Fintech startup PromisePay pushing US growth through partnership with New York's ServiceChannel

- October 24, 2016 2 MIN READ

New York company ServiceChannel, which runs a service automation platform for facilities managers and contractors, has announced it has partnered with Australian startup PromisePay to power its multi-billion dollar marketplace.

ServiceChannel’s platform is used by over 350 companies globally to streamline facilities repair and maintenance services across more than 200,000 locations in over 60 countries. With the integration of PromisePay, ServiceChannel will be able to automate the transactions between facilities professionals and commercial contractors.

The company, which has processed over $30 billion, stated that PromisePay integrates with ServiceChannel’s workflows to allow it to provide customers a consolidated invoice and disperse payments to hundreds of contractors at once. Its fully managed solution means organisations will be able to outsource their entire payments function, including fraud management, end user support, chargeback liability, and dispute resolution.

Tom Buiocchi, CEO of ServiceChannel, said, “Our mission at ServiceChannel is to continually drive transparency and efficiencies to facilities managers and service providers. PromisePay was the only solution we found able to handle the volume of transactions our customers are generating.”

The news comes a few months after the Collingwood startup raised $14 million in a Series A round led by Carsales, with participation from the likes of Reinventure and Rampersand, to further drive growth in the US, which it has identified as its biggest potential market.

PromisePay cofounder Simon Lee said at the time “There are thousands of platforms looking to create fast, simple and trusted payments between buyers and sellers that don’t know each other. It’s a great deal more complex than just a payment, it’s an entire experience, and our technology delivers that experience seamlessly for platforms all over the world, and with full protection to all parties.”

Where the startup differs from other payment platforms is in its own management of risk and fraud, where it looks to create trust between users through a system that conducts background checks to enable identification and authentication of each customer and business owner.

PromisePay has over 40 clients around the world, including Airtasker and 99Designs. The startup earlier this year integrated with News Corp-backed tradie marketplace hipages, allowing hipages to launch in-app payments to help tradies get paid on time.

Image: Darren McMurtrie, Simon Lee, and Simon Jones. Source: Supplied