Atap Pay FAQ

  1. What is Atap Pay?

    Atap Pay is Atap’s newly introduced escrow service where Atap becomes a third-party escrow service to facilitate payment between the property owner and the interior designer. Our escrow and contract drafting service ensure that all renovation requirements are fulfilled as per the contract’s mutually agreed milestones before funds are transferred.

    Atap Pay is Atap.co’s newly introduced escrow service whereby Atap.co becomes a third-party escrow bank account to facilitate payment between the property owner and interior designer. This ensures that all renovation requirements are fulfilled as per the contract’s milestones before funds can be transferred.

    Atap Pay is a new service offered by Atap.co to safeguard payments between property owners and interior design firms.

    There are two main components to Atap Pay:

    1) Escrow service whereby Atap provides a third-party bank account for escrow purposes: to receive funds from the property owner and payout funds to the interior design firm as per the payment schedule and progress milestones.

    2) Contract drafting, whereby the property owner and the interior design firm enter into a contractual relationship regarding the renovation, including the payment schedule and progress milestones.

  2. How does Atap Pay work?

    Atap Pay reduces the risk of fraudulent activity by acting as a trusted third-party that collects, holds, and only disburses funds when both the property owner and interior designer are satisfied with the renovation.

    The property owner and the interior design firm will negotiate and decide on the renovation works’ progress milestones and the payment schedule.

    Both parties will enter the details into a contract, in which Atap will be listed as an escrow agent.

    The payment schedule and the progress milestones (listing the renovation works to be completed at every stage) will be stated in the contract.

    Once all parties have signed off on the contract, the design and renovation works can begin.

    At the start of every milestone, the property owner will pay the agreed amount to Atap as per the payment schedule, and Atap will, in turn, pay out a portion of that amount to the interior design firm while holding the excess amount in escrow.

    At the point of the interior design firm completing and handing over the renovated property unit to the property owner, Atap will be holding an excess amount of five percent of the renovation amount.

    Any payment from Atap to the interior design firm or the property owner can only proceed with both the property owner’s and the interior design firm’s written permission.

    Atap will not be involved in deciding the progress milestones and the renovation works within each milestone. Neither will Atap be involved in adjudging whether the milestone has been completed.

  3. What constitutes written permission?

    Emails and Whatsapp messaging can be used as a platform for communication involving all three parties. Written permission for the escrow payment process can be obtained via these two mediums.

  4. Why should you use Atap.co?

    Atap Pay is a legal contract drafting, and escrow service implemented to ensure fairness and financial security between the property owner and interior design firm. This service exists to increase trust in the renovation process between the property owner and the interior design firm.

    Benefits for interior design firms:

    Your final retention amount (5% of the total renovation amount) is safe with Atap. The property owner pays the full renovation amount into Atap’s escrow bank account before the completion of the renovation.

    You only begin design and/or renovation work after Atap collects the property owner’s payment according to the agreed-upon progress milestones. This makes sure that the full payments are collected, giving you confidence that you do not stand to make a loss if the property owner were to terminate the renovation before completion.

    In the event of any legal dispute, the funds collected remain untouched at Atap. Atap will not be obliged to pay out any funds to either party; any fund transfer will only be initiated by Atap once written permission is obtained from both the property owner and interior design firm or if Atap receives a court order or arbitrators awards instructing the release of funds.

    Benefits for the property owner:

    You can have peace of mind knowing that your renovation work is entered into a legal contract with correctly set terms and conditions, payment schedule, and renovation progress milestones.

    You reduce the risk that an interior design firm absconds with your money after they have collected funds from you. For every payment collected from you, Atap transfers out a portion to the interior design firm (with your permission and as per the contractual payment schedule) while keeping the rest in the escrow bank account. This would limit the financial loss if the firm were to abscond or close down.

    In the event of any legal dispute, the funds collected remain untouched at Atap. Atap will not be obliged to pay out any funds to either party; any fund transfer will only be initiated by Atap once written permission is obtained from both the property owner and interior design firm or if Atap receives a court order or arbitrators awards instructing the release of funds.

  5. How do I sign up for Atap Pay?

    For property owners:

    Please inform our Customer Service personnel that you want to use Atap Pay, and we will indicate your preference on your renovation request. Any interior design firm that takes on your renovation will be notified. We will be more than happy to explain the intricacies to you via live chat or phone.

    For interior design firms:

    Please inform your assigned business development manager or our Operations team, and we will gladly explain how Atap Pay works in greater detail.

  6. Who is involved in Atap Pay?

    Atap Pay puts all three parties – the property owner, the interior design firm, and Atap (Mocento Sdn Bhd) – in one legally binding contract, in which Atap is listed as the escrow agent.

  7. Can I decide to terminate my Atap Pay contract?

    Either party may terminate the escrow agreement with written permission from the remaining parties. All parties will be subject to the terms and conditions of termination, which can be found under Article 9 of the contract.

  8. Is Atap Pay valid for all services provided by Atap.co?

    Atap Pay is only valid for design and build renovation projects that pass through Atap.co and its various channels. In other words, Atap will only provide this escrow service for property owners who submit a renovation request through Atap.co and awards the corresponding renovation project to one of our many interior design firms.

  9. Does Atap Pay provide escrow service for both design and build of a property?

    Atap Pay is primarily for property owners who seek either design and build or solely build services. As design costs are often a one-off payment, they do not fall under Atap Pay terms.

  10. Is Atap Pay compulsory for all renovation projects that pass through Atap.co?

    For property owners:

    No, property owners can opt not to use Atap Pay if they decide that the interior design firm they engage is trustworthy.

    For interior design firms:

    You are required to use Atap Pay if the property owner has opted in. But it is not expected that all property owners will choose to use Atap Pay.

  11. What are my payment options?

    Atap provides bank account information to be used for escrow purposes, specifically for receiving and sending payment. It is a regular bank account under Mocento Sdn Bhd, the owner of Atap. We do not provide any other payment options.

  12. If a problem arose between the property owner and interior design firm, will Atap act as a mediator?

    Atap serves purely as an escrow agent for the property owner’s renovation project to the interior design firm. Atap’s role pertains to receiving and sending payment subject to both the property owner and the interior design firm’s written permissions. At no point does Atap get involved in deciding the renovation progress milestones, nor does Atap exercise discretion when making payment.

  13. If property owners are to opt for Variation Order(s) (VO), would this additional sum be included in the Atap Pay contract?

    Variation Order(s) are generally not included in Atap Pay terms. However, based on the discretion of both Atap and the property owner, Variation Order payments can be entered into a similar escrow arrangement whereby the homeowner makes a 100% upfront payment to Atap with 60% of the said sum is paid to the interior designers with the remaining 40% being held as an escrow.

  14. Are there any charges for using Atap Pay?

    Interior designers will be charged a percentage of the total project value. However, homeowners will not be charged for this service.

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