Partnerships / Acquisitions

ServiceChannel Taps PromisePay For Marketplace

ServiceChannel, the SaaS service automation platform for facilities managers and contractors, announced Thursday (Oct. 20) it has chosen PromisePay to power the company’s multibillion-dollar marketplace after an extensive competitive selection process.

In a press release, ServiceChannel said its facilities and contractor management platform is used by more than 350 global companies, including numerous leading retail, restaurant and other multi-location brands, to streamline facilities repair and maintenance services across more than 200,000 locations in over 60 countries.

The integration of PromisePay’s fully managed payments solution will now give ServiceChannel the capability to automate and streamline the large volume of complex transactions between facilities professionals and commercial contractors. PromisePay, which is backed by Square Cofounder Jim McKelvey’s Cultivation Capital, as well as Westpac Bank, auto marketplace Carsales.com.au, Australian VC rampersand and 99designs Cofounder Mark Harbottle, powers payments for marketplaces and platforms across North America and APAC. Its modular platform gives organizations the flexibility to build payment flows however they desire, without the restrictions and frustrations of legacy payments solutions. It is also the first platform that provides a fully managed solution, so organizations can simply outsource their entire payments function, including fraud management, end user support, chargeback liability and dispute resolution.

The partnership with PromisePay will allow ServiceChannel to enhance its flagship Service Automation product, which manages the transactions between customers, ServiceChannel and the more than 50,000 repair and maintenance contractors registered on the platform. As opposed to legacy payment solutions that require manual processing for individual transactions, PromisePay seamlessly integrates with ServiceChannel’s workflows, allowing it to provide its customers a consolidated invoice and disperse individual payments to hundreds of contractors at once.

“Our mission at ServiceChannel is to continually drive transparency and efficiencies to facilities managers and service providers. PromisePay was the only solution we found able to handle the volume of transactions our customers are generating,” said Tom Buiocchi, CEO of ServiceChannel, in the press release. “With PromisePay, we’re not only able to automate payments but also offer complex features, such as passive and active funds collection, split disbursements, on-system vendor boarding and ACH processing.”

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