About
What is PaiUp and who is it for? a world of small claims at your fingertips.
PaiUp is a mobile application solution that facilitates the collection of low end information loans arising from lending and borrowing transactions between people; friends, family, colleagues etc in everyday life.
Who is PaiUp for? Answering this question gives us a clear idea of what the problem and solution is. Let's look at the 4 different types of client categories (our market).
Ordinarily all these 4 types categories share these same problem: SOMEONE SOMEWHERE OWES THEM MONEY. How much? Anything from R1.00 to R20.000. For commercial sense, we start at R500. In law, they have the right to claim that money within 3 years of lending it out. In the legal system, we call this the small claims justice system. Anything claim over R20.000 falls outside this system and therefore not for PaiUp.
The following are the type categories of clients:
⁃ Category 1 : people who are CURRENTLY owed between R500 - R20.000. These people are me and you and everyone we know in the world right now. What is owed to these people is unaccounted for. It represents lost wealth overtime.
⁃ Category 2 : people who are NOT CURRENTLY owed money, BUT want to lend someone between R500 - R20.000 IN RESPONSE TO A "PLEASE BORROW ME" text. Remember: no individual person wakes up in the morning with the motivation or intention to lend money to family, friends or anyone who cares to ask for money. People don't walk into a bank and say "please borrow me money" and then get it. They have to go through a process. Why? Because the Bank understands that money must be respected. Money grows in value in time. However, for most people, knowledge and discipline of financial intelligence and wealth protection is not a priority. PaiUp seeks to heal the nation from this recklessness in the nation's financial stability. Through our client journey, we will take them through school (how to respect your money, stand for yourself and respect your rights, and cut out people who don't respect your money and save you the drama). Through our service offerings, we are the financial adviser you need to whisper in your ears "hey, make sure you have an agreement when you lend someone money - because that is the most effective way to secure the value of the money leaving your bank account, to go and work for you"; we are the lawyer that would have charged you an arm and a leg, and only if you ever get to get an appointment at our fancy and expensive office (for a debt or R1000, you would not go to the lawyers office and lose your money; we are the debt collector who will work the collection (reminding the debtor, collecting the money, and paying it to you); we are the peacemaker who resolves long standing family feuds because someone somewhere out there is to prideful to do the right thing and just send a "PaiUP NOW request" to their relative who lent them money 2 years ago for a funeral. Now! We want the "PaiUP" people - this is the quality we want in our people. Honest people. We want people to be PaiUP champions! They lend the money because they are induced into lending by reason of some association to the person asking them for money. No one likes to find themself in this awkward situation. The lending is begrudgingly done.
⁃ Category 3: People WHO HAVE SOLD a product or provided a service to someone for between R500 and to up to R20.000 (these people are your tradesmen, small business owners, informal traders, etc). With these people, we are not at all involved in the product/service relationship. We come after that transaction has been concluded. We are not interested in that legal relationship of their contract. The relevance of their contract will only come when they have to attach such agreement, if there is a written one, or details of the agreement if it's a verbal agreement. So that when our back office operations and field people can have that information when they have to do the court manual process on behalf of our clients. We have no control of this manual process in court because it's outside our domain. However, in time we can influence by leading through innovation and technology.
⁃ Category 4: People who owe money, but for some reason or the other, and possibly because the lender just doesn't care or has forgotten, or they have forgotten as well, AND BECAUSE THEY ARE HONEST, when they learn of PaiUp - it will click and they will be reminded. In a sense, you can see how PaiUp can heal and save the nation form a hell lot of drama. Quick example, check out www.capitallegacy.co.za - they offer free wills. Anyone can get a will in seconds. Their advertising campaign rides in the real drama that happens in families when someone dies without a will. "Where there is no will there is drama" and then the actors go at each other during a family meeting where they are told that there is no will.
Why do these people need PaiUp? Because as is, many of these people never see their money again. Those who take steps to get it back must deal with collateral damage because relationships get sour or borrowers simply don't care and are not moved to pay back. They refuse and/or neglect and/or fail to pay DESPITE numerous requests.