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.

Why should I use Truzo?

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.

Do I Have To Download The Mobile App?

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.

What is a Truzo Wallet?

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.

Available Payment Methods?

Credit Card – convenient but costs a little more Manual EFT costs very little but the process takes longer Instant EFT – also convenient but costs a little more Truzo Wallet – by far the best option for both convenience and price.

What can't be sold using Truzo?

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.

Who can register for a Truzo Account?

Anyone, really. Personal and business profiles can be registered.

Do I have to be Verified?

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.

How long does verification take?

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.

Who verifies my information?

Verifications are done with KYC (Know Your Customer) agencies.

How often is verification done?

Verifications are done every 12 months or every time you change important information like bank details or your physical address.

What verifications documents do I need?

Individual Registration Individual registrations should not require documentation. Should our automated verification fail, Truzo may require manual verifications as follows: Proof of ID Proof of Address Proof of Income/Employment Proof of Bank Account 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: Listed Company (on recognised stock exchange) Official Incorporation Documents and Proof of Listing on Stock Exchange Foreign / External Company (Non-SA registered) Official Incorporation Documents issued upon registration Sole Proprietor Is treated as an Individual Trust Trust Deed and Letter of Authority Partnership Partnership Agreement Charity / Foundation / Non-Profit Organisation Constitution / Official Incorporation Documents

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.

Who pays the Truzo fees?

The buyer automatically pays the Truzo fees unless you both agree to split the fee 50/50.

Is tax charged on Truzo fees?

Yes. VAT is charged on all Truzo fees.

Is there a monthly fee?

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! Agree: Buyer, seller and agent, if present, agree to the terms of the transaction. Secure: Verified buyer commits to a transaction by paying money into a secure escrow account. Deliver: Verified seller delivers the products or services, as agreed with all the parties. Pay: Once approved by the buyer, Truzo releases funds to the seller and/or agent.

How do I withdraw my money?

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.

How do the inspection days work?

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.

What if I'm not happy with the Product?

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.

Can I change the number of inspection days?

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: is an Authorised Financial Service Provider (FSP 51539) is regulated by the Financial Sector Conduct Authority (FSCA) is registered with the Payments Association of South Africa (PASA) does strict compliance checks on every Truzo user has Professional Indemnity insurance cover in place for your peace of mind is backed by Envisionit Capital Solutions & Founders Factory Africa as shareholders and is an international business with offices in Johannesburg and London

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.

What about my personal information?

Data privacy is a human right. That is why Truzo is committed to the privacy and confidentiality of information provided to us in compliance with all relevant legislation, including the Protection of Personal Information Act, 2013 (“POPI”) and General Data Protection Regulation (GDPR) (EU) 2016/679. We will never sell or use your information for anything other than communications about the Truzo platform and to perform verifications checks for compliance.

Why do you need my Personal details?

Truzo needs your details to verify that you are who you say you are. It’s how they make sure you have a scam free, safe space to buy and sell stuff.

Are there dispute fees?

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.

What are the arbitration fees?

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

Curious

Frequently Asked Questions

Need Answers?

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.

General

Registration

Fees

Process

Security

Privacy

Disputes