Paying a deposit to a tradie, builder, or contractor can feel like a gamble. You’ve probably heard the horror stories, or worse, lived through one yourself. Money handed over in good faith, only to end in ghosting, unfinished work, or a company liquidation. Unfortunately, these aren’t rare cases in New Zealand.
But what if there were a simple, secure, and free way to protect your money when paying for services?
That’s where IPromise comes in. It’s not an insurance company, but it functions like free consumer insurance for your deposit, giving you peace of mind before the work even starts.
The Risk Consumers Take Every Day
Whether you’re booking a painter, builder, dog groomer, or drain layer, you’re often expected to pay a deposit up front. Sometimes it’s a small percentage, sometimes it’s the whole cost.
The risk?
Once you pay, you’re at the mercy of:
- Delays
- Poor workmanship
- Non-communication
- Outright fraud
- Company collapse before the job starts
If any of those happen, your money is likely gone, and recovering it can be long, stressful, and expensive (if not impossible).
So, What Is IPromise?
IPromise is a secure digital platform that holds your payment in escrow, safely tucked away, not in the business’s account, until the work is completed to your satisfaction.
In short, it gives consumers:
✅ Payment protection
✅ Deposit security
✅ Power to release funds only when the job is done right
And here’s the best part:
It’s completely free for consumers.
How IPromise Works
The process is simple, but powerful:
- You and your chosen business agree to a job (quote, scope, and timeline).
- You pay the deposit via IPromise, where the funds are held securely.
- The business sees that the money is there (so they’re motivated to start).
- When the job is done, you approve the work, and only then is the money released.
No awkward follow-ups. No crossed fingers. No praying that the builder shows up next week.
It’s escrow for everyday jobs – a financial tool previously only used for big real estate deals or high-value transactions.
Why It’s Like Free Consumer Insurance
Traditional insurance steps in after something goes wrong.
IPromise is different – it helps stop things from going wrong in the first place.
Here’s how it acts like free insurance:
| Risk | Traditional Outcome | IPromise Outcome |
| Builder disappears | Money lost | Money never leaves escrow |
| Poor-quality job | Expensive to fix | Funds can be held back |
| Company goes bust | Money tied up in liquidation | Money returned to you |
| No paperwork | Disputes get messy | Clear terms are agreed up front |
IPromise doesn’t just protect your money, it shifts the power back to you, the consumer. You become the one who controls when (and if) funds are released.
Real Stories, Real Losses
Just recently, a case reported by Stuff revealed a builder who misused $285,000 in client deposits, spending it on debts, home renovations, and even racehorses. His company collapsed, and most of the money was never recovered.
Scary? Yes.
Avoidable? Also yes, if the clients had used a secure, consumer-first payment platform like IPromise.
No Extra Cost, No Catch
There’s no fine print: IPromise is free for consumers.
The business pays a small fee (typically only $20 per month). This creates an incentive for them to be accountable, responsive, and motivated to finish the job – properly.
In fact, the best businesses are already signing up because they know it builds trust and credibility with customers. It’s becoming a mark of professionalism.
We’ve Got Your Back
Whether you’re booking a $500 job or a $50,000 renovation, your money should work for you, not just the person you’re paying.
IPromise is designed to be your shield in the trade world. It’s the easiest, smartest way to stop being burned by bad operators and start dealing with pros who play fair.
It’s free. It’s simple. And it’s time we stopped normalising risk when paying for services.
IPromise Is Safe As Houses
IPromise has partnered with the BNZ bank who hold their Trust Account and they are a registered payee with all the major NZ banks.
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). They are a member of the Financial Services Complaints Limited Dispute Resolution Scheme (DRS 8793).
Final Thought
If someone asked you to hand over thousands of dollars to a stranger you’d say no way.
But every day, thousands of New Zealanders do the equivalent by paying unprotected deposits to businesses they barely know.
Don’t risk it.
Ask for IPromise before you pay that deposit.
Join the smart consumers already using IPromise. Because your money deserves protection – and your peace of mind is priceless.
