What is Secrow?
How does the Secrow System work?
How do I know my money is safe?
How do I get my payment on completion of a project?
As a customer, what are the benefits of Secrow to me?
As a contractor what are the benefits of Secrow to me?
How much does it cost to use Secrow?
How does Secrow make its money?
What happens if there is a dispute between a customer and a contractor?
How do I know whether a customer has paid?
Can I use Secrow to check on the quality of contractors?
Can I on-pay suppliers using Secrow?
As a sub contractor, can I use Secrow with a primary contractor?
Will Secrow supply contracts?

What is Secrow?

Secrow is a payment intermediary that holds project payments in trust until the satisfactory completion of a project. Back to top.

How does the Secrow system work?

Secrow is a form of escrow - payment is lodged into a trust account managed by an independent third party. On completion of an agreed contract funds are released.

A form of escrow you may be familiar with is progress payments on home building. In this case the bank holds the payment until the owner gives authorisation. Back to top.

How do I know my money is safe?

Trust accounts are independent and secure bank account which holds money on behalf of someone else, in this case the customer. Trust accounts are regulated by legislation and monitored by the Australian Securities and Investments Commission. Back to top.

How do I get my payment on completion of a project?

Once your customer has signed and lodged the contract completion form, the payment will be automatically released into your nominated bank account. Back to top.

As a customer, what are the benefits of Secrow to me?

Secrow helps ensure that a project is performed to the agreed project provisions by binding the contractor to conditions that may include quality of work performed and on-time completion.

Your funds are not released until you sign-off on a contract completion form.

Since Secrow eliminates payment concerns to both parties, it means you can concentrate on fostering a positive working relationship with your contractor. Back to top.

As a contractor what are the benefits of Secrow to me?

Secrow offers tremendous benefits to contractors:

• Eliminate bad debts – Begin work with confidence knowing that payment is guaranteed and lodged safely in trust.
• Save time - Secrow eradicates the need to chase customers for payment.
• Improve cashflow – Budgeting becomes more simple because you know how much you are being paid and when.
• Build your business – demonstrating a payment guarantee can help you obtain better rates from suppliers as well as negotiating more favourable terms with lenders for purchase of work equipment. Back to top.

How much does it cost to use Secrow?

There is absolutely no charge for a customer to lodge a payment with Secrow.

For contractors the fee is 1.5% with a minimum fee of $75. There are no account-keeping fees or any on-going fees. Compare this with other form of payment services such as factoring which can have fees of up to 8% or the cost of maintaining an overdraft or line of credit. Back to top.

How does Secrow make its money?

Secrow earns its money from the 1.5% fee it charges its subscribing contractors Back to top.

What happens if there is a dispute between a customer and a contractor?

Secrow does not intervene should a dispute arise between a customer and a contractor. Both parties should be bound by the commissioning contract and dispute resolution options are available through industry mediation or through the courts.

If a dispute between two parties should arise, the money paid will remain in trust until the matter is resolved. Back to top.

How do I know whether a customer has paid?

Subscribing contractors can log into the Secrow web site and see the status of their account at any time. Back to top.

Can I use Secrow to check on the quality of contractors?

Secrow does not provide a warranty or make any claim regarding the quality of work from any of its subscribing contractors. Your state’s licensing authoring or industry body may be a source of this information. Back to top.

Can I on-pay suppliers using Secrow?

Yes. All you have to do is stipulate in the contract that some funds paid into Secrow will be required to be drawn down to pay suppliers at particular project milestones. The funds can either be transferred into your account to pay suppliers or a supplier’s bank account can be nominated. Back to top.

As a sub contractor, can I use Secrow with a primary contractor?

Yes. In this case the primary contractor is your client and a contract arrangement regarding payment for work rendered should be entered into. Back to top.

Will Secrow supply contracts?

In the Secrow web site members’ area you will find a contract template that contains the basic agreement details between both parties. You can also attach your own standard terms and conditions to your contact document. Back to top.