October 13, 2015
Australia’s largest on-demand tasks marketplace turns to global marketplace payments specialists
[Press Release] - Australia’s fastest growing online marketplace, Airtasker, has overhauled its payments system, partnering with PromisePay to power the platform’s $25m+ transactions. Driven by the increasing requirements for online marketplaces to manage trust, particularly in the sharing economy, Airtasker will be using PromisePay’s fully managed payments platform to include a raft of security and verification measures, as well as management of the complex payments processes between Job Posters, Airtasker Workers and the platform itself.
PromisePay, which recently secured funding from Westpac’s Reinventure Fund, as well as 99designs cofounder Mark Harbottle, Australian VC rampersand and US fintech VC Cultivation Capital, works with marketplaces and on-demand platforms in the US and Australia to manage their complex payments requirements.
For Airtasker, PromisePay will not only power the $25+ million transactions flowing through the marketplace, it will also provide escrow, fraud management, chargeback protection, identity verifications, end user support, and dispute resolution – services that build trust in both the marketplace platform, and within its community.
Platforms in the online sharing and on-demand economy have a unique challenge of facilitating services and payments between people who don’t know or trust each other. As marketplaces such as Airtasker rapidly expand, the industry is moving onto specialist payment platforms that can manage compliance, privacy and trust at scale.
Tim Fung, Airtasker CEO and co-founder said: As part of continuously building the Airtasker marketplace, a huge focus for us is providing an awesome place to work for our Airtasker Workers – and payments was a big part of this equation. With PromisePay, we’ve been able to completely remove any uncertainty about getting paid for tasks – now Airtasker Workers don’t have to spend any time chasing payments and can focus on getting more done.
Jonathan Lui, Chief Operating Officer and co-founder of Airtasker said the PromisePay integration will allow the company to enhance user experience and trust in its marketplace.
There are over 300,000 users on Airtasker’s platform who rely on a smooth payment process to get more done.
Trust is vital in an online marketplace and you can only build this with a solid payment system in place. PromisePay’s platform was up and running in a day and it’s included fraud detection, payment chargeback and seller verification service features have also helped make Airtasker a more secure way to get things done.
Tim Fung, Airtasker CEO and co-founder added: As part of continuously building the Airtasker marketplace, a huge focus for us is providing an awesome place to work for our Airtasker Workers – and payments was a big part of this equation. With PromisePay, we’ve been able to completely remove any uncertainty about getting paid for tasks – now Airtasker Workers don’t have to spend any time chasing payments and can focus on getting more done.
Simon Lee, CEO and co-founder of PromisePay added: Marketplaces are inherently complex. For online marketplaces, taking the actual payment is relatively easy, but there are dozens of major challenges alongside the payment that aren’t addressed by just being able to accept a credit card payment online. These challenges too often distract the company from their core focus of connecting buyers and sellers.
Airtasker has been very proactive in maintaining their core focus on building an outstanding place for Australians to get more done, rather than building a large specialised team to handle payments.
PromisePay has grown rapidly since launching in January, with dozens of marketplaces in the US and Australia now using the platform. Growth has been particularly strong in the US, where the company today also announced the appointment Doug Wilber as President, North America. Wilber is the former Chief Revenue Officer of PYMNTS.com and mentor for SixThirty, one of the leading fintech accelerators in the US.
Airtasker is a trusted community marketplace for people to outsource tasks, find local services or complete flexible jobs to earn money – online or via mobile.
Whether it’s handyman work, office admin, photography or anything else, users can simply post a task for free and then choose from rated, verified and reviewed people ready to work straight away. Founded in 2012 by entrepreneurs Tim Fung and Jonathan Lui, Airtasker has grown to support more than 320,000 users across Australia and over $20 million worth of tasks are processed on Airtasker per year.
PromisePay is the world’s most sophisticated, fully managed payments platform built just for online marketplaces. Since 2013, PromisePay’s purpose has been to help online marketplace communities safely buy and sell the things they love, want, and need. Today, over 17,900 users from over 150 countries use PromisePay to transact on U.S. and Australian marketplaces. PromisePay is headquartered in Melbourne, Australia with offices in San Francisco, CA, and St. Louis, MO. For more information, visit.