Escrow infrastructure as a service for online sales – Bestgamingpro
A London-based company called Trustshare is developing an escrow system for online classifieds, B2B marketplaces, business directories, and other industries. It is a white label platform that can be added to Internet marketplaces with a few lines of code.
If you’ve ever tried to sell something big on the internet, you know how difficult it is to make sure that no one steals your money. For example, do you have to send the phone first or request payment before sending the phone?
If you are selling on a marketplace that uses Trustshare for payments, potential customers must first checkout and deposit money into a dedicated transactions account. Identity verification procedures such as KYC and AML checks are also handled by Trustshare (Know Your Customer and Anti-Money Laundering). The seller can monitor the condition of the funds. When the buyer gets the item, they have to send the seller money.
Trustshare generates a unique IBAN for each transaction, which is then used to identify each user’s bank account. Bank transfers and credit cards are accepted as payment options. Since open banking legislation has been implemented in the UK and Europe, customers can link their Trustwallet account from the payment stream to access their financial accounts.
Trustshare provides an easy way to sell goods or transact via email or messaging without having to change your website code. The company allows you to generate QR codes or payment URLs to complete a transaction.
After setting up the company, she secured funding from angel investors including Cazoo and Zoopla founder Alex Chesterman and Carwow founder James Hind. Following this, Nauta Capital raised a funding round of $ 3.2 million (approximately £ 2.3 million).
Escrow payment is one of the most common issues for many businesses, which can be resolved through Trustshare. For example, you can think of luxury brands establishing their own markets for handbags and watches, as well as new car markets dedicated to specific makes or models.
“The 5-Line Code Branded Escrow Checkout is now available in many markets, brands that customers know and trust. This is really just the start. Our borderless escrow infrastructure is extremely robust and we intend to introduce new products including fast payments, baskets and projects that make payments as quick and painless as sending an e- mail, ”co-founder and CEO Nick Fulton added in a statement.
MST is based on an existing payment network. As a result, it already supports 180 countries and 30 currencies. The company’s initial clients include Watchcollecting, Bookabuilder and the UK deposit protection service FENSA.
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