Where are the funds held and what is the Trustap Vault?

The funds are held in the Trustap Vault until the buyer receives the item and has a chance to inspect it.

The Trustap Vault is a secure virtual safe that keeps the buyer's funds secure while transacting with another user. This means that the buyer never pays the seller directly, protecting both sides from potential scammers.

Online transactions

In the online model, which can be used when the item needs to be shipped, the total price is sent directly to the Trustap Vault. It is then released to the seller when the buyer has received the item and the 24-hour complaints period has elapsed. 

Check this article to learn more about the difference between an online and a face-to-face transaction. 

Use the following links to review the detailed process for online transactions (transactions involving post or courier delivery):

BUYER - Step-by-step guide to the online transaction model (Transaction involving post/courier DELIVERY)

SELLER - Step-by-step guide to the online transaction model (Transaction involving post/courier DELIVERY)

 

Face-to-Face transactions

In the face-to-face model, which can be used If your transaction does not require the use of a courier/postal service,  there are two options to use the Trustap Vault: 

• With deposit

1. The buyer sends a refundable deposit to the Trustap Vault to convey their interest in the seller's item. 
2. The buyer and seller then meet face-to-face to agree on a final price. 
3. The buyer then sends the remainder payment (the difference between the deposit and the total price) to the Trustap Vault. 
4. Once the item has been handed over and the 24-hour complaints period has elapsed, the total amount is released to the seller.

• Without Deposit

1. The buyer sends the total price of the transaction to the Trustap Vault. 
2. The buyer and seller then meet face-to-face to exchange the item.  
3. Once the item has been handed over and the 24-hour complaints period has elapsed, the total amount is released to the seller.

Use the following links to review the detailed transaction process:

BUYER - Step-by-step guide to the face to face transaction model (transaction involving HANDOVER of the item)

SELLER - Step-by-step guide to the face to face transaction model (transaction involving HANDOVER of the item)

If you are still trying to figure out your best alternative to sell or buy your goods/item, please get in touch with our team here. We are here to help you.