Transaction and user account information is pushed from the client to TradeSafe. Includes details about the buyer, seller, and marketplace owner (should the marketplace be receiving a commission).
Party information includes:
Transaction data includes:
A payment page will appear that will allow the buyer to initiate payment.
{info} TradeSafe provides a hosted payment page. However, you are welcome to white label your own payment page as TradeSafe exposes each payment gateway individually
Payment to TradeSafe will be done via one of four available options:
TradeSafe sends a call back to the client once the funds have been cleared in TradeSafe’s escrow account.
Once the funds clear, the client should notify the seller to perform delivery of the goods or services.
The client should then inform TradeSafe once delivery has started.
{info} If the seller fails to indicate that they had started delivery, you can cancel the transaction so that the buyer is refunded
Once delivery has taken place, the buyer can then accept the goods or services. If accepted, TradeSafe releases funds to the seller and any commissions to the marketplace owner (if applicable).
{info} If the transaction is a three-party structure comprising a buyer, seller, and marketplace owner, then either the buyer or the marketplace owner can accept the goods or services
If an amendment to the purchase price needs to take place, it can be triggered either by the buyer or the marketplace owner (only in three-party structure). No further approvals are required if the amendment was initiated by the marketplace owner. An amendment would have to be accepted by the seller in a two-party transaction structure.
An approved amendment to the transaction would result in a partial refund to the buyer.
{info} You can choose if you would like the funds to be refunded to the buyer’s bank account or credited to their escrow wallet for future transactions.
Once the goods or services have been accepted, and all applicable amendments have been approved, then TradeSafe will release the funds from the escrow account to the designated banking accounts.
TradeSafe makes all payments from Standard Bank. Depending on who the parties bank with, there may be an interbank delay for the funds to reflect in their bank account.
{warning} The acceptance of the goods or services is an irrevocable instruction to TradeSafe to release the funds.
If something goes wrong, and the amendment process fails, then the transaction can be flagged as a dispute which will require resolution. This will be conducted on either the client’s platform or on TradeSafe’s platform. The funds will be locked until such time the dispute has been resolved.
If the dispute cannot be resolved, then the transaction will be referred to either the Small Claims Court (SCC) or arbitration. The court or arbitrator’s decision is final, and TradeSafe will rely on the instructions provided by either the arbitrator or a court of law on how it will release the funds.
The process alluded to above is the most common escrow structure that we encounter. However, TradeSafe can tailor a solution to ensure the experience is more specific for your business or app.