The contract is negotiated between the Registered Business and their customer, covering the works to be carried out, associated costings and what would trigger payments back to the consumer.
These details are entered on the Transpact web-form and a schedule of payments and dates are agreed by both parties.
Once the escrow proposal has been agreed and the monies transferred, both parties are protected.
TrustMark escrow is available from just £6 per party, but may be subject to additional charges. Please read the Transpact Additional Charges webpage.
The customer knows their money is completely safe, right up to the point that they are totally satisfied with the completed work, at which point it is released to the tradesperson.
You can be sure you will only pay what was agreed, at the appropriate time and only when you are happy with the work that has been carried out.
Benefits for Registered Businesses
Escrow combats the problem of tradespeople being unfairly ‘out of pocket’ on completion of jobs by securing the funds at the beginning of the project in a separate account, only releasing funds when the works have been completed to the standards outlined in the original contract.