One of the greatest risks identified through our workshops with builders in 2024 was non-payment. IPromise offers a simple, cost effective way to ensure you get paid immediately on completion of agreed milestones. There’s no more chasing of unpaid invoices or bad debts, resulting in improved cashflow and client relationships.
It’s also a powerful marketing tool, as your clients can be assured that their money is safe until the work is done.
IPromise’s system has a free 90-day trial. All funds transacted through the escrow app are securely held in a BNZ trust account.
Benefits For Trade Businesses
- A simple and safe way to control business payments and improve cash flow
- No chasing unpaid invoices
- No bad debts
- No more credit checking
- No more cash flow woes
- Payment protection – safe and secure for you and your customers
- Transparent subscription pricing. No commission
- Easily manage deposits
- Simple and fair disputes process
- Peace of mind, because payments will only be released when the project is delivered to everyone’s satisfaction – your payment guarantee
How does it work?
IPromise securely collects and holds payments in advance and releases them immediately when the job is done.
- Contractor and customer agree on a price
- Customer submits payment to our BNZ trust
- Contractor delivers the promised service (in full or across multiple milestones)
- Customer approves service has been delivered
- IPromise releases payment to contractor
About IPromise
IPromise is a New Zealand-based software as a service (SaaS) tool that provides online business payment solutions. It provides an easy way for businesses and their customers to undertake jobs and provide services, with a payment guarantee once the job or service has been completed.
The top 20 risks identified in Builtin’s 2024 risk workshops with builders:
1 |
Accident on Site |
2 |
Customer Not Paying/Cancelling Job |
3 |
Natural Disaster/Weather |
4 |
Theft of Tools |
5 |
Staff Reliability/Availability |
6 |
Property Damage (eg. Fire) |
7 |
Defective Work by Staff |
8 |
Financial Strain/Cashflow/No Pipeline of Work |
9 |
Key Person Illness |
10 |
Recession |
11 |
Supply Chain Issues |
12 |
Product Failure |
13 |
Litigation/Contractual Disputes |
14 |
Pandemic/Global Crisis |
15 |
Subcontractor Insolvency or Defective Work |
16 |
Pricing Errors |
17 |
Regulation/Legislation/Council |
18= |
Relationship Breakdown/Family Issues |
18= |
Defective Design/Engineering |
20 |
Cyber Security |