The British Institute of Kitchen, Bedroom & Bathroom Installation (BiKBBI), in partnership with Transpact.com, today launched a new financial protection product to its members and their customers.
The new service, will allow members to provide added peace of mind to their customers whilst protecting their own income.
Following contractual agreement to commence work, the consumer transfers the contract fee for installation services into a secure escrow account managed by Transpact.com. Both the consumer and member have full visibility of funds and work commences. Monies are instantly protected by the escrow.
For the consumer, it guarantees they receive everything agreed in the contract, or their money back. For BiKBBI members, it guarantees 100% payment for a completed job.
BiKBBI Membership Manager Lynsey Easom (pictured) said: "Whilst an escrow service may not be necessary for all situations, it is another great tool for our members to use with prospective customers. It's also the first of three financial services products we'll be launching to members over the next few weeks."
Andrew Kaye, CEO of Transpact.com, said: “We already have tradespeople who use escrow for every job they conduct, to secure the 100% payment due to them – instead of the often 85% payment the client believes is due at the end of the job. These tradespeople increase their actual take home revenue by use of escrow by a significant amount over a year.”
Full details of the scheme can be found on the new BiKBBI website www.bikbbi.org.uk