Understanding transactions doesn’t have to be complicated and at Trustap, we are committed to simplifying this for our ecommerce and marketplace partners. To support clear communication across our platforms, we’ve compiled a quick-reference guide of key terms to ensure your understanding and how they impact your experience.
Know Your Customer (KYC)
Know Your Customer is the process businesses use to verify users identities, analyse financial behavior, and monitor potential risks.
At Trustap:
We verify our users via KYC to ensure users are legitimate. This helps to prevent fraud, money laundering, and other illegal activities.
End-to-End Transaction
An end-to-end transaction refers to the entire journey of a payment, from when a user clicks “checkout” to support and order fulfilment.
At Trustap:
After checkout, Trustap handles everything, from securing the payment to tracking the item’s delivery, to providing customer support. It’s a complete, start-to-finish experience, all within our platform.
Buyer Protection
Buyer Protection is the escrow-style flow that gives Trustap users extra security, where Trustap holds funds until the transaction is complete and both parties are satisfied.
What this looks like at Trustap:
- Buyer agrees to buy something from seller.
- Buyer sends payment, which is held in Trustap’s secure vault account.
- Seller fulfills the order.
- Buyer receives and inspects the product.
- If each party is happy, Trustap releases the funds to the seller.
Merchant of Record
The legal entity responsible for processing payments, handling disputes, and managing funds to guarantee transactions run smoothly and securely.
At Trustap:
We act as Merchant of Record, meaning Trustap takes on the responsibility of managing transactions and assumes all chargeback & dispute risk and legal responsibility on behalf of the marketplace and ecommerce businesses we work with.
Authorisation
Authorisation is the process where a bank or card provider approves a payment request by confirming the user has sufficient funds or credit. The authorisation rate is the percentage of payment attempts that are approved.
At Trustap:
When a buyer transacts on Trustap, their bank or card provider is contacted to check for sufficient funds. If the transaction is valid and not flagged, it’s authorised, allowing the payment to proceed.
Authentication
Authentication verifies that the person making a payment is the legitimate owner of the card or account.
At Trustap:
We use several methods, such as Digital Wallets like Apple and Google Pay to capture biometric authentication where possible. We also use 3DS as required to verify the user making the payment.
Anti-Money Laundering (AML)
Anti-Money Laundering refers to a set of regulations and procedures financial institutions follow to ensure compliance with legal regulations to detect, prevent, and monitor illegal/suspicious activity.
At Trustap:
Trustap follows strict AML regulations to prevent illegal money being used on our platform. We continuously monitor activity to protect our platform and yours.
Gross Merchandise Value (GMV)
Gross Merchandise Value is the total value of goods and services sold through a platform for a period of time before subtracting fees or costs.
At Trustap:
This indicates how much business is flowing through our system. This is a good indicator of platform activity and marketplace growth.
Dispute Resolution
Dispute Resolution is the process of resolving conflict or disagreements between buyer and seller.
At Trustap:
As the Merchant of Record, Trustap resolves any disputes, should they arise. Our support team mediates disputes with an unbiased perspective, thoroughly reviewing evidence from both parties to reach a fair and balanced resolution.
