Midcontract offers a secure escrow service for service contracts, allowing payments to be split into upfront and incremental installments while ensuring compliance and fraud protection. The platform addresses issues of non-payments and high fees associated with traditional freelance marketplaces by providing industry-specific contracts and support for both fiat and cryptocurrency transactions.
Funding
$500K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Freelancers and businesses face challenges related to non-payments, payment delays, high marketplace fees, and disputes in service contracts. Traditional freelance marketplaces often charge high commissions, while standard contracts lack escrow protection, leading to financial uncertainty.
Solution
Midcontract offers an escrow-backed payment platform designed to secure transactions between freelancers, agencies, and businesses. The platform mitigates risks associated with remote work by holding funds securely until contract terms are met, ensuring timely and full payments. Midcontract supports both fiat and cryptocurrency transactions, providing flexibility and reducing reliance on traditional banking systems. By offering industry-specific contracts and dispute resolution mechanisms, Midcontract fosters trust and transparency, streamlining payment processes and minimizing financial losses for all parties involved.
Target Audience
Midcontract primarily targets freelancers, agencies, and small to medium-sized businesses (SMBs) seeking secure and efficient payment solutions for service contracts.
Features
- Escrow-backed transactions to secure funds until contract terms are fulfilled
- Support for both fiat and cryptocurrency payments, offering flexibility in payment methods
- Customizable contract models, including fixed price, milestone-based, hourly, and retainer options
- Dispute resolution mechanisms to address and resolve conflicts efficiently
- Identity verification for all users to reduce fraud and enhance security
- Lower fees compared to traditional freelance marketplaces, increasing earnings for freelancers
- Private contracts visible only to involved parties, ensuring confidentiality
- Integration with over 130 payment methods globally, facilitating hassle-free transactions