PayKeeper is an automated escrow platform that facilitates secure cash transactions for home improvement projects by holding funds in FDIC-insured accounts until project milestones are verified. This approach mitigates the risk of fraud and disputes between homeowners and contractors, ensuring trust and accountability throughout the transaction process.
Funding
$3.2M 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
Homeowners face the risk of fraud and disputes when paying contractors upfront for home improvement projects. Contractors may not complete work as agreed upon, or homeowners may refuse to pay for completed work, leading to financial losses and legal battles.
Solution
PayKeeper is an escrow platform designed to secure payments for home improvement projects. It holds funds in FDIC-insured accounts and releases them to contractors only when pre-defined project milestones are verified. This process ensures that contractors are paid for completed work and that homeowners receive the services they pay for, fostering trust and accountability between both parties. PayKeeper's platform supports customizable terms for various projects, making escrow accessible for everyday transactions.
Target Audience
PayKeeper primarily targets homeowners and contractors involved in home improvement projects, including roofing, window replacement, kitchen and bath remodeling, landscaping, and HVAC services.
Features
- Secure escrow accounts held in FDIC-insured banks
- Milestone-based payment releases upon verification
- Simple workflows for uploading documents and photos for verification
- Customizable platform to support the terms of any project or transaction
- Dispute resolution process to mediate disagreements