How Does It Work?
Registered Businesses trading records and financial positions are checked by Scheme Providers when they are first registered under the TrustMark Scheme. They are also subject to monitoring and audit to ensure they continue to meet TrustMark’s high standards. However, such checks cannot guarantee that a business will never encounter financial difficulties whilst works are being undertaken.
As a consumer, when you engage with a tradesperson, you're taking a leap of faith with a large sum of money, usually by bank transfer, at the exact point you have the least information and the least leverage. Once the money has left the account, it is gone.
Trusted Payments removes that leap of faith. Your money is released to the trade based on milestones, only as you sign off work. The money is held in an independent account. The finished work carries a warranty, so if something goes wrong an independent Ombudsman decides the outcome, and if the tradesperson doesn’t put it right the warranty pays for it to be fixed.
They help set expectations, help document the process, and provide a simple process for agreement of any changes.
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