Why should you use escrow-style payments for all online purchases?

Using escrow-style payments offers numerous benefits for both buyers and sellers, which we have previously outlined here and here. Today, we’ll focus on a practical example to illustrate these advantages.

Example 1: You’re buying a sequential gearbox for 5000 EUR.
After discussing all details with the seller, we highly recommend making a video call to confirm that the gearbox is actually in the seller’s possession. Verify the condition of the part and what is included in the sale. Then tell the seller you would like to finalize the sale using the secure Trustap escrow-style payment, fully integrated into racemarket network.

The total amount you will pay:
without escrow-style payment: 5000 EUR
with escrow-style payment: 5100 EUR
(both amounts exclude your bank transfer fees)

The total amount you risk to lose:
(if something goes wrong, delivery isn’t made or item not as agreed (or not a gearbox at all)
without escrow-style payment: 5000 EUR
with escrow-style payment: 0 EUR

With escrow-style payments you risk absolutely nothing, for just a small 2% fee ensuring complete peace of mind, as your funds are safe until you release them after delivery has been made and you confirm that the gearbox is in state as agreed. If it is not, you have an option to start a complaint, where as with regular bank transfer, there is no such thing and your money might be lost forever, as such sellers are hard to trace.
Moreover, escrow-style payments require sellers to pass strict Know Your Customer (KYC) checks and verifications, ensuring you know exactly who you’re dealing with. Simply mentioning the use of escrow transactions can deter suspicious sellers and protect you from potential fraud and financial losses.

We highly recommend using escrow-style payments in all acqusitions for added security, especially for those you are not overseeing in person, such as small spares and equipment (gearbox, wheels, engine, etc.).

Learn how to use it as a buyer here or contact us, if you need any assistance.

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