New payment service
Fensa has introduced a new payment protection service.
The new escrow service, provided in partnership with Trustshare, is free to all Fensa-approved installers as an alternative to deposit protection insurance.
Escrow is a method of payment where money is held by a trusted third-party until the job or purchase has been safely completed, offering protection to both consumers and installers.
Chris Beedel, Fensa’s head of membership, 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 … 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.”
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.