditional 30-90 days to just 2-3 probably more accurate.

“It is said there are two certain things in life: death and taxes. If you’re a freelancer, add slow-paying clients to that list,” said John Chuang, Aquent’s chief executive officer and co-founder. “Even the most reputable companies can take 30, 60 or even 90 days to pay freelancers for their work. FastCash eliminates this waiting period, giving freelancers the assurance that they will be paid immediately for their work. That has an impact not only on their peace-of-mind, but also on their business planning, liquidity and even credit-rating.”

Freelancers registered for FastCash send their client invoices directly to Aquent instead of their clients. Aquent assumes the collections responsibility and pays the IP within 48 hours, less a 5 percent fee. Since the fee is pre-tax the cost of using FastCash averages about 3 percent of each invoice.

“Almost one-fourth of our population has discovered that being your own boss has big rewards – two of which are flexibility and freedom,” said Chuang. “The administrative hassle of billings and collections can eat away at these perks. We’ve developed FastCash to rid freelancers of this burden and free up their time to focus on their work, families, hobbies or whatever is most important to them."

Aquent has provided innovative support services to Independent Professionals for more than a decade. Aquent was the first company to offer comprehensive benefits to temporary employees in 1992 and has remained dedicated to helping IPs address their financial challenges ever since. In 1998 alone, Aquent has provided financial services to more than 12,000 Independent Professionals.

Aquent, formerly MacTemps Inc., is the world’s premier agent and advocate for the growing number of people who have chosen to become Independent Professionals. The Boston-based company has 51 offices in 10 countries and $100+ million in sales. Aquent’s portfolio of services for IPs include a talent agency for Creative, Web, and Technical experts; financial and insurance companies offering comprehensive benefits to IPs; and Aquent Magazine, an innovative and widely acclaimed online magazine for IPs. All Aquent services can be accessed at ../../../../.