Digital transaction platform Trustap, which operates a secure escrow-style payment app, has announced it has teamed up with leading U.K. online marketplace Preloved to deliver risk-free transactions for the platform’s users.
Trustap, based in Cork, Ireland, helps make buying and selling online or in person less risky by eliminating many potential scams or frauds. The partnership will help build the Trustap brand in the U.K.
Preloved has 10 million users, making it one of the largest classified advertising sites in the U.K. Users can now make risk-free transactions. Trustap’s platform combines a payment function that is powered by Stripe’s secure payment technology, with transactional milestones to ensure the process is secure from start to finish.
The app works by holding the buyer’s money in a safe hold account until all transactional milestones are met. The money is then released instantly to the seller. Trustap is compatible across all devices.
Trustap is now directly and fully integrated into the Preloved website. It allows users to select a model for online or in-person transactions, using three basic steps:-
- Money sent to the seller is first held in the ‘Trustap Hold’, meaning the buyer doesn’t pay the seller directly.
- The seller must then send the item and input the tracking details within the time limit.
- Then, once the buyer is happy with the product delivered, the money is released to the seller.
For in-person transactions, the buyer initially pays a refundable deposit to ensure the identity of both parties is verified. Once the buyer and seller meet up in an agreed location, the final price for the item can be set by the seller. The buyer will pay this remaining amount and once the handover is confirmed, the total amount is released from the ‘Trustap Hold’ to the seller.
“Our digital payments infrastructure, built specifically for online marketplaces, is quickly becoming the standard for financial operations within the market,” said Conor Lyden, Trustap CEO.
“By providing a reliable and safe escrow-styled payment gateway, Trustap has created trusted access to the digital economy for Preloved and provides consumers safety while transacting with strangers.”
Trustap was founded in 2017 and operates in Ireland, the U.K., Croatia and the U.S. It recently opened new offices in Cork and has doubled in size in the last year. It expects to expand further this year. Liam Casey, an early backer in Stripe is an investor. The Preloved partnership comes as the company prepares for a €10 million Series A funding round in December. The funds will be used to help Trustap expand further and double its headcount to 50 people.