An in-line chemical feed pump for a foam dispenser system that has an inlet conduit for receiving chemical fluid, a pump head in chemical fluid communication with the inlet conduit, an outlet conduit in chemical fluid communication with the pump head, and a driver. In addition, there is provided a pump drive transmission system positioned in drive transmission communication between the driver and pump head, with the pump drive transmission system including a magnetic coupling with first and second magnetic coupling members placed to opposite sides of an intermediate protective shroud, and with the shroud having a coupling reception cavity which receives one of said first and second magnetic coupling members. A method of dispensing foam using an in-line chemical feed pump is also featured including use of a system where two chemical lines are involved each with the in-line pump assembly and each line feeding to a mixing module of a dispenser.