Protect your investment for as little as £6 with TrustMark escrow

Sep 27, 2018, 08:47 AM by Laura Bean
An escrow agreement enables a third party to hold money between two parties involved in a financial transaction. This means the customer pays the full amount for a product or service (guaranteeing the tradesperson their payment), whist only allowing release of funds once the terms of the agreement are fulfilled.

Blog image 7
An escrow agreement enables a third party to hold money between two parties involved in a financial transaction. This means the customer pays the full amount for a product or service (guaranteeing the tradesperson their payment), whist only allowing release of funds once the terms of the agreement are fulfilled.

What is Escrow?

An escrow agreement enables a third party to hold money between two parties involved in a financial transaction.

This means the customer pays the full amount for a product or service (guaranteeing the tradesperson their payment), whist only allowing release of funds once the terms of the agreement are fulfilled.

The Benefits of Escrow

The customer knows their money is completely safe, right up to the point that they are totally satisfied with the completed work, at which point it is released to the tradesperson.

From the trade point of view, by using an escrow service, Registered Businesses will be certain that all agreed monies will be released at the conclusion of a project and there is no chance of them going unpaid.

The TrustMark Escrow Service

TrustMark provides this additional protection through Transpact (Europe’s largest escrow service).  The escrow contact is negotiated between the consumer and the TrustMark Registered Business and details what is to be carried out, dates of project milestones, full costs and which stages would trigger payments to the tradesperson – or back to the customer.

The cost of TrustMark’s escrow service is only £6 per contact, per party – providing superb value protection to the interests of both consumers and Registered Businesses.

You can find out more about TrustMark’s escrow service here, including online forms for submitting your own enquiry.

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Protect your investment for as little as £6 with TrustMark escrow

Sep 27, 2018, 08:47 AM by Laura Bean
An escrow agreement enables a third party to hold money between two parties involved in a financial transaction. This means the customer pays the full amount for a product or service (guaranteeing the tradesperson their payment), whist only allowing release of funds once the terms of the agreement are fulfilled.

Blog image 7
An escrow agreement enables a third party to hold money between two parties involved in a financial transaction. This means the customer pays the full amount for a product or service (guaranteeing the tradesperson their payment), whist only allowing release of funds once the terms of the agreement are fulfilled.

What is Escrow?

An escrow agreement enables a third party to hold money between two parties involved in a financial transaction.

This means the customer pays the full amount for a product or service (guaranteeing the tradesperson their payment), whist only allowing release of funds once the terms of the agreement are fulfilled.

The Benefits of Escrow

The customer knows their money is completely safe, right up to the point that they are totally satisfied with the completed work, at which point it is released to the tradesperson.

From the trade point of view, by using an escrow service, Registered Businesses will be certain that all agreed monies will be released at the conclusion of a project and there is no chance of them going unpaid.

The TrustMark Escrow Service

TrustMark provides this additional protection through Transpact (Europe’s largest escrow service).  The escrow contact is negotiated between the consumer and the TrustMark Registered Business and details what is to be carried out, dates of project milestones, full costs and which stages would trigger payments to the tradesperson – or back to the customer.

The cost of TrustMark’s escrow service is only £6 per contact, per party – providing superb value protection to the interests of both consumers and Registered Businesses.

You can find out more about TrustMark’s escrow service here, including online forms for submitting your own enquiry.

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TrustMark's blog features tips, advice and inspiration for homeowners on all repair and home improvement issues and showcases some of the best projects our registered tradespeople have worked on.

With insight from our expert contributors, including Trading Standards expert Steve Playle, we hope you enjoy our blog and are able to take away helpful information and be inspired to do work on your homes.