The Escrow service is a low cost, quick and effective way of helping TrustMark-registered firms and their customers protect each other through a financial contract, with the payment for the works, being placed into an independent, secure account, which protected by a Financial Conduct Authority (FCA) authorised firm.
Depending on the works and payment structure agreed, the service will allow the customer to pay for the work in advance or in staged payments. For tradespeople, this will provide peace of mind that they will be able to supply the materials and complete the work knowing the funds for the job are available through the Escrow account. Based upon the terms and conditions, which the two parties set and agree before the works starts, payment will be released accordingly.
Simon Ayers, chief executive of TrustMark, said: ‘Using TrustMark Escrow can be a great solution for many homeowners with bigger jobs, such as extensions that can take a few months to complete, as it means they won’t actually pay any money direct to a tradesperson or firm until they are fully satisfied. For the tradesperson, they will know they are dealing with a genuine customer and guaranteed payment if they carry out their side of the contract. This is a positive step to eliminating those rogue traders who take large amounts of money for shoddy workmanship.’
Andrew Kaye, founder of Transpact.com, added: ‘TrustMark’s simple new service ensures rogue traders are gone forever and replaced by fully paid tradespeople who provide a promise of quality. It makes sense for anyone doing work to their home to use an escrow account as they are guaranteed the quality work they had agreed to their pre-set specification, or their money back, and every tradesperson is guaranteed 100 per cent payment.’
To find out more information about TrustMark Escrow, visit https://trustmarkescrow.org.uk