The key benefits of using ContractaPay include:
Security: The use of ContractaPay protects both parties by ensuring that funds or assets are only transferred when all terms are met.
Neutrality: ContractaPay provides a neutral third party to manage and oversee the payment distribution.
Liquidity risk minimisation: The use of ContractaPay minimises the risk of non-payment or late payments.
Solvency risk minimisation: The use of ContractaPay minimises the risk of loss of funds for payers in the event of insolvency of the payee with funds held by ContractaPay only able to be used for the purpose intended and can’t be used to meet other debts of the payee.
Confidence: Builds trust and confidence between parties by ensuring that agreed-upon conditions are met.

The fee structure comprises a simple low cost subscription fee for payees (e.g. home builder) with a low rate transaction fee.

The duration of the escrow process depends on the number of milestones and duration of the work. Transactions can range from a single milestone for the delivery of goods or the completion of a service to dozens of milestones representing a complex construction contract for example. Funds are only provided on a milestone-by-milestone basis.

To use ContractaPay you will need to open an account and verify your credentials. If you are a payee (e.g. builder), you will need to include your account details for to enable the receipt of payments and provide your customer’s email address. We will then send an invitation to your customer to open their own account where they can review the project schedule. If you are a payer (e.g. homeowner) you simply need to include your builder’s details and we will contact the payee and request they open an account.

To open an account as an individual you will need to verify your identity using the Australia Post digital ID verification tool. To open a company account you will need to provide the registered company address and ACN.

Following completion of the milestone work activity or delivery or goods, the payee (e.g. builder) will issue a completion notice via ContractaPay. If the payer disputes the quality of work or the goods delivered, the payer will lodge a dispute notice via the platform and the funds will remain held in escrow pending resolution between the two parties.

We do not hold any high-risk data such as personal data or financial card data. Bank account details used for payment remittance is encrypted at rest and our systems are regularly audited to ensure the highest ongoing standard of data protection.

Yes, the dashboard available via your account will show the status of all milestones and payment activity.

You can reach our customer support team via
Phone: [Insert phone number]
Email: [Insert email address]
Website:Contractapay.com.au

If the payer (e.g. homeowner) fails to fund the milestone as requested the payee may delay commencement until the funds are deposited into escrow.
If the payee (e.g. builder) doesn’t complete the work to the expected standard the funds will continue to be held in escrow until both parties agree all obligations have been met.
If funds are deposited and work does not commence (e.g. the payee enters administration), the funds will be returned to the payer.
If funds are deposited and work does not commence (e.g. the payee enters administration), the funds will be returned to the payer.

Can escrow services be used for international transactions? Not at this time however we are currently building this functionality for ContractaPay customers.

Funds held in escrow will be returned to the payer in the event the payee (service provider) is unable to complete its obligations.