New fintech product aims to revolutionise client relationships

A new Australian fintech product called Witzer is set to shake up how tradespeople and their clients do business, aiming to bring much-needed trust and transparency to an industry plagued by payment disputes and shoddy workmanship.

Developed by industry veterans who have witnessed firsthand the fallout from contractual conflicts, Witzer is a software platform that acts as an independent custodian of project funds.

Money is held in a secure trust and only released when both the tradesperson and client agree the job has been completed satisfactorily per the contract terms.

“When money is involved, even the best relationships can sour,” said James Robinson, CEO of the Queensland-based startup behind Witzer.

“Our platform keeps contractors honest and buyers to their word by taking the question of fairness out of the conversation.”

The concept behind Witzer originated 15 years ago and has proven successful in protecting all parties involved.

Holding funds in escrow, the app prevents cashflow issues for contractors chasing late payments while giving homeowners assurance their money is safeguarded until quality work is delivered.

“With Witzer, tradies know exactly when they can expect to get paid, and homeowners know they’ll get a job completed to a high standard,” Robinson explained.

“By delivering transparency and trust to the project, we work to minimise the fallout from financial disputes.”

The app works with the client paying the full amount into Witzer’s secure trust account at the start of the project.

The contractor can then commence work with confidence, knowing payment is guaranteed upon completion.

Funds are only disbursed once both sides sign off that all contractual obligations have been met.

“By collecting the funds directly from the client, we act as a completely unbiased funds manager, helping to ensure more seamless transactions by keeping everyone accountable and in control of their parts of the project,” said Robinson.

Witzer is targeting suppliers, contractors, small-to-medium businesses, and property owners across Australia.

The web-based platform has companion mobile apps available on Apple and Android devices.

After two years of development, the founders believe Witzer’s impartial system can finally bring an end to the financial disputes that have long plagued the building trade.

“Unlike other systems, Witzer protects everyone involved from start to finish without putting cashflow burdens on one particular party. It’s built by industry for industry,” Robinson stated.