ESCROW

The British Institute of Kitchen, Bedroom & Bathroom Installation has teamed up with Transpact.com, Europe’s leading escrow service, to provide financial protection for both consumers and installers.

What is an escrow?

An escrow is a financial arrangement where a third party (in this case, Transpact.com) holds and regulates payment of consumer funds in connection with installation services. It helps make transactions more secure by keeping the payment in a secure escrow (bank) account, which is only released when all of the terms of an agreement are met as overseen by the escrow company.

Escrows are very useful in the case of a transaction where a large amount money is involved – ideal for kitchen and bathroom renovation projects. While traditional escrow service is quite difficult and must be obtained through banks and lawyers, Transpact.com provides online escrow services at affordable rates. While the payment is In Escrow the transaction can be safely carried out without risk of losing money or merchandise due to fraud. This eliminates all legal jargon and allows for secure transactions and confident buyers and sellers.

How does it work?

A contract is negotiated between the Consumer & Installer, including works to be carried out, costings and details of what circumstances would trigger payments. These details are then entered on the Transpact.com web-form and a schedule of payments and dates are agreed by both parties. Once the escrow proposal has been agreed by Transpact.com, the consumer transfers the contract value into the secure escrow. From this point, both parties become financially protected and the project can commence.

Both the consumer and installer have full visibility of the funds in escrow and payments will be triggered as per the contract. If there’s any disputes along the way, this is reported to Transpact.com and the Dispute Resolution Process commences. BiKBBI Escrow is available from just £6 per party, but may be subject to additional charges. Please read the Transpact Additional Charges webpage.

Benefits for consumers:

The main benefit for consumers is a guarantee you receive everything you were promised by your installer in terms of product (if applicable), but also quality of service. If your installer does not complete everything outlined in your contract, you will receive money back for any work that was not successfully completed.

Benefits for installers:

Your main benefit is a guarantee that you’ll receive 100% payment for a completed job. Escrow combats the problem of installers being unfairly ‘out of pocket’ on completion of installations, by securing the funds at the beginning of the project in a separate account, only releasing funds when the works have been completed to the standards outlined in the original contract.

Quite simply – Complete the contract in full and to a satisfactory standard and you’ll get paid. No waiting about or chasing outstanding invoices, no uncertainty, no risk. Do a great job and the money will be transferred. Simple.

BiKBBI are here to help…