BandPay keeps both sides of a collaborators sweet by making sure its completed then sending all the agreed upon cash.
A new app is helping creators trust each other when they’re both working on a project. BandPay lets its users set out their arrangement which they will then work towards and once completed, the app will pay out the agreed upon price – everyone’s happy and no-one gets mugged off.
BandPay has now received $2 million in investment to launch their app on iOS and Android. The app will allow musicians, producers, and others to easily create projects with other professionals where funds will be held until milestones are met within their dual project.
With their new investment BandPay are hoping that they can bring in more users and expand their features for them. At their launch they will offer customisable tools for establishing agreements between parties with a locked payment.
The app is way for collaborators to know exactly what they’re agreeing upon to prevent misunderstanding and even potential fraud. It ensures creators are paid for any work that they do and ensures that on the other side users are getting what they’ve paid for.
BandPay co-founder and co-CEO, Gleb Teper said: “We’re honoured to receive this investment from an angel investor, who sees the potential and value of BandPay and our related platform PAYMNT. This is a crucial investment at an important time for our company.”
The other co-founder and co-CEO, DeCarlos Garrison says: “We see so much potential to relieve the stress artists and managers face constantly. Financial tools make a huge difference for artists, who often have really narrow margins and limited resources to pull off ambitious projects. We’re hoping to remove one layer of uncertainty and distrust from their work and let them do more of what they really love doing.”