About TwoHold
What is TwoHold?
At TwoHold, we want to make sure that you get paid for the work you do as soon as you do it.
That’s why we created Australia’s first digital platform to ensure timely, secure payments between small businesses and sole traders and their clients.
You can feel confident you’ll get paid quickly. While your clients know their jobs will be delivered to the standard they expect, and on time.
Why we started TwoHold?
A recent study* of 150,000 businesses in Australia found that a staggering 53% of invoices were paid late by an average of 23 days. Another 20% paid the wrong amount, while further 20% were paid to the wrong business entirely.
As contractors ourselves, we experienced this problem firsthand.
We know how hard it is to manage invoicing and payments when you’re busy trying to run other parts of your business. We know how uncomfortable and frustrating it can be to chase a payment, sometimes repeatedly. And how many hours of your precious time it can chew up.
Over years working in web development, we realised that there were no safe, reliable and cost-effective payment systems for small businesses and sole traders to make payments quick and easy – let alone demonstrate the client had the funds to pay.
The answer was an escrow solution designed for businesses like ours. One that was easy to use, trustworthy and inexpensive. That’s when we decided to develop TwoHold.
*https://spenda.co/resources/blog/the-cost-behind-late-payments-for-small-aussie-businesses/
What is escrow?
Escrow refers to an arrangement where a client pays for a product or a service into a dedicated holding account in advance. That money is released to the provider of the product or service when the terms of the contract are met. Usually when the product is received or the work is completed.
It’s a secure, legally robust and smart way to manage payments between parties. It ensures contractors get paid on time and clients don’t get ripped off.
TwoHold offers a simple, low-cost way to take advantage of the benefits of an escrow service, saving everyone time, money and stress.
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