How Secrow Works

How SECROW Works

SECROW assists both business and customers in improving cash flow and ensuring payment for work completed.

Home Renovation Boom On Horizon

The global economic downturn and its impact on house prices is slowing the home sales market. However, it is predicted to lead rapidly to a boom in home renovations as people who would like a new home choose to renew their existing one instead.

Using Secrow will put tradespeople in a unique position to win the trust of customers in these circumstance and allow renovation customers the assurance of a job well done.

Secrow is a form of Escrow that aims to assist business by improving cash flow and ensuring payment for work completed/goods supplied, whilst providing customers with peace of mind of secure payment and credible suppliers/tradesman to fulfil their requirements.

Secrow makes sure agreed obligations are met so payment can be made Secrow independently holds a contracted amount of funds in trust on behalf of the supplier until agreed obligations are met and the customer authorises the release for payment.

The following are examples of the role that Secrow would play in a transaction.

• A tradesman quotes to do a job. As part of the conditions of his quote the customer will lodge payment for the job with Secrow (prior to commencement). Upon the satisfactory completion of the job Secrow will release the funds electronically to the tradesman, within 48 hours. Secrow also caters for deposit payments and progress payments. At all times, both parties are able to view the respective financial position on-line.

• A customer purchases a new kitchen as part of a renovation. The cabinetmaker insists on a 50% deposit up front. The customer lodges this deposit with Secrow and releases payment at an agreed point in the construction process. This would apply wherever an item is ordered or there is a time delay in delivery. This statement could be used as verification to the material supplier for funds ready to be processed.

• A grain producer sells grain to individual feedlots and grain merchants. This has been a major problem area for grain producers for many years. With Secrow the merchant is required to pay the money direct to the trust account and it is released when a delivery docket is signed and supported by a weighbridge docket. There is an opening also to encourage end-users to promote to suppliers that they use Secrow, to enhance their credibility and provide an edge over their competitors.

Secrow has been designed to provide peace of mind for both parties. The trust account will be audited by a credible independent party and is not utilised by Secrow for administrative, financial, investment or capital purposes.

There is no need for the supplier or client to have any knowledge of the banking details of the other party. Secrow is Internet based, however allows for manual payment of funds by customers through the mail or bank deposit to cater for those who still desire to pay by cheque.