Protect your project against unreliable contractors with CashGuard
Home renovation threats by the numbers
an enthusiastic homeowner is planning a renovation and hires a contractor to bring their vision to life.
Initial excitement fills the air as plans are made and agreements are reached.
The homeowner agrees to the contractor’s request for an upfront deposit. Just business as usual.
Initially, progress appears promising. But time goes on, communication with the contractor starts to fall apart. Calls aren’t answered, messages go unheeded. There’s a feeling of dread in the homeowners stomach.
Then harsh reality hits the homeowner: no real work has been done on the project. They’ve lost their deposit. And they don’t have the money to continue the project with another contractor.
Take the risk out of your home improvement project
CashGuard makes it easy to pay for home renovations and other project work without the risk. It is an online payment platform that is backed by National Bank of Canada and protected by an escrow system.
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No signup fee. No commitment. No risk.
Most frequent questions and answers
CashGuard makes it easy to pay and get paid for home renovations and other project work without the risk. It is an online payment platform that is backed by National Bank of Canada and protected by an escrow system.
Instead of paying your contractor directly, all project funds are secured in a National Bank of Canada account until both parties agree to release the funds as project payment.
Using an escrow service for your home improvement project can provide several benefits and help secure your investment. Here are a few reasons why you might consider using an escrow service:
Payment Protection: With an escrow service, you can securely hold funds until specific conditions are met. This protects you as a homeowner because you can ensure that the contractor completes the agreed-upon work before releasing payment. It helps prevent situations where you pay upfront but don’t receive the promised services.
Dispute Resolution: If any issues or conflicts arise during the project, CashGuard can help facilitate communication and find a fair resolution for both parties. This can save you time, stress, and potentially costly legal disputes.
Contractor Performance: By using CashGuard, you can incentivize the contractor to meet their obligations and perform the work to your satisfaction. The contractor knows that payment will only be released upon completion of the project or achieving specific milestones, which can help ensure their accountability.
Financial Control: CashGuard provides you with financial control and peace of mind. You can have confidence that your funds are being held securely and will only be released when the agreed-upon conditions are met. This reduces the risk of fraud or mismanagement of funds.
Each project is charged a one-time fee of $25 + 1.5% of project cost.
The party that elects to use CashGuard and creates the project pays the fees.
Fees are calculated and clearly shown in app during project creation.
You will never be charged any extra or hidden fees that you didn’t agreed to during project creation.
We use Plaid to securely link your bank account so funds can be conveniently and safely withdrawn and deposited via EFT transfers. We support all Canadian banking institutions.
All money transfers and held project funds are covered by an escrow agreement that protects both parties.