Howarth said the scheme would help to address the problem of cowboy builders and cowboy customers where in the latter’s case money is withheld for trifling matters or, in the builders’ case, work is not completed even though payment has been made.
The Bondpay service creates a mutually agreed staged payment plan and includes acting as an intermediary if issues arise.
Customers pay money into a Bondpay account, which pays the builder as each stage of the project is completed.
Howarth said the service gives tradesmen the option of paying for materials through the account, so money is released to the merchant, creating a win-win situation for the customer, builder and merchant.
Howarth is rolling the service out to its branches.
