HomePay is a mobile app that utilizes an escrow payment system to securely manage renovation payments between homeowners and interior designers, ensuring funds are released only upon approval of completed work. This platform addresses the risk of renovation scams and project abandonment by holding payments in a DBS custodian account until contractual milestones are met.
Funding
Funding not disclosed
Founders
Product
Problem
Homeowners face the risk of financial loss due to renovation scams, project abandonment, or disputes with interior designers (IDs) regarding the quality of work. Traditional payment methods offer little protection, leaving homeowners vulnerable if contractors fail to deliver on their promises. This lack of security can lead to stress and financial strain during the renovation process.
Solution
HomePay is a mobile application that provides a secure escrow payment system for renovation projects, protecting homeowners from potential fraud and ensuring projects are completed as agreed. Funds are held in a DBS custodian account and released to interior designers in stages, only upon the homeowner's approval of completed work. The app facilitates clear agreements between homeowners and IDs, manages payment tranches, and offers a dispute resolution process. In the event an ID firm ceases operations, HomeProtect ensures project completion by engaging another vendor at no additional cost to the homeowner.
Target Audience
HomePay primarily targets homeowners in Singapore undergoing renovation projects, as well as interior designers seeking a secure and streamlined payment platform.
Features
- Secure escrow payment system powered by a MAS-licensed Major Payment Institution (MPI) and DBS custodian account
- Milestone-based payments: Funds released only upon homeowner approval of completed work for each tranche
- Digital contract signing within the app to formalize agreements between homeowners and IDs
- Dispute resolution process with quality surveyor arrangement
- HomeProtect feature to ensure project completion if the engaged ID firm ceases operations
- Support for credit card, debit card, and bank transfer payment methods
- Mobile app available on iOS and Android