iWallet® Brings Silicon Valley-Style Recurring Revenue to the $1.5 Trillion Home Service Industry
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SAN FRANCISCO, June 17, 2025 ~ iWallet®, a fintech platform designed specifically for home service businesses, has announced the launch of a new feature that will revolutionize the way contractors manage and sell service contracts. This powerful tool will allow contractors to easily convert mobile check deposits into automated, recurring ACH payments.

The introduction of this feature is a significant step towards bringing Silicon Valley's recurring revenue model to the $1.5 trillion home service industry. By providing HVAC, plumbing, appliance repair, and electrical companies with the ability to create predictable revenue streams, improve customer retention, and increase enterprise value, iWallet® is helping to modernize the industry.

According to Jim Kolchin, Founder and CEO of iWallet®, "Recurring revenue is the fastest way for contractors to increase cash flow and boost their company's valuation." He believes that this new feature will provide contractors with the necessary tools to achieve this without any friction or legal risk.

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The new iWallet® feature includes several key components. Firstly, it offers recurring ACH payments which automatically convert check or card-based jobs into compliant monthly bank debits. Additionally, it provides a mobile-first selling flow where technicians can offer service plans during checkout or through follow-up SMS messages without any need for paper or portals. The platform also ensures built-in regulatory compliance by adapting to each state's unique service contract laws, renewal rules, and cancellation policies. Finally, it tracks important metrics such as monthly recurring revenue (MRR), churn rate, and contract adoption automatically- equipping business owners with valuable data for their company's valuation.

Previously, recurring billing in home services required manual workarounds or legal exposure. However, with iWallet®'s service contract engine, business owners can now scale MRR while remaining fully compliant across jurisdictions.

Kolchin added that "Most contractors are sitting on untapped recurring revenue-they just didn't have the infrastructure." With iWallet®, this is no longer an issue as the platform makes it easy for even the smallest contractor to implement subscription economics.

This new feature is part of iWallet®'s mission to modernize payments, workflows, and revenue models across the home service space. By making subscription economics accessible to all contractors, iWallet® is helping to drive the industry forward into a more efficient and profitable future.
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