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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.
Truzo (Pty) Ltd (2016/390144/07) is an Authorised Financial Service Provider (FSP 51539).
Truzo, from the words TRUst ZOne, is an independent Escrow Payment Platform. Unlike other escrow services, Truzo is regulated by the Financial Sector Conduct Authority (FSCA), registered with the Payments Association of South Africa (PASA) and does strict compliance checks on every Truzo user to make sure your personal and/or business TRUst ZOne is safe and secure.
It’s the safest way to buy and sell with strangers. Using Truzo means not worrying about getting 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.
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:
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.
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.
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.
The buyer automatically pays the Truzo fees unless you both agree to split the fee 50/50.
No. There are no monthly fees on the Truzo platform. Truzo works on a fee per transaction basis. So you only pay a fee relating to the transaction you create.
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 24hrs. Any money in your Truzo Wallet can be transferred into your bank by simply clicking “Transfer”. It usually takes about 24hrs for Truzo to make payment and depending on your bank’s rules, the money will be available in your account within 24hrs-48hrs.
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.
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 |
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