Tiempo, a free app for iOS, Android, and the web, allows companies and individuals to easily track employee hours, thus expediting the process of paying employees.
How it works is simple. Employees log in their hours, then send said log to their manager. Once approved, the invoice can be paid in a matter of moments. In less than 3 days, the payment can be sent to the employee’s bank account.
Tiempo CEO and co-founder Tad Milbourn claims that his team’s goal is help people stop worrying about getting paid so they can concentrate on their work instead.
“You’re able to start taking these formerly paper-based processes, that took upwards of 60 days for someone to get paid once the work was done, and you have the possibility to make that near instantaneous,” said Milbourn.
According to Milbourn, the app’s first batch of beta customers was paid within a single hour.
The company has a partnership with QuickBooks Online, allowing the integration of their two apps. This gives Tiempo the additional functionality of keeping accounting records.
The joint services will incur the user a monthly fee of $10. The company also receives a transaction fee of 1 percent for invoicing, which can go up to 3.9 percent since Tiempo also uses Stripe in the processing of payments. But if one doesn’t integrate or invoice, the service remains free of charge.