REV 2016 top 5 businesses spotlight: Lienwaivers.io

November 28, 2016

TS Bank's REV is a competition that allows small businesses the chance to win up to $27,500* to ignite their business. 

After a preliminary event in October, TS Bank selected five businesses to move onto the final round, which will take place on Thursday, Dec. 1, 2016, from 5 - 7:30 p.m. at the IWCC Arts Center. This event is free and open to the public.

Before the finale, we wanted to spotlight each of the top five businesses. We would like to introduce lienwaivers.io.

Name your Business:
lienwaivers.io

Sum up the product/services to you offer:
lienwaivers.io is a trusted third party for construction disbursements ensuring efficient, reliable and transparent payment exchange. Contractors, lenders and title companies can utilize these key features to speed up their construction disbursement process.

• Lien Waiver Exchange - lienwaivers.io generates, distributes, collects and intelligently archives lien waivers, reducing the administration time from weeks to minutes.
• ACH Payments - Payers can now bypass paper checks and automatically issue ACH payments as soon as lien waivers are signed.
• Electronic Signatures – Waivers can be electronically sign their lien waivers securely and digitally with no account setup.
• Electronic Notarization - Waivers can be electronically notarize their lien waivers securely and digitally.
• W-9’s and 1099’s - Contractors and lenders can automatically collect W-9 forms and prepare 1099-MISC forms for year-end tax preparation.

Location of Business:
Sioux City, IA

Mission & Goals:
Company Mission - To ensure efficient, reliable and transparent payment exchange for the construction industry and its affiliates.

Community Mission – When people think about technology companies in Sioux City, they fondly remember the Gateway Computer days, which regrettably have long passed. It is our mission to foster a new, vibrant technology community in Sioux City. We are doing this through our work at lienwaivers.io, our membership on the Startup Sioux City board and our organization of community events like Base 3, codingSUX and Springboard Coworking’s First Friday Coffee.

Goals:

• Streamline and automate the construction disbursement process
• Provide transparency on the flow of money for construction projects
• Reduce administrative and project risks
• Applying existing payment data to inform future decisions

When did you start this business?
January 27, 2016

Why did you start this business?
Our experience with the construction industry is that it is wrought with inefficiency and risk. Our hypothesis is that the disbursement process is fundamentally broken. We saw a need and opportunity to optimize this process while working with a regional construction company, and our subsequent research found that complex requirements and numerous payment layers result in costly overhead and increased risk to administer the flow of money on construction projects. Our solution is a cloud based platform where all parties involved in a construction project can collaborate to electronically exchange lien waivers and payments.

Your business in 1 sentence:
A cloud based, SaaS (Software-as-a-Service) payment platform for construction projects facilitating the exchange of lien waivers for payment.

Anything else you’d like to add?
A lien waiver is a legal document from a contractor, subcontractor, supplier, equipment lessor or other party to the construction project stating they have received payment and waive lien rights to the property for the amount of that payment.

Lien waivers are exchanged anytime a payment is made during a construction project.