- +2711 486 0692
- info@truzo.com
- Mon - Fri: 8:00 - 18:00
Below are answers to the questions we’re asked most …
… plus a few we think are important too.
If you have a complaint about any aspect of our service, then we would like to hear from you.
For full details, please download our Complainant Procedure.
Escrow is the term used when a 3rd party, like Truzo, holds the buyer’s money securely and only releases payment to the seller when they deliver the products or services bought. In this way, buyers get what they’ve paid for without being scammed and sellers get paid on confirmed delivery without having to wait for payment. It’s a win-win for both buyers and sellers.
Head Office: United Kingdom – Truzo Ltd (12528331).
South African Office: Truzo (Pty) Ltd (2016/390144/07) is an Authorised Financial Service Provider (FSP 51539) and Third Party Payment Provider sponsored by FirstRand Bank Limited.
Truzo, from the words TRUst ZOne, is an independent Escrow Payment Platform. Unlike other escrow services, Truzo is regulated and approved by:
– Financial Sector Conduct Authority (FSCA – South Africa)
– Payments Association of South Africa (PASA – South Africa)
Strict compliance checks on every Truzo user, via Consumer Profile Bureau (CPB) are conducted to make sure your personal and/or business TRUst ZOne is safe and secure. Truzo is insured with AON.
It’s the safest way to buy and sell with strangers. Using Truzo reduces the risk of being scammed because all registered users are fully vetted and verified, you don’t have to chase for payment and it’s so easy to make and receive payments, via Credit card/ Debit card/ Instant EFT or EFT. You’ll have your own personal or business Trust Zone every time you buy or sell.
Not at all. You may use either the app or the website on their own or both at the same time. The app is available for your convenience.
Your Truzo wallet is like a digital version of the real wallet or purse you carry around. The available balance in your wallet can be used to buy goods using Truzo or it can be transferred into your bank account by making a withdrawal request.
Truzo users can’t trade in any illegal goods/services, sanctioned goods/services, unlicensed goods/services (where a licence is required by law to sell/buy/trade in), and anything that is not in Truzo’s risk appetite, as per our T&C’s.
Non-permitted industries Here
Anyone, really. Personal and business profiles can be registered.
Yes. Truzo users are verified to make sure users are who they say they are and is done automatically while registering. In some case Truzo may need you to upload some documents to verify your registration.
Verification should be immediate (thanks to our awesome development team) but it is possible we’ll need to ask for more information and/or do some manual verification which could take up to 24 hours.
Verifications are done with KYC (Know Your Customer) agencies.
Verifications are done every 12 months or every time you change important information like bank details or your physical address.
Individual Registration
Individual registrations should not require documentation. Should our automated verification fail, Truzo may require manual verifications as follows:
Business Registration
Business Registration is a little more complex, depending on the type of business being registered. Both SA Registered Company (Private Company – Pty Limited) and SA Registered Closed Corporation (CC) should be verified automatically, but if documents are required, it will be a copy of your CIPC CoR 15.1 (Memorandum of Incorporation).
Other business types:
Truzo fees are based on a sliding scale depending on the value of the transaction and the payment method chosen. Visit the fees page to see the various available options.
While we strive to keep costs as low as possible, these fees are subject to change. If you’re a subscriber, we’ll be sure to let you know if they do using your preferred method of contact.
You will be charged normal banking fees by your bank, just like you would when making payments.
No, unfortunately, clients do not earn any interest on funds in their escrow wallets as these funds are ring-fenced and held in a separate trust account, safeguarded for clients’ transactions.
After registering, it’s just 4 easy steps!
Whether the inspection days are over or the buyer releases the money, you can expect the money to show in your Truzo Wallet within 72hrs. Any money in your Truzo Wallet can be transferred into your bank by simply clicking “Transfer”. It usually takes about 72hrs for Truzo to make payment and depending on your bank’s rules, the money will be available in your account within 3-4days.
The inspection days are there to give the buyer enough time to check that they are happy with the goods or service they received. The seller clicks delivered and the clock starts ticking on the inspection days. When the inspection days are over, the money is automatically paid to the seller.
First contact the seller to see if you can fix the problem. If the inspection time is almost over you should dispute the transaction to stop your money being automatically paid over. If you and the seller can’t agree then Truzo can help with arbitration, but it will cost you.
Yes, you can change the number of inspection days. It’s completely customisable. You can also edit the number of inspection days by editing the transaction details.
Absolutely. Truzo is the safest way to buy and sell. Truzo is:
All our systems are hosted by Amazon Web Services (AWS) and all information handled by us is encrypted using the latest technologies, protected by and processed in accordance with PCI Security Standards Council (PCI DSS) and ISO27001 standards. What does that mean? It means that your information cannot be traced, intercepted or used by unauthorised third parties.
All infrastructure devices that are used to provide this service are properly maintained, patched and assessed for any vulnerability or outdated components. Truzo uses appropriate physical and software measure, including but not limited to firewalls, anti-malware and intrusion detection and prevention software, to ensure continued and uninterrupted service.
First contact the seller to see if you can fix the problem. If the inspection time is almost over you should dispute the transaction to stop your money being automatically paid over to the seller. If you and the seller can’t agree then Truzo can help with arbitration, but it will cost you.
Arbitration thresholds and fee tables below:
| ARBITRATION REFERRAL TRANSACTION THRESHOLDS | |
| under R 100,000.00 | Truzo appointed Arbitrator – decision is final. |
| R 100,001.00 to R 3,000,000.00 | Truzo panel of Arbitrators for parties to agree and select from. |
| over R 3,000,000.00 | Truzo panel of Arbitrators to select from or can provide their own. |
| DISPUTE MANAGEMENT RESOLUTION FEE RESERVE | |
| CATEGORIES | FEE |
| under R 15, 000.00 | R 1,500.00 (10%) |
| R 15, 001.00 to R 30, 000.00 | R 3,000.00 (10%) |
| R 30,001.00 to R 1,000, 000.00 | 10% fee |
| above R 1, 000,001.00 | 2-5% fee, based on the complexity of the transaction |
Download Here
Truzo’s FX offering lets you convert between over 38 currencies (list).
As a multi award winning, internationally approved payment platform, Truzo facilitates the conversion of
funds, on behalf of clients. Funds are deposited into your Truzo wallet where they can be used to
convert to the currency you desire. Once you’ve converted to the target currency, funds can be used to
pay your beneficiaries directly from your very own Truzo digital wallet or you could use our escrow
solution to transact with other local or cross-border parties safely and securely.
Truzo is the premier payment platform in Africa. Why don’t you register and try us out today?
Step 1: Register and get Verified;
Step 2: Add funds to any of our 38 FX wallets to be converted to the currency (list) you want to buy;
Step 3: Fund your ZAR Offshore wallet, with an EFT from your SA bank account, for FX Conversion;
Step 4: Covert Offshore ZAR and use pay offshore beneficiaries or create escrow transactions in the converted currency.
Users of Truzo’s FX platform include individuals, corporates, importers & exporters multinationals, corporate finance houses, private equity and venture capital investors.
Funds are held in segregated, safeguarded multi-currency wallets or e-money accounts facilitated by VISA Direct (previously CurrencyCloud).
Please refer to the Foreign Currency (FX) – Conversion Fee table.
Truzo Corporate is a versatile escrow offering catering to a wide range of transactions including mergers and acquisitions, capital raisings, property transactions, mining transactions and litigation-related matters. Bridging the gap in commercial transactions by collecting, holding and disbursing funds as an independent escrow agent with no conflict of interest.
Our team of professionals have extensive experience in the legal, financial, banking, and technology industries to assist you in achieving your specific transaction goals.
Our commitment to opening your escrow account within 48 hours of receiving all required KYC documentation is testament to our efficiency without compromising on the quality of our service.
Transaction parties have online access on Truzo’s digital platform via our website or multi award winning app throughout the duration of the transaction. Enabling you to easily track the progress and status of your transaction.
The escrow agreement is entered into between Truzo and the various parties to the transaction which governs, amongst other things, the basis upon which funds will ultimately be released to parties, which party will pay Truzo’s fees and in which party’s favour interest on funds accrue.
Please use the fee calculator to calculate the exact escrow charge for your transaction.
Pricing available for bespoke escrow agreements. Contact info@truzo.com.
1. Escrow Agreement is signed between transacting parties and Truzo;
2. KYC of transaction parties is completed within 48 hours of receipt of required documents;
3. Truzo escrow account is opened;
4. Buyer deposits funds into the Truzo trust account;
5. Funds securely held by Truzo until the transaction is completed / Conditions Precedent met;
6. Transacting parties notify Truzo that the transaction is completed and instruct Truzo to release the funds held in escrow;
7. Funds released after 48 hours to the seller’s account in terms of the Escrow Agreements authorisation notification.
Thanks to Truzo’s global footprint with operations in multiple jurisdictions, we’re able to facilitate transactions, payments and currency conversions in 38 currencies (list), including ZAR, GBP, USD and EUR.
Regulated in South Africa. Providing payment and e-money services. This ensures you have the critical protection you need when concluding corporate transactions.
– Truzo is also registered with the Payments Association of South Africa (PASA).
– The funds we hold on behalf of our client’s transactions are segregated and safeguarded from Truzo’s operational bank accounts.
“I recommend Truzo Corporate for anyone seeking escrow services. Their expertise, dedication and customer-centric approach make them an outstanding professional in their field. I have no doubt that Truzo’s Corporate offering will continue to excel and provide exceptional escrow services to their clients. We look forward to working with you and your team again soon.”
Edward Pitsi
Co-Founder and CEO | Infinite Partners
“The e4 Group and other stakeholders recently had the pleasure of working with the Truzo Corporate team for our escrow service requirements on a recent large corporate transaction. We were particularly impressed with their knowledge, commitment, and quick turn-around times in relation to their escrow service offering. It was a relatively seamless process and assisted us in achieving closure on our deal. We would gladly recommend Truzo Corporate for any parties needing escrow services in relation to complex corporate or commercial transactions.”
Grant Phillips
Chief Executive Officer | e4
“ I have had the pleasure of working with the Truzo Corporate team for our escrow service requirements on a commercial transaction, and I have been consistently impressed with their knowledge, skills, and commitment to excellence. Their efficient and professional approach have been instrumental in achieving closure on our deal.”
Khudusela Pitje
CEO & Founder | New GX Capital
“Truzo Corporate were instrumental in seeing our transaction through to its finality. They have a very
experienced team of professionals who are proficient in what they do and willing to assist at all times.”
Damian Spargo
Legal Advisor | Overlooked Group
Truzo’s escrow transactions in the news
Truzo was selected as the trusted escrow agent for the e4 deal with Infinite Partners, as reported by TechCentral – ” Fintech specialist e4 sold in R1-billion private equity deal – TechCentral.”
When funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called VISA Direct (previously CurrencyCloud). In line with regulatory requirements, VISA Direct safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of VISA Direct’s, or our, insolvency. VISA Direct stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.