For SuperCare & GoEscrow Staff

This FAQ was prepared to assist the staff of Integrated Securities and GoEscrow with the setup of people and companies on the GoEscrow Payment Protection Platform. Please feel free to contact Toby ([email protected]) at any time for clarity, updates or ideas for additions to these notes.

Quick Steps – New Client

Download New Client Combo Form, prefill with superannuation amount and send to client: https://goescrow.com.au/wp-content/uploads/GoEscrow_SC_NewClientForm_COMBO.pdf
OR
1. Client may fill in the digital form on their mobile device. Send client this URL link: https://goescrow.com.au/NewAccount-Individual

Dictionary Of Interesting Terms

Escrow = The legal and temporary keeping with a third party (GoEscrow) of money for delivery to a given party (the Service Provider) upon notice to settle from the originating party (the Client). We say GoEscrow acts as a ‘trusted financial middle man’ and most people understand this. Importantly money held in escrow can not be returned to depositing party (the Client) without the approval of the receiving party (the Service Provider) or a court order.
The Client = The individual seeking early access to their superannuation. The Client must be set up as a party in the GoEscrow Payment Protection Platform.
Service Provider(s) = People or companies who will receive money from the clients superannuation, via escrow, for services rendered. In most cases this is a clients medical provider. The service providers must be be set up as a party in the Payment Protection Platform.
Transaction(s) = For a given block of early released superannuation GoEscrow will plan for funds, once received, to be deposited onward to the service provider minus the Payment Processing Fees. In the Payment Protection Platform and in the GoEscrow apps for people to track each of these future settlements is a ‘transaction’ with its associated payment rules.
Payment Protection Platform = This is the GoEscrow escrow payments provisioning and management technical facility. It is the software, hardware and compliance procedures for correct user interaction as required by the Escrow Agreement.
GoEscrow ID = This is a very important account identifier that links and identifies a persons name/email/mobile combination to the Payment Protection Platform. It is issued once and reused forever.

Sales Cheat Sheet – For Clients

Brochure: https://goescrow.com.au/wp-content/uploads/GoEscrow_SuperCare_Client_Brochure_A3.pdf

Points to note when discussing the use of GoEscrow service for clients accessing early release superannuation:

When accessing superannuation early GoEscrow is engaged to assist with payment assurance, disbursement and regulatory compliance. In essence GoEscrow completely removes all temptation to divert funds to non-approved uses.
GoEscrow ensures early accessed superannuation is kept for its approved purpose by creating a specialist bank account to receive and hold the funds, only releasing payment(s) to pre-agreed companies or people. Money can not be sent to any other party (including back to the client or their superannuation fund) unless the original party(s) agree. This removes temptation to divert money to other uses.
GoEscrow will receive the released superannuation and disburse it to the service provider. Complicated multi-party and multi-date settlements can be created although for SuperCare transactions this is not envisioned.
GoEscrow is regulated by various Australian Government agencies ensuring regulatory compliance. Specifically GoEscrow Pty Ltd are AUSTRAC registered Remittance Service Provider and Australian Financial Services Representative (AFSR) No. 1312536 of Australian Financial Services Licence (AFSL) No. 526194. We are governed by detailed rules for our operational practices for customer Identification, anti-money laundering, anti terror financing and operational compliance with regard our business practices. All funds held in escrow are kept as Australian Dollars in the four main Australian Deposit Taking Institutions (banks). Escrow accounts are audited by third party auditing institutions each 90 days.
The nomination to use of GoEscrow to receive, secure and disburse early release superannuation will likely improve the approval workflows.

Sales Cheat Sheet – For Service Providers

Brochure: https://goescrow.com.au/wp-content/uploads/GoEscrow_SuperCare_ServiceProvider_Brochure_A3.pdf

NOTE: We refer to all doctors, hospitals, medical providers, rehabilitation hospitals etc receiving payments from the clients early released superannuation as “Service Providers”.

Points to note when discussing the use of GoEscrow service with Service Providers:

When accessing superannuation early GoEscrow is engaged to assist with payment assurance, disbursement and regulatory compliance. In essence GoEscrow completely removes all temptation to divert funds to non-approved uses.
GoEscrow ensures payments make their way to facilities in full and on time. There is no other option once superannuation is release than it being used for the intended purpose.
Money can NOT be diverted to other purposes.
Cancellations and refunds can only occur if the doctor explicitly agrees and refunds will be encouraged to go back to the clients superannuation. In this way the temptation to ‘gameify’ money flows is removed.
Only people serious about their medical journey will utilise the payment protection platform and as such service providers will ensure they are dealing with serious clients who will be financially secure and un-distracted.
There are no fees per-se for the Client but GoEscow does levy the equivalent of a banking merchant fee when funds are disbursed to the Service Provider at settlement by a deduction from the settled total. SuperCare will need to inform each service provider as to PAyment Processing Fee total
- Generally SuperCare staff should build this fee into the clients “Disbursement Authority Form” by adding 2.5% to the amount the facility expects to receive.

Fees

GoEscow levies the equivalent of a banking merchant fee of 1.5% but SuperCare may add a Referral Fee to this. The total is passed on the the Service Provider as a “Payment Processing Fee”. Note these fees should be significantly less than “By Now Pay Later” competitors.

Procedure Outline

For an early released superannuation payment to be used correctly all parties must exist with an account on the GoEscrow Payment Protection Platform and agree to the GoEscrow Terms Of Use for transactions. A New Client Form is used for individuals obtaining early released superannuation and a New Service Provider Form is used for doctors and hospitals etc who receive payment.

All parties must be provided with the GoEscrow Product Disclosure Statement and a Financial Services Guide.

When a new account is created GoEscrow creates also a bank account with a unique BSB/Account and PayID (of [email protected]) for banking deposits. This is the clients ‘Escrow Bank Account’ and importantly it is in their personal name. A statement of this bank account (balance typically $0) will be provided to SuperCare for submission to the superannuation funds.

New Account Setup Process:

The process is:

New Client & Transaction Setup

The client approaches SuperCare and decides to apply for early access to superannuation. SuperCare staff asses and when it is agreed to proceed a new client application is created with GoEscrow.
The client must be provided with the GoEscrow New Client Signup Form, Product Disclosure Statement and Financial Services Guide documents. A link to the file can be provided or an email with attachment. The combo form can be downloaded with this link: https://goescrow.com.au/wp-content/uploads/GoEscrow_SC_NewClientForm_COMBO.pdf
1. An optional digital version can be sent with this link: https://goescrow.com.au/SCForms-NewClient
A client must complete an application form and provide two forms of identification. (A Typical 100 point ID check).
GoEscrow will setup the new account and email SuperCare the new account information. A GoEscrow ID and BSB/Acc/PayID will be setup. A blank statement of account for the client will be provided to SuperCare.
GoEscrow will setup the pending transactions as per client form.

New Service Provider Setup

For each new service provider a GoEscrow new account setup form is required. This only needs to occur once.

SuperCare staff may also forward the Printable PDF or Digital PDf to the companies for completion. There are two ways:

A printable PDF form can be downloaded and pre-filled by SuperCare and emailed to the Service Provider who can print, sign and scan it back to SuperCare or directly to GoEscrow at [email protected]
- The PDF Printable “Service Provider Account Form” can be downloaded here and sent onward to a client: https://goescrow.com.au/wp-content/uploads/GoEscrow_SC_NewServiceProviderForm.pdf
OR a digital form can be completed online (by PC or Mobile) by sending this link to a Service Provider: https://goescrow.com.au/SCForms-NewServiceProvider
- The Digital PDF Form is completed by the client, digitally signed and submitted to GoEscrow automatically.

Identification Documents:

GoEscrow must ensure we correctly identify clients. The simplest method is for the client to provide two of four options for ID documents. A photo, photocopy or scan of two of these is needed:

Australian Issued – Drivers Licence
Passport
Medicare Card
Centerlink Card

Please send by email to: [email protected]

If the client does not have two of these four options GoEscrow can use many other forms of ID. Please contact us.

Over time it may become apparent that clients are happy to use the GoEscrow App for on-boarding. To do this clients can be directed to https://app.goescrow.net/register which includes a quick, simple mechanism for ID upload.

Cheat Sheet

Contact Details

GoEscrow Pty Ltd

ACN 650 709 354
ABN 30 404 785 790
AFSR 001312536
P.O. Box 141, Kenmore, QLD. 4069
OR Suite 2602, Tower 1, 520 Oxford Street, Bondi Junction, NSW 2022
Ph. 1300 303240
Em. [email protected]
Ww. https://goescrow.com.au

Team Mailboxes

Key Staff

CEO/Director: Campbell Letson | 0498 236 936 | [email protected]
Director: Anthony Cacciola | 0410 788 488 | [email protected]
Compliance Manager: Janine Larsen | [email protected]
Business Development Manager: Toby Tsang | [email protected]
Customer Service Manager: Clay Turner | [email protected]
Legal: David Rod | [email protected]

SuperCare and GoEscrow FAQ