This platform lets you pay for home repair jobs in Bitcoin - Technical.ly Baltimore

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Dec. 14, 2017 3:37 pm

This platform lets you pay for home repair jobs in Bitcoin

For EFynch, the cryptocurrency is one of a number of new ways to pay on its platform.

Bitcoin.

(Photo via Wikimedia Commons)

City Garage–based home improvement startup EFynch has a platform that’s designed to make it easier for homeowners to connect with contractors to get work done.

The startup is also rolling out some new ways to make payment easier. Among the available options to pay for home repairs: Bitcoin.

It’s a timely addition, as Bitcoin’s rise in value has led to lots of speculation about its future in recent weeks. But for Pantazes, the cryptocurrency is one of a number of payment options to offer to stay up-to-date.

“Typically home improvement involves running to an ATM machine and there are simply easier and more efficient ways to pay a contractor,” said founder Teris Pantazes. “We are also opening up Venmo, Apple Pay, and Pay with Google. Simply put – the contractors do not typically care how they are paid, they just want it to be efficient, with as little fees as possible, and in full.”

It’s an addition to EFynch’s payment system, which Pantazes sees as a key feature for the platform. While the startup does not directly provide the work, it oversees the payment by holding funds in a third party account, and distributes payment to contractors based on agreed-upon milestones. The “Escrow” system “acts as a mediary to protect both sides, and even helps to step in should something come up,” Pantazes said.

It’s another way of introducing tech to an area that has mostly dealt in paper and in-person transactions.

“Most contractors are considered ‘high tech’ if they accept credit cards only. We open the door for several types of payment options – all of our contractors end up with cash in their bank account when done,” Pantazes said.

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