to enable you secure escrow payments.
Escrow is a method of payment where seller and buyer are checked and verified before money is held by a trusted third party until the purchase has been safely completed. Giving complete peace of mind and protection to both parties.
We recommend using escrow for every transaction done online, especially for acqusitions where you don't see the item in person, like smaller spare parts, gearboxes and similar, to avoid any inconveniences such as ordered item not arriving or not in state as agreed.
Who can use escrow?
Anyone and for any transaction, regardless of its value. Whether you are buying a race car, a spare gearbox, a set of tyres or a helmet, trustap will help you avoid scammers with their strict seller verification process and in case the acquired gearbox on delivery still turns to be just a "box", your money is still safe with you, as you only release it to the seller once you receive the goods and confirm that they match the agreement. Complete peace of mind for every acquisition, who wouldn't want that?
What are the main benefits of escrow for the seller?
- 1. Know who you are transacting with. Everyone’s identity is verified to ensure they’re a genuine user.
- 2. Zero Selling Fees: In exchange for full buyer protection, Trustap’s payment solution relies on the customer to pay a small fee, meaning there are zero fees for the seller.
- 3. Sell More: Escrow payments create a secure environment, encouraging hesitant buyers to make more purchases. Therefore reducing deal abandonment rates.
- 4. Fraud Detection: Our 24/7 fraud monitoring ensures protection against fraudulent transactions.
- 5. Mediation and Resolution: In the unlikely event of a disagreement, Trustap is equipped to mediate and resolve any disputes, ensuring a fair resolution.
How to use it as a seller?
Create a payment link for the buyer inside your racemarket user panel (trustap tab).
What are the main benefits of escrow for the buyer?
- 1. Keep your money safe in a dedicated escrow account & only release the funds when you’re happy with your purchase. Trustap’s escrow-style payment system ensures the highest level of security, safeguarding buyers against potential scams.
- 2. Know who you are transacting with online as everyone’s identity is verified.
- 3. 100% Buyer Protection: When you pay using Trustap, you automatically receive Buyer Protection. This guarantees secure transactions, safeguards you from non-receipt of your item, grants you the ability to request a refund, and provides access to customer support.
- 4. Risk Mitigation: By ensuring that both parties meet their obligations before the payment is released, Trustap minimises the risk of financial loss.
How to use it as a buyer?
Ask the seller to provide the link to start the escrow process and deposit the agreed amount. You will be informed by trustap of all following procedures to finalize the process, including verification phase. Then you can discuss with the owner about the delivery or pickup and once the goods are safely with you and as described, you release the money from the escrow account to the owner.
Where is my deposit held?
Powered by Stripe's secure payment technology, Trustap secures the buyer's money in a safe hold account until all the transaction milestones are met and the complaints period elapses. The money is then instantly released to the seller.
Who are trustap?
Trustap is an advanced payment solution designed to enhance payment security, providing peace of mind for both buyers and sellers. Trustap’s Buyer Protection feature safeguards both buyers and sellers by ensuring secure payments, facilitating refund requests, and providing access to customer support.
Founded in Cork, Ireland in 2017, Trustap is on a mission to combat online scams. Trustap is a rapidly expanding fintech start-up, with offices in Ireland, Croatia, the UK and the US. Trustap operates in 135 countries. Experiencing over 500% growth year over year, consumers rely on Trustap daily for a safer, risk-free transaction process.
How much does it cost to use trustap?
Escrow fees are added to the agreed sale value in the amount of 3%, fully charged to the buyer when depositing the funds. There are no fees charged to the seller (slight fluctuation may occur if payment currency and owner's bank currency differ). Fees are used for protecting your funds so you can safely complete transactions online with peace of mind. Please note that the fees are not refundable, so we recommend not to start the transaction before you make an agreement with the seller.
Terms and Conditions
All transactions are handled by trustap and subject to their Terms & Conditions, which you can find
here, including potential disputes between parties. Racemarket.net network is not responsible nor directly included in any transaction processed through trustap as a result of agreement via our network. The checkout process may contain racemarket branding including logo for the purpose of legitimacy and racemarket brand name in the checkout "to" field to protect seller identity, but racemarket network is never the recipient of the deposit, trustap is.
Additional help
About trustap