Fensa is this week to launch a free escrow service for installers to use as an alternative to deposit protection insurance.
From Thursday (June 24), customers of approved installers will be able to have deposit money held by a trusted third-party until the job or purchase has been safely completed, offering protection to both consumers and installers.
Head of membership Chris Beedel said: “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.
“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.”
The service is provided in partnership with escrow solutions provider Trustshare. 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.
Chris Beedel added: “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. They will be paid on-site and on time. With Fensa Secure Payments all jobs and all payments will be guaranteed regardless of the value.”
www.fensa.org.uk
