“Don’t get played, get payed.”
That neat Twitter profile is the opening lines to BandPay’s plans to bring some razzmatazz to payments for musicians. It’s making a concerted effort to be alive and kicking in March this year. Think of this as fintechno because the firm has the sound of music very much in mind.
Picture the scene. A singer with a vision for a new single is looking for a producer. She asks around, finds a guy who’s a friend of a friend and sounds promising. They come to terms, she pays him – only to get ghosted. She’s got no track, and now she has to raise money from scratch, doubling the cost of the single.
She’s lost control… but BandPay wants to unleash a new order. It explains that its technology incorporates mediation between buyers, sellers, and their banks in making sure payments for an incomplete project can be adjusted before the deadline or refunds can be issued when necessary.
The start-up reckons that story and its like happen regularly to artists, managers, and other music professionals. Therefore, it’s looking to find its niche in two very competitive industries. (Fintech and music.)
DeCarlos Garrison, BandPay’s Co-Founder and a Florida-based “music business veteran”, comments: “A shared scene or network implies trust, but that trust is too often broken, either explicitly or due to misunderstandings.”
He adds: “I’ve experienced this problem first hand. We knew there was a way to solve it.”
BandPay, which is powered by PAYMNT, is a customisable platform. The app is designed for Android and iOS. There aren’t too many technical details at present, but its website offers a waitlist and the message is clear enough.
“Artists hear and think a lot about the revenue side of their business,” Garrison notes. “There are a lot of tools and apps to help maximise revenue, everything from marketing automation to data analysis. But there are a lot fewer tools available for controlling the cost side of the business equation and preventing unnecessary losses. In this age of lean margins and fast-paced creation, we thought that needed to change.”
The other co-founder is developer Gleb Teper. Both believe Bandpay replaces the handshake or verbal “heck yeah” with a clear, concise roadmap for project completion, as well as “complete clarity” surrounding the availability of funds.
♫ Now I want to be your app, Well, come on ♫