Invoicing is Jared King’s passion.
“It really is, King said.
His family recognized his penchant for collections at an early age. In fourth grade, King was a bit of a loan shark. He would loan kids a dollar and he would collect $2 in repayment, he said.
King’s entrepreneurial spirit continued when he went to the University of Tulsa. In 2012, he started Invoiced as a side project from his dorm room. As a contract software developer, King kept getting hired by companies to build a billing system to handle invoices. At that time, there were only a few options on the market aside from building them in house, he said. So King created Invoiced to handle billing for companies.
A few years later King graduated with a computer science degree and moved to Austin. That’s where he met his co-founder, Parag Patel. They were riding the elevator together to an early-morning tech meetup at Capital Factory and they bonded over breakfast tacos.
“And it went from a side project into a full-fledged business,” he said.
At the time, they were thinking about taking outside funding, but the amount of time it would take to pitch investors would take away from the focus on the business, King said. So, they decided to put their energy and time into pitching customers, he said.
“We got the equivalent of what an investor would provide just by focusing on customers,” he said.
The theme throughout the company is Invoiced has been laser-focused on its customers, King said.
Initially, the Invoiced product was very bare-bones. It was a form King put together. Companies would fill out the form and it would give them a PDF invoice back. King registered the domain name InvoiceGenerator.com and that attracted customers.
In 2013, Invoiced started adding features and launched a paid product that kept track of invoices, allowed for recurring billing and accepting credit cards and Automated Clearing House or ACH payments, King said. Now, Invoiced is a subscription-based business with different rates for small businesses and enterprise companies.
Invoiced doesn’t charge any processing fees on top of its subscription, King said. It works with companies of all sizes, he said. One large company Invoiced worked with was paying $3 million a year in credit card processing fees. Invoiced switched them over to ACH payments, which are electronic payments that take money directly from a bank account. Now, they only pay ten cents on each transaction, King said.
“That’s a very significant cost saving,” he said.
In 2019, Invoiced, which has more than 20,000 companies on its platform, brought on several new customers including Uber, Ticketmaster, Boys and Girls Clubs, Sprint and the Dallas Stars. It also processed more than $10 billion in receivables. Since its launch, Invoiced has processed close to $50 billion in receivables, according to the company.
Last year, Invoiced doubled its employees to 10 and hired Chris Couch, a veteran software revenue leader, as the company’s first vice president of sales. And it moved operations out of Capital Factory to a 2,500 square foot office off Southwest Parkway.
In addition, the company launched Invoiced Payments by partnering with JPMorgan Chase & Co. That partnership brings payment processing capability to Invoiced’s customers. And the company also announced a partnership and integration with Oracle NetSuite.