PromisePay, a fintech startup founded in 2013, is an online escrow payment platform for marketplaces. They allow marketplaces to abandon an in-house payment solution, essentially outsourcing the entire process and allows PromisePay to manage the entire transaction. Marketplaces can easily integrate features such as dispute resolution, escrow, and advanced fraud detection.
Their most notable and innovative feature is how they deal with buyer and seller disputes with their advanced preventative fraud monitoring to protect both parties. PromisePay utilizes various data sources such as an authentication system, verified bank accounts, background checks, IP address location, and white/black lists to verify a buyer’s device for abnormalities and uses geolocation to determine their physical location and likelihood of fraudulent activity.
- Company: PromisePay
- Started: 2013
- HQ: Melbourne
- Linkedin Employee Count: 17
- Co-founders: Simon Jones (CEO), Simon Lee (CTO), Darren McMurtrie (CEO)
- Product: FinTech, Online Payment Service
- Risk & Fraud Protection
- PCI Compliant
- Custom Fees
- Payments Dashboard
- Streamlined payments integration
- Accepts multiple payment forms (Major credit cards, bank transfers and PayPal)
- Disputes resolution