On ServiceBridge, where talented pros meet great projects, there’s a new way to make sure everyone feels secure: TrustLock.
Think of TrustLock as a super-safe vault for your project money. When a client hires someone, the payment goes into this vault. It stays there, locked away, until everyone is happy with the work.
The name TRUSTLOCK isn’t just a catchy title; it stands for
| Trusted Release Under Simple Terms | Limited Only to Contract Keyholders. |
How TrustLock Works Simply
Here’s the key: ServiceBridge itself doesn’t touch your money.
The TrustLock is only controlled by the client and the service provider involved in the project. Those two are the only keyholders of the Trust Lock
TrustLock is an optional feature on every transaction.We do not require clients to enable it for every project. Hoever, Clients have this flexibility allowing them to secure funds for medium to high-value transactions, while still being able to transact freely and quickly on smaller ones.
Plus,TrustLock is a great tool for building trust with new or less-established service providers. If you encounter a provider with a newer profile or a lower rating, you can choose to enable TrustLock for that transaction. This empowers new providers to build a strong reputation on the platform without you feeling anxious about working with someone who has less history.
Setting Up Your TrustLock: Your Rules, Your Protection
What makes TrustLock so powerful is that you (the client) and your chosen service provider define how it works right from the start of your transaction.
Before any work begins, you’ll set up your TrustLock agreement, which includes:
- Payment Milestones: You’ll break down the project into smaller parts (milestones) and decide how much money will be released at each step. For example, 25% after the first draft, another 25% after revisions, and so on.
- Payment Release Conditions: For every milestone, you’ll clearly state what needs to happen for the money to be released. This could be “delivery of code,” “approval of design,” or “completion of specific tasks.”
- Instruction and Confirmation: For each payment release, one party will tell TrustLock to release the money, and the other party must confirm that it’s okay to do so.
This two-step process ensures both sides agree.While it’s recommended that the final 25% of the project’s payment is only released when 100% of the work is complete, remember, the terms are entirely up to you and your service provider to define.
This flexibility allows you to tailor the TrustLock to fit your specific project needs. You can choose from a library of common dispute resolution protocols or craft your own to perfectly match your project’s unique requirements
Handling Disputes – Your Clear Path to Resolution with TrustLock by TSB
Every TrustLock agreement must include a very clear plan for what happens if there’s a disagreement. ServiceBridge is never involved as a middleman or a party to your transaction. The TrustLock is only a way for the two parties to build a greater layer of trust in their transaction. In many cases, if a dispute arises, it simply means both parties need to talk it out and come to an amicable agreement. Once you’ve sorted it out, you’ll send the same instruction to TrustLock to release the funds according to your agreed-upon resolution.
In other situations, if an amicable agreement isn’t possible, your TrustLock might state that you both agree to go to binding arbitration. This means a neutral third party will hear both sides and make a final decision on how the funds should be released.
Once that decision is made, both the client and provider must instruct TrustLock to release the funds based on the arbitrator’s ruling. One instructs, the other confirms, and the lock is released. No employee from The Service Bridge can override, manipulate or release a TrustLock. This means your money is always protected and only releasable by the Contract participants.
With TrustLock on The ServiceBridge, Clients can start projects knowing their funds are secure until the job is done right. And service providers can work with confidence, knowing their payment is waiting and guaranteed once their work meets the agreed-upon terms.TrustLock takes the worry out of transactions on ServiceBridge, letting everyone focus on creating amazing things together.