- Transaction Created
- Funds Deposited
- Funds Received and Cleared
- Delivery Started
- Acceptance and Amendments
- Funds Released
- Disputes and Legal
1. Transaction Created
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:
- Full name
- Email address
- ID number or business registration number for the seller
- Cell phone number
- Bank account details – this is mandatory for the seller
- If the user is transacting as a business, then organisation details are required such as legal entity name, type of business, trading as name, company registration number, and VAT number (if applicable).
Transaction data includes:
- Transaction title
- Transaction description
- Transaction industry
- Transaction type if different from a normal transaction (i.e., milestone payments, drawdown, layby)
- Delivery address
- Delivery and inspection duration
- Purchase price
- Commission amount owing (if applicable)
- Who pays the escrow fee and marketplace commission (if applicable)?
2. Funds Deposited
A payment page will appear that will allow the buyer to initiate payment.
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:
- Manual EFT — The buyer makes a manual EFT payment from their digital banking channels to the escrow account held at Standard Bank. Should the buyer be with another bank, the funds may take up to a maximum of 36 hours to clear. We recommend real-time clearance in the event of an urgent transaction.
- Ozow — Payment will be made to TradeSafe instantly, irrespective of who the buyer banks with. Notification of clearance will be immediate. The Ozow payment option provides the most automated EFT process.
- Card — Buyers can make payment to TradeSafe with credit or debit cards (Visa, Mastercard, Amex, Diners Club card) using our partners Ecentric Payment Systems. 3DSecure will be activated for every transaction. Notification of clearance will be immediate.
- SnapScan — Buyers can make payment TradeSafe with QR code enabled technology. A QR code will be displayed on the client’s website which will allow buyers to make payment using their mobile phone. Notification of clearance will be immediate
3. Funds Received and Cleared
TradeSafe sends a call back to the client once the funds have been cleared in TradeSafe’s escrow account.
4. Delivery Started
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.
If the seller fails to indicate that they had started delivery, you can cancel the transaction so that the buyer is refunded
5. Acceptance and Amendments
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).
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.
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.
6. Funds Released
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.
The acceptance of the goods or services is an irrevocable instruction to TradeSafe to release the funds.
7. Disputes and Legal
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.