That means keeping close track of clients so that you keep a constant stream of money entering your accounts.
The trouble is, some clients are better at paying on time than others. In some cases, clients pay for services according to their cashflow needs while yours take a back seat in their priority queue.
CheckVault is an escrow service. An escrow service is a third party who holds money on behalf of some person. For example, say you’re working on a large project with a client where the final invoice value is expected to be $20,000. Your client would put that money in a escrow service account where it would be disbursed to you when you have completed the service or at agreed milestones.
In other words, the third party who is holding the money in trust makes the payment to you.
CheckVault is a new independent escrow service that boasts a 100% success rate in getting payments made on time following a two-year testing phase. They have now opened their service to the wider business community.
CheckVault is a free secure escrow service that is available to consumers and businesses across Australia. Once a quote for a job is submitted, payments are secured and the funds are held safely in the CheckVault until the work is complete, to be released only when both parties are satisfied. When payment risk is taken out of a job, both parties win.
The service is free as CheckVault makes its money through the interest earned while the funds are held. CheckVault holds the funds via an escrow arrangement with ANZ Bank and Perpetual Corporate Trust.