We were recently made aware of the Kiistone service and the fact that the newly founded service is currently providing full onboarding support, access to all features and tools and registration to the escrow payment protection facility for free and so we onboarded to get the benefits of the service and the low down how it all works.
Who is Kiistone for?
Construction Contractors/ Trades people and anyone else who sets a scope of work and payment milestones against work packages. If you have ever been worried about if a customer has the money to pay or if you will get that final payment then this system is aimed at protecting you.
What is Kiistone?
In short, Kiistone allows you to set work scopes and costs against payment milestones in the same way that most contractors already do. The difference is that the client then pays the agreed milestone payments into the escrow facility (secure holding account) before the work starts and you can see the escrow balance through the app. This ensures that funds are available and that the client is committed to the works before you place any orders or commit resources to the project. The milestones are then agreed by both parties on the app which triggers the release of funds generally within a few hours of agreement.
There are other features such as Project dashboard, flags and messages that allows both client and contractor to log project relevant communication and the ability to add contract variations, milestones, descriptions and payments as the job inevitably changes along the way.
The logic behind Kiistone seems to be that is that it is fair to both the client and the contractor but in general, the client has the upper hand as they are holding the funds. With the Kiistone system the client cannot simply not pay make excuses as they would then need to engage in a process of mediation and the contractor would need to agree before funds are returned to client.
What we like
- The system itself is user friendly and designed for access on smartphones and other smart devices allowing you to easily manage the important issues surrounding project finances quickly and whilst on the go.
- The functions of the system help contractors to ensure that clients are genuine prior to the work commencement and we agree that disputes and non-payment of work scopes will be far less likely to occur.
- In the event of a dispute, the contractor has a full log of agreements and communications that can be used as evidence in mediation
- Deposits can be taken and held in escrow to provide contractors with the confidence that the client is committed to the work in advance to reduce the likelihood of last minute cancellations and ensure that continuity of work is smoother than it otherwise could be.
- Inexpensive protection at 1% or less on values up to £250,000.
We were glad to onboard with Kiistone and we can see that they are here for the betterment of construction community which is always welcomed. The product is functional, user friendly and well designed and we are sure that this concept is going to be very useful to many trades and the industry moving forward.
Currently onboarding, including full registration to use the escrow facility, is free of charge for a limited time so if you want to take advantage of this launch offer then contact them soon.
We wish Kiistone well and look forward to seeing them develop.
Kiistone Contact Details
Tel: 01200 403 003