IPromise – Your Fair And Secure Payment Partner

Kiwi startup aims to tackle the $7 Billion (NZD) in overdue payments problem, payment/productivity inefficiencies, and more in the service industry. 

Businesses in the service industry often have cash flow issues when client payments are delayed or simply not made. Service businesses like tradies, architects and engineers can now enjoy increased protection for payment of a project or services. Their Clients enjoy a simple and safe way to control payments, thanks to the latest industry SaaS payments solution; IPromise – Your fair and secure payment partner. 

“The IPromise solution secures Client payment before a project or service is started so businesses receive immediate payment on successful project completion.”

The innovative idea came about after the founders, Matt Peacock and Paul Veric, spent many years owning and working in industries that spent considerable time and money waiting to receive payment, issuing invoices and chasing overdue and non-payment. Matt and Paul have always had the belief that Suppliers deserve to get paid immediately when the agreed job is done, and that clients deserve to have their money protected until the agreed job is done.

With 80% of New Zealand businesses reporting overdue invoices totalling over 7.4 billion, this is a real cash flow headache for businesses like tradies (needing to purchase materials) or professional service firms in the industry needing to balance their overheads with prompt Client payments.

IPromise Explainer Video Thumbnail

What’s more, precious productive business hours are wasted chasing late payments. More than 20 million hours are lost chasing late payments in New Zealand, every year (Xero). 2022 has also seen many home and renovation project budgets blow out as a result of rising material costs, a delayed supply chain, and disruptions that extend project timelines.

But the benefits aren’t purely Supplier focused, IPromise also provides peace of mind to Clients. All quoted, approved work is confirmed through the web app so that Clients know that until the job is done, and their payment is held in a secure BNZ Trust Account until both parties agree the project is complete (as per the agreed quote). All the while, Suppliers know they will receive payment immediately upon successful completion. According to a report by Xero, of the 79% of small businesses that aren’t getting paid on time, ‘42% of their Clients can’t pay because they have insufficient funds’. What Suppliers can afford to take that risk?

In addition, the software also boasts smart project management features, automated invoicing, quoting / receipting features (that significantly reduces payment administration time), secure instant chat, and more.

Security of payments is a core focus for IPromise. IPromise cofounder, Matt Peacock comments “We take payment security very seriously. All payments are held in a secure BNZ Trust Account with the highly secure Windcave payment gateway managing all payments. The BNZ Trust Account is supported with ‘gold-standard’ Microsoft security, two- factor authentication and Secure Socket Layer (SSL) protocols are also employed. Our Partner Verifi.com biometrically identifies and verifies every Supplier and Client.”

Matt Peacock - IPromise Co-Founder

Matt Peacock
Co-Founder of IPromise

IPromise doesn’t have any access to the funds deposited – the system can only release funds on instruction from the Client and Supplier. What’s more, IPromise has committed to making a charitable donation each quarter from any interest (minus fees) they receive into the BNZ Trust Account. Their first donation has gone to the Starship Children’s Hospital.

Tradies and professional service businesses are encouraged to take advantage of the free 90-day trial period to see how this new tech can support their business, free up admin time and improve cash flow.

IPromise is the most recent launch in the emerging startup scene in the Taranaki region, as many small businesses use their ability to work remotely, choosing to work in regional New Zealand. The business has high aims, to completely change how Suppliers and Clients not only think about, but how they do business, by offering the service industry a more transparent, fair and simpler way to do business.

For more information about IPromise, watch the short video below to find out more. If you’d like to get started, register for free today.