Frequently Asked Questions
Frequently Asked Questions
Yes, you can pay for quotes from Suppliers/Sellers who are using IPromise with your NZ Credit or Debit Card, up to a limit of $10,000.
If you require finance to pay for work you need completed (like a house renovation / professional services) or if you are buying an item (like a car / electronics), you can apply for finance from our finance partner – Finance Now. See here for more info.
- Log into your IPromise account.
- Click the menu icon (top right) and select Account.
- Enter all your account details that are required*. You only need to do this once.
- Save the page and go back to your dashboard.
- Click on Build a Quote button to create a professional, itemised quote.
- Add your client details, project description, quote amount and add photos, documents, and files to make your quote comprehensive.
- Click Save and Send to email the quote to your client.
- Your quote can be edited after you have sent it if your client wants something changed, or if you missed something.
- You can also add another project stage, or variation once you have saved the first quote for a project.
Watch the video here
Escrow is a financial arrangement where a third party holds funds required for two parties involved in a given transaction. The buying and selling of houses through a lawyer (conveyancing) is the most common known form of escrow. Escrow is not a new concept in fact its early beginnings can be traced to the 1590’s. Its extremely safe and fair to both sides of the transaction. IPromise has made escrow accessible to anyone due to its clever technology. See our blog for more information on escrow.
All our Customers have the opportunity to benefit from the full functionality of IPromise for 90 days. We have selected 90 days because most services (that our Customers provide) take weeks to quote, secure payment and then deliver. IPromise is committed to providing users with the opportunity to experience as many of the key features and benefits as possible.
After the 90 days, in order for Customers to receive payments from their customers (via our secure BNZ Trust account or escrow account), they will need to select from one of the three monthly subscription options. See our pricing page for more details.
However, all ‘Quoted’, ‘In Progress’ and ‘Completed Awaiting Approval’ projects within the 90-day trial period will continue to remain active and free until completion.
IPromise is ALWAYS free for your customers.
NB: The 90-Day Trial does not apply to Items/Goods traded through IPromise.
We now offer a Xero payment integration. Businesses can now connect their business Xero account to their IPromise account in seconds.
That means every time a quote is accepted by your customer and payment is released to you for a job completed, quotes and invoices are automatically mirrored to your Xero account.
Even better, that invoice is PAID – no debtors ledger, no outstanding invoices, no email or phone call payment reminders – only immediate payment on successful project completion with IPromise. Fair, secure and saving you valuable payment administration time.
See our explainer video here.
Yes, and it’s affordable and easy. Visit this page for more information. We can also help you make sure you are meeting the Construction Contracts (Retention Money) Amendment Act 2023 thanks to our partner Ford Sumner Lawyers / Tradie Law.
Please see our pricing information here.
There are, at times, legitimate reasons for some or all of the money to be returned or refunded to a Client or Buyer. Visit the Refunds / Disputes section of our website for more information. Monies will only be refunded to the same bank account from which the money was paid from into the IPromise Trust Account. This is in accordance with our Anti-Money Laundering requirements/obligations.
IPromise has partnered with BNZ bank who holds the Trust Account (escrow account) on behalf of IPromise. Such an institution would only do so if they were satisfied in the controls, processes and credibility of IPromise. The Trust Deed explicitly says that IPromise can only act on instruction from our Customer and sets out along with our Terms of Use how the process works. This provides both the Supplier/Seller and Client/Buyer reassurance that their money is protected.
IPromise uses the industry standard and highly regarded Windcave to securely process all the payments within the IPromise system. Windcave is a secure outsourced partner to all major merchant banks in Australasia, trusted with hundreds of millions of transactions annually.
Important points:
– All data is TLS encrypted with the Windcave secure environment providing the same level of encryption security as any online banking portal.
– Windcave does not keep any record of your personal information during this transactional process, it is handled directly with your banking provider.
– Windcave does not have access to your personal information at any stage during the transaction process.
– No 3rd party software is downloaded to your computer.
– The same level of security applies to the millions of credit card transactions processed by Windcave everyday.
– Find out more at https://www.windcave.com/certifications-and-compliance
Cyber security is paramount and the gold standard of Microsoft security is used. You will note that through two factor authentication and Secure Socket Layer (SSL) protocols, your security is our priority.
For your added peace of mind, IPromise Limited (NZBN 9429049452358) operates within the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT) regulated by the DIA and is registered on the Financial Services Provider Register (FSP 1002306). We are a member of the Financial Services Complaints Limited Dispute Resolution Scheme (DRS 8793).
NZ law requires companies like IPromise to comply with Anti-Money Laundering and Countering Financing of Terrorism Act 2009. We take this responsibility and your security seriously so we use the very best identification and verification process to protect you and us from any illegal conduct.
We have partnered with Cloudcheck, an industry leading identification and verification company who automate and integrate the process for us using real time technology. This also helps to ensure we collect accurate information.
You can be sure we identify and verify all our Customers so IPromise knows that its Customers are not pretending to be someone they are not.
You may have noticed other sectors like lawyers, real estate agents and accountants requiring such checks.
Watch the explainer video.
From time to time Suppliers might require a deposit, for example, to purchase materials. This is less likely than in traditional transactions because IPromise securely and transparently holds your customer payments so you (the Supplier) knows the money is physically there for immediate release once your customer is satisfied the job, or a ‘Stage’ of the job, is done.
Your customers cannot take the money back unless you formally agree to it. If there isn’t agreement, IPromise outlines some recommended steps to work through. See here for more detail.
Yes, it’s protected (unlike completely unsecured deposits many businesses request). Because the funds are held in trust away from the business / liquidator (in the secure BNZ Trust Account) until the customer agrees the job is completed (or until formal dispute resolution results in a determination of how the funds need to be applied). Neither the business, nor the liquidator has direct access to funds in our BNZ Trust Account (escrow account).
A business / liquidator would only have a claim against your money equal to what the business / liquidator is entitled to under contract / at law. Or in other words, if the business / liquidator can prove they have delivered the customer value then they are entitled to claim to receive that value. That is fair and reasonable – unlike those completely unsecured deposits many businesses request which can leave you scrambling to claim funds back if something goes wrong in the meantime.
Watch the explainer video.
The process is exactly the same as staging projects. Once a project is ‘In-Progress’ and a variation is required, it is important to identify this early with your customer and communicate (ideally through the secure IPromise chat) to explain the reasons for the variation and that you are going to require a formal variation.
You then go into the project summary and click on ‘Add Stage / Variation’, and simply explain in the variation quote what the specific variation is and the amount. Send this to your customer – we recommend you do not start the work on the variation until your customer has secured the variation quote by paying the specified amount into the secure BNZ Trust Account (escrow account).
Your customer’s protection, once again, is that you don’t get the money until the approved project (in this case, a variation to a project) is completed to your customer’s satisfaction.
Disputes happen today under the traditional way of transacting and often there is no documentation, transparency or fairness in the way projects (or jobs) are set up from the start. This is the major cause of disputes.
IPromise helps Suppliers/Sellers to set up fair and transparent transactions with their Clients/Buyer from the beginning. Both parties are also motivated to resolve any disputes as the money is safe and secure in the BNZ Trust Account (escrow account) until there is an agreement.
We have more information here on what to do including a helpful recommended process should you need some guidance.
The best way to cover investigations of faults (or unknown outcomes)when quoting is to send your customer the minimum cost of the call out fee. For example, it might be one hour of your time and travel (if applicable). Don’t go to the job until your customer has paid the minimum amount into the secure BNZ Trust Account (escrow account). You can then attend the job, complete the investigation and add a variation to that ‘call out fee quote’ detailing the work you have found that is required to be actioned.
That way you have at least locked away the call out fee money for your valuable time and your customer is clear about what additional costs are required. They can then decide to proceed or otherwise with the remediation. The great thing about IPromise is that by completing the first ‘call out fee quote’ you have all the correct contact details for your customer saved in IPromise and future quotes are transparent and simple to manage from then on.
Watch the explainer video.
Ratings for Users happen at the end of the transaction. It’s important to be constructive and fair. After a user receive 5 ratings the average will be displayed for other users to see. It’s good to keep this in mind throughout the project.
You can leave feedback for IPromise any time here. The IPromise team review feedback daily and your feedback helps to make what we do even better.
