(PRWEB) December 18, 2013
Getting paid for project work just got simpler with the introduction of PromisePay, an online solution that collects, holds and releases payments based on agreed project milestones.
PromisePay was created to stop the increasing amount of late or unpaid invoices and contractors being left high and dry. In 2012, 64% of small businesses in the US had unpaid invoices owed to them for over 60 days, and 20% of them say it’s getting worse . With the introduction of PromisePay, contractors can get paid every time, on time while their clients get consistently high quality work.
Simon Lee, Co-Founder and PromisePay CEO said, “Whether you’re an established business or a lone freelancer, cash flow is king. As someone who has been both, I was sick of the constant stress and time spent chasing client payments. We want PromisePay to remove the risk of doing business and in any project-based industry.”
Kima Ventures, backed by French billionaire, Xavier Neil, has invested USD$150,000 into the joint Australian/Singaporean tech startup to build and beta test the PromisePay platform due for soft launch in Australia in February 2014, a commercial launch in the US in April, with a global roll-out to follow.
Jeremie Berrebi, Co-Founder of Kima Ventures said that the idea immediately stood out because it carves a new niche for business payments.
“PromisePay reinvents the way you think about an escrow service. When a contractor starts a job, they know the client has the money to pay because PromisePay holds onto the money. Once the project or milestone is completed, the contractor gets paid almost immediately. It takes a lot of the risk out of doing business,” said Berrebi.
Users can create an account directly through the PromisePay website, or in the future, through a partnered service marketplace. Payments are collected and held in the system before work starts, where they sit within a PromisePay escrow account for safekeeping. The entire project cost can be transferred up front or just one milestone at a time, depending on the users’ preference. If either party challenges any of the milestones, then a dispute resolution service is available.
Be notified on the launch of PromisePay by signing up at http://www.promisepay.com
Watch the video here http://www.youtube.com/watch?v=5oH9wzb1YNQ