The New Zealand construction industry has long been plagued by payment issues, with contractors and tradespeople often waiting months to receive payment for their work. However, IPromise (a secure payments software solution), has already fixed this problem ahead of a new law change set to address the issue.

The new law change aims to address the issue of delayed payments in the construction industry by requiring contractors to make progress payments to subcontractors within a certain timeframe. This change is a major win for tradespeople, who have long suffered from delayed payments and cash flow issues.

At IPromise, we’re proud to have been waving the flag for this issue, and have developed an affordable and easy to use software solution for this problem. By using IPromise, businesses and contractors can secure their cash flow by securing payment at the quote stage (using our quoting and invoicing facility), that are held in a secure BNZ trust account, released only when both parties agree the job is done, ensuring that payments are made promptly and fairly.

IPromise’s secure payments software is currently being used by contractors and tradespeople across the country to ensure prompt and fair payment for all parties involved in the construction process. With the new law change set to take effect in the coming months, IPromise is well-positioned to continue providing a superior payment solution for the construction industry.

“We’re thrilled to see that the government is taking steps to address the payment issues that have plagued the construction industry for so long,” said Paul Veric, co-founder of IPromise. “But we’re even more excited to offer a solution that has already solved this problem, and goes beyond to deliver additional value to the construction sector. Our secure payments software ensures that all parties are paid promptly and fairly, without the need for new legislation.”

Matt Peacock, co-founder of IPromise, added, “We believe that our software solution offers a superior alternative to the new legislation. By using IPromise, contractors can avoid the administrative burden of complying with new payment regulations, while also providing a more efficient and fair payment process for subcontractors.”

The benefits of using IPromise’s secure payments software go beyond simply solving payment issues in the construction industry. Contractors can also use the software to manage their finances more efficiently, with real-time tracking of payments and streamlined invoicing and payment processes.

In addition, the software offers increased security for all parties involved. Transactions are securely stored in a BNZ Trust Account, providing an immutable record of all payments made, and payments are only released when both parties are satisfied the job has been completed as per the quote. This reduces the risk of disputes and fraud, as well as providing a transparent and auditable payment trail.

IPromise is proud to be leading the way in solving payment issues in the construction industry, and is committed to continuing to provide a superior payment solution for all parties involved. With their secure payments software, contractors and tradespeople can be assured that payments will be made promptly and fairly, without the need for complex administrative processes or new legislation.

For more information on IPromise and our secure payments software, visit our website and start your free 90-day trial (no cc required) at https://ipromise.co.nz/