How Payment Apps with Deposit Services Work

How Payment Apps with Deposit Services Work

Many of the payment platforms out there offer very similar services to one another; however, one of the key ways in which Trustap differs from its competitors is in it’s deposit service offering.

With Trustap, users have the option to create an in person transaction, which operates using a deposit based system. When creating a transaction, the user will input; the currency, a description of the item and a deposit amount. The other party then joins the transaction via a shared link and agrees to the amount and description inputted.

Once both parties have joined, the buyer must enter their card details to pay the deposit, which is transferred into Trustap’s secure holding account. From there, the seller then can agree to accept the deposit or not.
After that step, the buyer and seller must agree on a time and a place to meet in person. When the two meet, the buyer is given a chance to inspect the item and both parties are given the opportunity to negotiate a final price, which will be in excess of the deposit. If they can agree on a final price, the buyer then inputs that amount into the secure holding account via the Trustap website or app and the seller hands over the item. Even then, after the meeting has taken place, the buyer is given a 1 hour complaints window in case they notice a fault with the item and wish to return it and be refunded.

All going well, after the complaints period has elapsed, both the deposit and ‘final price’ funds leave Trustap’s holding account and are transferred into the sellers registered bank account.

This deposit based system is extremely useful in supporting the development of trust between the buyer and seller. From the buyers perspective: they gain a sense of security in knowing they have only paid a deposit which can later be refunded. On top of that they’re given the opportunity to inspect the item in person as well as a complaints period after the meeting has taken place. From the sellers point of view: they also gain a sense of reassurance in knowing that the buyer has the intention to buy if they’re willing to pay a deposit to secure the transaction. What’s more, the seller is protected from fraudulent complaints being lodged against them.

Why not start your own Trustap transaction right now or in the meantime, sign up to Trustap for free!

By Luke Nicholson