Contract-It

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Contract-It is payment and financing infrastructure for construction in Canada. Contractors use it to get paid on time, offer their clients financing and access working capital, in English or French. Escrow-based milestone payments: the client funds each milestone before its work starts. The money is held in trust at a regulated Canadian financial institution and released to the contractor when the client approves the milestone. The contractor knows the money is there before starting, and the client pays for work that is done. Client financing: contractors can offer their clients monthly payments right from the quote. The client can get qualified in seconds or minutes, and the lender carries the credit risk. The money is released to the contractor milestone by milestone, as each one is done, with no heavy underwriting of the contractor's business. Line of credit for contractors: working capital for materials, payroll and the gap before a client pays, which grows with the milestones clients fund. Subcontractor payments: pay subcontractors before the client releases a milestone, or split each release automatically between the contractor and the sub. Embedded payments for construction software: an API lets construction software, marketplaces and distributors offer escrow-based payments and financing inside their own product, and earn a revenue share on financing. Contract-It is registered with the Bank of Canada as a payment service provider under the Retail Payment Activities Act, and with FINTRAC as a money services business.