What is Trustap for?
Trustap is for peace of mind. Trustap is a service specifically designed for people who want to transact with other people online. Every one of these transactions has a buyer and a seller and, for the vast majority of these transactions, the person you will be transacting with will be a complete stranger to you. Trustap protects you from all types of scams and ensures that your transaction is completed safely and successfully.
How does it work?
Trustap holds the buyer’s money until such time as the item has been delivered or handed over or the service has been completed. Powered by the world’s most secure payment processing system, Stripe; Trustap ensures you are protected from potential scammers and you can transact with peace of mind! Whether your transaction is online or face-to-face, you no longer have to trust someone you don’t know.
What are the advantages of using Trustap for The Buyer and The Seller?
Trustap is the only payment that’s designed to protect both buyers and sellers when transacting with strangers online. With Trustap, an escrow-like transaction takes place whereby the buyer’s money is held until the buyer receives the item and the complaints period has elapsed. This means that customers no longer have to place their trust in someone who they don’t know.
Trustap’s online model combines both payment and delivery into one efficient and transparent service for our users. Other comparable platforms prioritise either payment or delivery and do not cater for both. Trustap ensures you can have peace of mind when you are buying and selling from strangers online; something competitor platforms cannot provide to you.
Trustap’s face-to-face model provides peace of mind to users who want to make face-to-face transactions with strangers they met online. Trustap is the only service which uses a refundable deposit based system that preserves each user’s ability to negotiate a fair price in person; after seeing the item for themselves.
Trustap’s service is completely transparent which eliminates any ambiguity between the buyer and the seller in all scenarios. Both parties know exactly where the money and the item is at all times. This provides valuable peace of mind to both parties in the transaction.
Why Have Preloved Introduced It?
With lockdown making people lose their confidence with online shopping; especially with strangers. Preloved brainstormed how we could support our customers to trade with more peace of mind. This is because here at Preloved we aim to be proactive not reactive. We want to prevent the scam before it happens. Therefore we have introduced Trustap, an escrow site that helps us in being preventative for our loyal customers; such as yourself.
With Trustap accessible to anybody and live in 135 different countries we aren’t just limited to the UK. Happy global shopping.
What is the Trustap Hold?
The Trustap Hold is a secure virtual safe that keeps the buyer’s funds secure while transacting with another user. This means that the buyer never pays the seller directly, completely protecting both sides from any potential scammers.
In the online model, the full price is sent directly to the Trustap Hold and is not released to the seller until the complaints period has elapsed. In the face-to-face model, the buyer sends a refundable deposit to the Trustap Hold to convey their interest in the seller’s item. The buyer and seller then meet face-to-face at an agreed location to discuss the full amount. Once the buyer is happy to proceed with the transaction, they send the remainder of the funds to the Trustap Hold. Once the handover of the item takes place, the full amount is released to the seller.
How do I know Trustap is secure?
“Scamming” comes in two primary forms in all transactions.
(1) buyers don’t get value for what they pay for.
(2) sellers don’t get value for what they sell.
Trustap is the only transaction platform that fully addresses these issues by ensuring each transaction runs fairly. Buyers don’t pay for anything until they receive the item and are happy with it. Sellers don’t have to send anything until they know the correct funds are being held securely.
Check out our Overview of the Process section to get a clearer idea of how the platform helps to put an end to online fraud and scams.
Trustap has over 500 delivery services across the globe; including FedEx, UPS and DHL, as well as most national postal services. This means you can track a delivery made with any of these companies when using Trustap. All payments made with Trustap are handled by Stripe.
Once two interested parties have found each other and initiated the transaction process, it’s time for them to use Trustap. To facilitate the transaction to ensure neither party is scammed in any way, shape or form.
Once an account is created or the app is downloaded and either the buyer or seller logs into their account, they will automatically begin on the ‘My Transactions’ page.
From here, users can either create a transaction right away or take the time to fill out their personal and bank a/c details in the ‘My Profile’ section.
The menu gives users the option to visit their recent transactions, go to their profile, create a transaction or join a transaction. In most cases, it will be the buyer who initiates the process and so they will most likely be the one who creates the transaction.
Creating a Transaction
- To create a transaction, one of the parties involved must start the process. To do this, the user clicks the create transaction option from the menu.
- The user then must input the agreed price for the transaction. The 3% Trustap fee is calculated automatically so the user can then see how much the total price for the transaction will be.
- A brief description of the item or service in question must also be included and the user will have to agree to the terms & conditions.
- Once this information has been input, and the button is clicked to start the transaction, Trustap generates a unique alpha-numeric code. Which can then be shared with the other party in their transaction.
Joining a Transaction
In this case, the transaction has already been created by another user.
- The user selects the “Join Transaction” option from the menu.
- The user is then given the option to input the code they received from the other party in the transaction.
- Once this is done, the user must confirm that the information inputted by the other party in the transaction is correct. Beginning the transaction.
Checking the status of a Transaction
By selecting the ‘My Transactions’ button on the menu, users can check the status of any of their ongoing transactions at any time. By clicking on a particular transaction, the user sees a summary pop-up with some information for that transaction. This includes a breakdown of the transaction into a completely transparent and efficient step-by-step process.
- After the buyer and the seller agree on all the necessary details and start a transaction, the buyer transfers their payment (including the 3% Trustap fee) into the Trustap Hold.
- Once the funds are in the Trustap hold, the seller sends the item in question via registered post. The seller has up to 48 hours to input all the postal tracking information to Trustap for the transaction to proceed.
- If the seller fails to input the tracking information from the package within the allotted time frame, the funds are returned to the buyer’s account and the transaction is cancelled.
- Once the tracking information has been verified, and the delivery is linked to the courier or postal company’s own tracking system. The delivery status of the item may be checked by either party at any time. This offers valuable peace of mind by giving a clear idea of when the item will be delivered and the transaction completed.
- Once the item arrives, the buyer signs for it and checks the item out to ensure it’s what they wanted.
- The buyer signing for the package initiates the 24-hour complaints period. During which time any issues had on the part of the buyer must be communicated to Trustap customer support.
- The funds remain held for this 24-hour time period and will be automatically released to the seller after the time has elapsed. Unless the buyer chooses to release them sooner.
- Should the buyer lodge a complaint, the funds will remain held and the reverse of the transaction will take place, whereby the buyer must return the package to the seller within the seller time limit (48 hours).
- Once the seller signs for the package, the funds will be released as long as no further complaints are made.
- The 24-hour complaints period has elapsed, and no complaints were made; Trustap instantly releases the funds to the seller, completing the transaction.
Certain categories are more favoured to be face-to-face especially when purchasing pets. Other categories are items such as motors or furniture. When it comes to pets now lockdown has lifted you should aim to always collect your pet with a secure Trustap face-to-face transaction.
- Once the buyer finds the item that they wish to buy, they pay a refundable deposit into the secure Trustap Hold. This gives the seller proof of the buyer’s commitment and interest in the item; so that they may now meet face-to-face.
- This deposit is refundable. If the buyer goes to the meeting and the seller doesn’t show up, or if the item isn’t as advertised, then they get their money back.
- At this face to face meeting, the buyer has an opportunity to inspect the item they are buying. If they are happy with it, they then negotiate a final price with the seller.
- The seller then inputs this agreed amount into the Trustap platform.
- The buyer then transfers the remainder of the funds into the Trustap hold. Not including the amount already included in the deposit.
- The seller can see through the Trustap platform that this has been done, allowing them to handover the item with peace of mind.
- After the handover is confirmed, the one hour face-to-face complaints period begins.
- Once the complaint period elapses and no complaints are made, Trustap instantly releases the money to the seller.
To learn even more about Trustap check out their website here.
We are excited to see you start trading with more peace of mind.