Safe reforms for the client and the professional
Payments and work secured through escrow accounts.
From remodeling a dining room to building a home the truust payment process can be used to provide protection for both sellers and buyers.
Advantages of managing reform services with milestone payments
- For the customer: the customer is confident that his payment will not be released if the agreed contract has not been fulfilled.
- For the professional: the professional is sure that the payment has been deposited in a bank account before starting work.
- For both: no payment is released to the Seller until each phase/mit has been completed and approved by the Buyer. Buyers can be assured that project commitments will be delivered as agreed before payment is released.
Refurbishing and building the home requires a high level of trust from both the client and the professional.
PSD2 (payment service directive):
Our integrated Know Your Customer (KYC) meets the anti-money laundering checks, which lets you stay focused on your product and spend less time on compliance-related tasks.
How Escrow Payments Work by Milestones or Phases
Buyer and Seller agree on terms – Both parties agree on the terms of the transaction, which include a description of the work, the price, the number of days for completion and any details related to the work.
Buyer pays via truust – Buyer makes payment via truust to a custodial account and payment is verified.
The Seller performs the work – The Buyer certifies that the work has been done and complies with the agreement.
Buyer accepts milestone – Buyer has a set number of days for an inspection of each phase/milestone and the option to accept or reject each milestone.
Truust pays the Seller – After the work has been approved, Truust pays the Seller for the method selected.
Note: There is a period to review that the works meet the agreed conditions and on the agreed terms. Once confirmed, the funds can be released to the professional by performing the escrow transaction.
If disputes or disagreements arise during the works, the services of the third party escrow agent will be used to resolve them by seeking a solution that is acceptable to both parties and that refers to the original terms and conditions.
Truust offers the highest level of security to all parties involved. It guarantees that there is no financial threat to either the client or the professional, as the funds remain in a protected account until the client is satisfied with the renovation and eliminates the risk that the client will not pay the professional once the renovation has been completed.