PayLess

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Payless revolutionizes professional-client relationships with a consumer-driven approach. Our reverse sales model empowers customers to determine the value they place on the service provided by professionals!

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By: Idan
Angel Investment
Investment type:
Company Stage:
Category:
Software

Highlights

Highlights

In Israel and around the world, a wide range of trading platforms exist where users can engage with relevant service providers and obtain price quotes for the required services. This practice is commonplace, yet it is an outdated process that necessitates time-consuming comparisons between price offers and service quality. In many instances, users are unable to secure the best possible offer due to the hassle and time investment involved.

Typically, these platforms provide information about the professionals who are responsible for determining the prices for their customers.

This is where Payless comes into play. The new platform connects potential customers with professionals in a manner that empowers consumers. Customers can establish the price they are willing to pay for the services they require, be it repairs, advice, or care. It is a simple, convenient, and accessible solution.

A diverse market that includes different fields

The renovation market in Israel generates an annual income of billions of NIS, while in the US it exceeds this figure by a factor of 100. The application offers over 200 categories of professionals who can provide their services. Prominent areas that are witnessing significant transaction activity through the platform include renovations, events, transportation, and vehicles.


Thousands of users and providers

Following an initial three-month marketing campaign, Payless has successfully attracted over 7,000 users and service providers. This achievement serves as compelling evidence of the platform's relevance and appeal to users. Moreover, the enthusiastic response from suppliers indicates a synergy between the desire to cater to service requesters and the service providers' need for a consistent stream of work, positioning themselves at the forefront of demand. Ultimately, the system sustains itself. Service seekers can acquire services at prices aligned with their budgetary capabilities, while service providers strive to be present to seize potential customer opportunities. Payless is already operational, with hundreds of transactions having been completed using the platform.

A robust and experienced team
The company's team comprises individuals with diverse backgrounds and expertise, including management experience, software development, marketing, and accounting. The collective expertise of our team members equips us to navigate challenges and confidently propel the company forward.

Pitch

Pitch

The Idea

The Problem
For the average consumer, the process of comparing price offers, evaluating service quality, and ensuring the professionalism of service providers can be burdensome and time-consuming. In many cases, consumers are unable to secure the most advantageous offer. This problem becomes more pronounced when dealing with higher-cost services or complex and diverse tasks, such as extensive renovation projects or large-scale event organization.

The process of researching, gathering information, and making informed decisions often proves to be a necessary burden for consumers seeking affordable and economical services. Consequently, many consumers find themselves frustrated, discouraged and disheartened by the negative experience of booking services. This problem becomes even more challenging when dealing with services that involve significant costs or intricate requirements.

A solution is needed to simplify and optimize the service search process, providing consumers with effortless access to the best options and empowering them to make confident choices without the need for extensive legwork.

The Solution
Payless is an innovative application that utilizes a reverse auction model to connect service seekers with providers. The application offers access to over 200 professions for which services can be requested.

Through the app, users specify their location and the amount they are willing to pay for the desired service. Additionally, users have the option to allow providers to submit counter offers. The entire process remains under the control of the consumer. When a service request is made with a predetermined payment amount, the providers are notified, and a percentage of the payment is used as a commission for Payless. Once the supplier accepts the job offer, all the necessary coordination with the customer takes place through the application. It is a comfortable, simple, and lucrative solution.

To prevent work from being conducted outside the application, the company has implemented a system of warnings and alerts regarding the transfer of personal details between parties.

The Market
To fully understand the potential of Payless, it is crucial to examine two prominent sectors where service providers can be found. The first sector is the events industry in Israel, which is a major sector in the country. With an average of 140,000 events held each year, including an average of 200 events per venue, the events industry is a vibrant and growing sector. Notably, the events industry has maintained a consistent growth rate over the past six years, demonstrating a sustained upward trajectory.

The second sector is the Israeli renovation industry. This sector is a major contributor to the economy and generates an astonishing average of billions of NIS annually. With an estimated 300,000 households choosing to renovate their apartments each year, the demand for renovation services remains consistently high. This sector represents a significant opportunity for service providers on the platform to meet the needs of a large consumer base looking for reliable and efficient renovation solutions.

In the United States, the on-demand home services market, including tasks such as cleaning, home repairs, salon and beauty treatments, pest control, electrical work, and plumbing, has experienced remarkable growth. This market alone is valued at hundreds of billions of dollars. Americans complete 511,345,000 household service jobs annually, underscoring the widespread reliance on on-demand home services. This trend presents a substantial opportunity for service providers to enter the emerging market and leverage the Payless platform to address the increasing needs of consumers.

Commercial for Payless

The Competitors
One of the things that sets Payless apart from its competitors is that it offers free access for professionals. This advantage allows Payless to attract more professionals, which in turn increases the number of services available on the platform. Payless is an attractive option for professionals because it doesn't require them to pay any fees to join the platform. This allows them to focus on expanding their customer base and growing their business.

The platform's free nature allows professionals to connect with a pool of potential customers without the need for expensive advertising or marketing campaigns. With the elimination of advertising and marketing expenses, professionals can allocate their budgets toward improving their skills, enhancing their service offerings, or expanding their teams. This not only creates a conducive environment for professionals to thrive but also ensures that the platform is enriched with a diverse and skilled pool of service providers.

 


The Business Model
Our business model encompasses two key functions:

 

Building a Strong User Base:

  1. Launching a comprehensive marketing campaign to raise awareness about the app and its unique auction model, thereby increasing the user and customer base.
  2. Providing incentives to users and service providers to utilize the application. This includes offering discounts and benefits to users who order services through the app, as well as bonuses to service providers who secure jobs via the reverse auction.
  3. Ensuring service quality through transparent reviews.

Differentiation:

The primary differentiator of PayLess from its competitors is its reverse auction model. By focusing on this key function, PayLess aims to establish a large user and vendor base while distinguishing itself by offering a unique reverse auction experience. This model enables customers to easily and efficiently connect with high-quality and reliable service providers while providing service providers with a vital platform to establish customer relationships and receive profitable job offers.

 

PayLess in the Media

Future Plans

PayLess aims to expand its presence internationally, with a primary focus on the US and European markets. However, the company plans to initially launch its prototype in Israel. This strategic decision allows PayLess to gain valuable insights, establish a strong brand name, and acquire valuable experience before expanding into other markets. The launch in Israel serves as an experimental basis for refining the platform, gathering user feedback, and building credibility, providing a solid foundation for successful entry into the global market.

Recruitment Goals
The funds raised will be allocated to the following areas:
Advertising the application and educating the market about the power shift, where consumers have more control over the price they pay for services.
Further development of the application and expansion of the company's team to facilitate breakthroughs in the Israeli and American markets.
Building credibility, providing a solid foundation for successful entry into the global market

Team

Team

Eidan Sanker
CEO
Biography
CEO, entrepreneur and founder. A businessman with 12 years of management experience. He owns ‘Eidan Productions‘ , one of the leaders in the field of photography in Israel. The business he heads employs dozens of photographers and provides service for events all over the country. He owns an event hall which he manages with partners. Owner of a business for renting and importing luxury and collectible cars. In addition, an active investor in the US real estate market. Eidan set a goal for himself - to provide quality service at the most affordable price to his customers.

  • Founder
Nechama Furmanski
Development Manager
Biography
Software development team leader. Has a bachelor‘s degree in computer science.

  • Key Employee
Shulamit Sanker
CFO
Biography
Accountant with over 20 years of experience in the position.

  • Key Employee
Dudu Hasin
CMO
Biography
Marketing manager. Has extensive experience in the field of marketing, digital promotion and building websites for businesses.

  • Key Employee
Bar Goldinfeld
CTO
Biography
Vice President of Development. CEO and owner of the Level App company, which accompanies entrepreneurs at the beginning of the road to success.

  • Advisor

Updates

Updates

Currently there are no updates in this pitch

The financing rounds, made through the ExitValley platform, are in accordance with a model of statutory exemption from publishing a prospectus pursuant to sections 15A(A)(1) and 15A(A)(7) of the Israeli Securities Law - 1968.
Under this model, the disclosure of detailed information on the company and information about the investment in each round of financing are limited to not more than 35 investors, who are not qualified investors, and the round of financing is not in the format of an offering arrangement ("רכז הצעה"), as defined in the Securities Law.
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