to enable you secure escrow payments in 186 countries.
Escrow is a method of payment where seller and buyer are checked and verified before money is held by a trusted third party until the purchase has been safely completed. Giving complete peace of mind and protection to both parties.
We recommend using escrow for every transaction done online, especially for acqusitions where you don't see the item in person, like smaller spare parts, gearboxes and similar, to avoid any inconveniences such as ordered item not arriving or not in state as agreed.
Who can use escrow?
Anyone and for any transaction, regardless of its value. Whether you are buying a race car, a spare gearbox, a set of tyres or a helmet, trustshare will help you avoid scammers with their strict seller verification process and in case the acquired gearbox on delivery still turns to be just a "box", your money is still safe with you, as you only release it to the seller once you receive the goods and confirm that they match the agreement. Complete peace of mind for every acquisition, who wouldn't want that?
What are the main benefits of escrow for the seller?
- 1. Know who you are transacting with. Everyone’s identity is verified to ensure they’re a genuine user.
- 2. Avoid last-minute cancellations. Buyers are charged the transaction fee when they make the transfer. This reduces the chances of the buyer changing their mind and cancelling the purchase.
- 3. Get paid on time! When the item has been delivered, the buyer must release the
funds if the agreed terms have been met.
- 4. Visibility of funds. See in real-time when funds are transferred into the dedicated escrow account. So that you can set up shipping and contract exchange with peace of mind, without a worry that buyer is just wasting your time.
How to use it as a seller?
Create a payment link for the buyer inside your racemarket user panel (trustshare tab), insert
your email, agreed amount and item title. At the bottom of the form, you will receive a link that you send to the buyer to start the secure escrow payment. After the amount is deposited by the buyer, you will be contacted via email by trustshare with details on how to proceed. Check
this video for a visual walkthrough.
What are the main benefits of escrow for the buyer?
- 1. Keep your money safe in a dedicated escrow account & only release the funds when you’re happy with your purchase.
- 2. Know who you are transacting with online as everyone’s identity is verified.
How to use it as a buyer?
Ask the seller to provide the link to start the escrow process and deposit the agreed amount. You will be informed by trustshare of all following procedures to finalize the process, including verification phase. Then you can discuss with the owner about the delivery or pickup and once the goods are safely with you and as described, you release the money from the escrow account to the owner.
Where is my deposit held?
Your money is held in a protected, safe-guarded bank account. This will be with Barclays in the UK or Crédit Mutuel Arkéa in Europe. A safe-guarded account doesn’t generate interest because even the bank can’t use your funds for investments, it’s that well-protected.
Who are trustshare?
We have partnered with trustshare, whose mission is to revolutionise how consumers pay online through our safe and trusted escrow service. Trustshare is the FCA regulated business who keeps your funds under lock and key until you are happy that the product or service has been delivered. If you’re not 100% sure about the seller / buyer, it’s best to use their escrow payment solution just in case. It takes the hassle out of payments and makes sure you are protected if things don’t turn out as expected.
trustshare is a licensed eMoney provider. trustshare ltd is a company registered in England and Wales (No. 12650826) at 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ and registered with the Financial Conduct Authority with reference number 902866.
trustshare UAB is their subsidiary registered in Lithuania (No. 305668309) at Zalgirio g. 90-100, Vilnius, Lithuania, LT-09303 and registered as an agent with the Central Bank of Lithuania with authorisation code LB001994.
Trustshare completes robust KYC and AML checks on buyers and sellers so you are safe and protected.
How much does it cost to use trustshare?
Escrow fees are added to the agreed sale value in the amount of 3%, fully charged to the buyer when depositing the funds. There are no fees charged to the seller (slight fluctuation may occur if payment currency and owner's bank currency differ). Fees are used for protecting your funds so you can safely complete transactions online with peace of mind. Please note that the fees are not refundable, so we recommend not to start the transaction before you make an agreement with the seller.
Terms and Conditions
All transactions are handled by trustshare and subject to their Terms & Conditions, which you can find
here, including potential disputes between parties. Racemarket.net network is not responsible nor directly included in any transaction processed through trustshare as a result of agreement via our network. The checkout process may contain racemarket branding including logo for the purpose of legitimacy and racemarket brand name in the checkout "to" field to protect seller identity, but racemarket network is never the recipient of the deposit, trustshare is.
Additional help
About trustshare
trushare Support for buyers
trushare Support for sellers
