LONDON: This month a brand new payment scheme Bondpay has launched that looks set to revolutionize the way builders and contractors get paid.
LONDON: This month a brand new payment scheme Bondpay has launched that looks set to revolutionize the way builders and contractors get paid.
Bondpay is a nationwide scheme designed to financially protect the industry giving builders a guarantee that they will get paid in full once the job is complete, thereby assisting in their cash flow and maintaining that all-important relationship with their merchants.
With Bondpay, the builder’s customer is protected before, during and after the job as the scheme provides a 12-month guarantee on all work done regardless of the builder's own warranties.
The brand new payment scheme is registered with the FSA and HMRC and essentially provides a simple and secure way for customers to pay builders. It shows that the customer has the money and intention to pay before the builder arrives on site.
Both the builder and the customer can look at the money online – but once the customer has pledged the full price of the job, they cannot withdraw funds. Their funds are held in a secure client account at HSBC. When the work is completed to the satisfaction of the customer the payment is authorized.
Payment is made through a payment method known as ‘Transpact‘– a highly secure method of managing a transaction between the two parties. Transpact is a new FSA registered method of payment that guarantees homeowners receive exactly what they agreed.
