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What are the benefits of Escrow for Tradespeople?

What are the benefits of Escrow for Tradespeople?

Since its launch in 2021, homeowners have embraced Onlinetradesmen's Tradeypay Escrow payment service for home maintenance, repair and improvement across Ireland.

Tradeypay Escrow makes it easy for homeowners to pay tradespeople while offering payment protection for their projects.

But what are the benefits for tradespeople?

Discover here what an Escrow Service is and how it can help your business thrive including:

  • On-Time Payments
  • Customer Satisfaction
  • Increased Earnings
  • Dispute Management

 

What is Escrow?

Escrow is a financial term used to describe money held by a third party on behalf of two other parties who are in the process of completing a transaction. Once parties have completed their financial obligations, money is released.

TradeyPay Escrow from Onlinetradesmen provides an EU regulated payment platform for home improvement services across Ireland, whereby your customer deposits funds in your name and money is released once you complete the job as agreed.

 

On-Time Payments

Nothing is more stressful than chasing a payment following completing a project. However, using an Escrow service allows you to start a job with confidence that funds are in place and will be released on time and in full once you complete a job as agreed.

TradeyPay Escrow payments can be set up as a one-off payment or by instalments. The customer can top-up the account as required, plus the online payment trail makes it that little bit easier to manage and simplify your business finances.

TradeyPay Escrow provides extra safeguards for your business that cash payments, bank transfers or credit cards simply cannot offer.

 

 

Dispute Management

If a dispute arises, resulting in an Escrow payment being withheld or delayed, Escrow offers a third-party mechanism to help you manage the dispute.

In the case of a dispute, you can activate the ‘Dispute’ button on the Tradeypay Escrow platform. TradeyPay Escrow's third-party provider will then follow an extensive review process where all parties will be required to submit evidence to support their position.

If the Escrow Agent is satisfied you have delivered per the agreed terms, you will get paid. If not, the customer will receive a full refund. To ensure that any disputes get settled in your favour, always agree in writing all aspects of the job.

 

Customer Satisfaction

Homeowners can be reluctant to part with their money when it comes to paying tradespeople they don’t know.

However, safely depositing money to an Escrow account that is not released until a customer is happy with the job can help overcome this reluctance.

The good news is that TradeyPay Escrow is easy to set up and use for homeowners and tradespeople alike.

Advanced verification technology will ask both you and your customer to verify identities and bank details, to facilitate risk-free transactions.

You may record agreed details of the project on the platform, including cost, deliverables, scope and payment terms. You can then start work with clear payment terms and peace of mind.

Once the job is completed, the customer is delighted that they got what they paid for, and you're delighted you got paid in full, on-time and without any hassle.

 

Increased Earnings

Have you ever been involved in negotiating discounts with clients who start grumbling about a job before the final invoice is due?

Stop wasting time and money negotiating discounts, write-offs and debt chasing – and losing income.

Time is money. And time spent negotiating and chasing payments is time better spent on the tools.

Using TradeyPay Escrow means that once you have agreed on the scope of work and costs, the customer pays the TradeyPay Escrow account before the work begins. You can now start work knowing you will get paid 100% of the money owed once you have completed the job as agreed.

TradeyPay Escrow is 100% FREE for active members of Onlinetradesmen. Unlike credit card machines or other payment processors, you collect 100% payment. Not a member of Onlinetradesmen? You can apply to join here.

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