We Solve An Economy Wide Problem
Escrow Square is an Escrow system operating on Web App platform to allow for complete transparency and accountability.
Buyers don't trust suppliers for delivery!
Sellers don't trust buyers for payment!
An Escrow Square is a Contractual arrangement in which a third party receives and disburses money or property for the primary transacting parties, with the disbursement dependent on the conditions agreed to by the transacting parties.
This problem is very real in the construction industry.
- Contractors over-charge to subsidise non- payment particularly on final payments
- Suppliers embed additional margin into material cost to absorb bad debts from contractors
- Banks are suspicious of too low cost per sq m building contracts and only award bonds above in certain threshold
- The threshold already has embedded system inefficiencies in
The Escrow Square Process
- Client & Contractor
- Buyer & Seller
- Client & Service Provider
All parties agree to Payment Specifications
Funds are paid over to Escrow Square as per signed contracts
All contracted parties and agree milestone payments are loaded on the Escrow Square platform as per agreements.
The funds are in place and the project can start with
All parties in the project have View or Action access, depends on their roles. All actions are visible and people who actioned them.
Milestone payments are requested by responsible person.
Instruction is given to the responsible person to inspect the requested Milestone payment.
Once inspection has been done, instruction is given to Escrow Square to proceed with payment as per Milestone agreement.
Various other industries that can benefit from our platform
Although the idea originates from the building industry process, there are several other industries were making use of an Escrow Account process can be of benefit for both parties.
- Construction Industry: Contractors – Clients – Suppliers – Financing houses – Standards
- Council: Service delivery – Tender Contracts – Cash Flow transparency – Accountability
- Legal: Attorney – Client – Service delivery – Arbitration awards – Settlements
- Auto Trade: Buying Selling Long Distance – Parts Ordering – Services
- Internet: Purchases on the Net – Safe, Secure, Reliable.
- Import Export: Releasing Funds as you receive items.
- Progress Management Payments: Pay on Milestones reached.
- Petroleum Industry: Confirm Funds prior to delivery – Real Time exchange
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A Guarantee of Achieving the Desired Result!
The specialists of our company will provide you with expert advice on any issue that interests you.
