A London-based company called Trustshare is developing an escrow system for online classified, B2B marketplaces, trade directories, and other industries. It’s a white-label platform that can be added to internet marketplaces in just a few lines of code.
If you’ve ever attempted to sell anything big on the internet, you know how difficult it is to be sure that no one is stealing your money. For example, should you send the phone first or ask for payment before sending the phone?
If you’re selling on a marketplace that uses Trustshare for payments, potential customers must first checkout and deposit money into a dedicated transaction-based 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 status of the funds. When the buyer gets the item, they have to send cash to the vendor.
Trustshare generates a unique IBAN for each transaction, which is then used to identify the bank account of each user. Bank transfers and credit cards are accepted as payment options. Because open banking legislation has been implemented in the United Kingdom and Europe, customers can link their Trustwallet account from the checkout flow to access their financial accounts.
Trustshare provides an easy way to sell goods or perform transactions over email or messaging systems without having to change your website’s code. The firm enables you to generate QR codes or payment URLs for making a transaction.
After the company’s inception, it secured funding from business angels including Cazoo and Zoopla founder Alex Chesterman and Carwow founder James Hind. Following that, Nauta Capital raised a $3.2 million seed round (about £2.3 million).
Escrow payment is one of the most common pain points for many businesses, which may be addressed through Trustshare. For example, you can think of luxury brands establishing their own marketplaces for handbags and timepieces, as well as new car markets dedicated to specific makes or models.
“The 5-line code-branded escrow checkout is now available on many marketplaces, brands that customers are familiar with and trust. This really is just the start. Our borderless escrow infrastructure is extremely robust, and we intend to introduce new goods including fast pay-throughs, baskets, and projects that make payments as quick and painless as sending an email,” co-founder and CEO Nick Fulton added in a release.
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 U.K.’s FENSA Deposit Protection service.
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