Secure payment with peace of mind through TrustMark Escrow, a low cost, quick and effective way of guaranteeing 100% payment for each job.
As a tradesperson, getting paid is a pretty fundamental part of the job and we’re all very familiar with our customer’s needs, much like our own, to watch and cut costs where possible. Increased customer awareness of product costs, home improvement TV shows offering advice and greater expectations of service can all have an impact on the price a customer wishes to pay – causing you and your business potential problems. That could now all be a thing of the past with TrustMark Escrow.
The Escrow service is a low cost, quick and effective way of helping tradespeople and their customers protect each other through a financial contract. The payment for the works is placed in an independent, secure account, which is protected by a Financial Conduct Authority (FCA) authorised firm. In other words, you are guaranteed 100% payment for every completed job and your customers can feel reassured their money is safe in a secure payment facility.
Depending on the works and payment structure agreed, the service allows customers to pay for the work in advance or in staged payments. For tradespeople, this provides peace of mind that you’ll 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, payments are released accordingly. It means you can take on jobs, agree the payment structure, and be totally confident you’re going to get paid. For bigger projects this can be the difference between being able to carry on trading, or in some cases breaking the bank – which is no one’s preferred option.
Escrow is also a great solution for many homeowners with bigger jobs, such as new roofs that can take a few months to complete. It means they won’t actually pay any money direct to a tradesperson or firm until they are fully satisfied. From your point of view, you’ll know you’re dealing with a genuine customer and guaranteed payment if you carry out your side of the contract.
In addition to improving your financial stability, the Escrow system also gives your business an extra layer of credibility. You give the customer peace of mind when parting with their money as the payment procedure is clear from the outset. Both parties are bound by the terms of the contract and need to hold up their side of the bargain to benefit.
TrustMark is offering the Escrow payment protection scheme to all its registered firms from as little as £6 – a small price to pay considering the potential savings you can make from securing 100% payment for every job.
If there is a disagreement over payment, TrustMark will mediate and try to resolve the issues between the two parties. If necessary they’ll apply final arbitration according to the pre-agreed conditions.
TrustMark’s most recent registered firm is so pleased with the ease of the service, and has profited so much that he has now decided to use Escrow for every single job! You can find out more about how the system could benefit you and sign up for the service at www.trustmarkescrow.org.uk.