We have exciting news in the field of ensuring you get paid!
Soon, we’ll be implementing the services of Transpact.com to enable our members to use Escrow for customer payments. In simple terms, what this means is that you and the customer will agree beforehand what is expected from a job. From there, you will be paid upfront, in full. You are protected from the customer ‘altering the deal’, and they are protected as they are able to claim back their money should the work not meet the agreed specifications or standards.
With Escrow, you’re as protected as the standards you agree to. Customers can’t use it to claim your work ‘wasn’t good enough’ even if it was, and likewise you must stick to the agreed specifications on your end.
There are huge advantages in this for our members. You are guaranteed to be paid 100% of the time, every time. No more 15% price reductions to get the final amount owed in from the customer. No more customer reductions from the final bill due to the customer wanting (and not getting) an extra four electric sockets which were not in the customer’s agreed job specification.
No bad debt chasing. No aggravation. No significant time lost to chasing customers.
It also offers you a very strong sales tool for your potential customers. As part of your initial sales pitch, you can guarantee your customers satisfaction to their agreed specification, or their money back.
That is an incredible guarantee for customers, and protects them both from cowboy builders and also from otherwise quality tradesmen occasionally offering poor standards of work. This guarantee can help you stand out amongst your competition and obtain work ahead of your competitors.
Transpact.com itself is a trusted company, and is authorised and regulated by the FCA as a Payment Service Provider. It also has staged payments-out built in as a core part of its service offering!
This payment method also has fantastic advantages to customers.
They are now guaranteed to receive the work they were promised, or get their money back. This is an unprecedented guarantee, and should build much greater trust between customer and tradesperson! Not to mention shut down cowboys in their tracks. No more shoddy work. Just the agreed specification guaranteed, or your money back.
And you needn’t worry about customers coming back years in the future, claiming your work has broken where in reality it’s simple wear and tear or accidental damage by the owner. The protection the customer obtains from escrow ends when they instruct payment to the member (at the time when they complete the work and are due to be paid). Any longer term protection is not covered.
Fantastic news for our members, a move which should take a great deal of uncertainty and mistrust out of owning your own business. Stability simply for being a member! How’s that for a perk?