Escrow Payment Service Launched

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FENSA is introducing a new payment protection escrow service. Escrow is where money is held by a trusted third-party until the job or purchase has been completed.

The service offers protection to consumers and insures installers get paid if there are no complaints. the service is live from 24 June.

The new service, provided in partnership with escrow solutions provider Trustshare, is available free of charge to all FENSA Approved Installers as an alternative to deposit protection insurance.

 “We are providing this FENSA Secure Payments service to give consumers greater confidence that the work they require will be completed, as agreed, with added peace of mind for our Approved Installers, should they wish to take part, that they will receive payment.”

– Chris Beedel 

Head of membership, FENSA

Launch

“It’s a great way for both parties to make a transaction safely and we will be further promoting and explaining the escrow concept to the public and also the trade in the coming weeks,” continues FENSA's Beedel.

Consumers can request to place the payment by card or by bank transfer – for any job undertaken with a FENSA Approved Installer – in escrow, via the FENSA website. Once released from escrow, the funds will arrive in the installer’s account within 15 seconds!

 Beedel adds: “We believe that FENSA Secure Payments will help to strengthen the relationship between homeowners and their FENSA Approved Installer. The FENSA certificate has huge resonance with consumers and added payment protection will only increase their confidence in the largest Competent Person scheme in the industry.”

Giuseppe Schiro, head of partnerships at Trustshare said: “We’re excited to partner with FENSA to offer a safer and easier way for homeowners to pay their FENSA Approved Installer. With FENSA Secure Payments all jobs and all payments will be guaranteed regardless of the value.”

Picture: FENSA is introducing a new payment protection escrow service.

www.fensa.org.uk

Article written by Cathryn Ellis
25th June 2021

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