How it Works
How it Works
A person or business who wants to buy something (goods or services) from another person or business commits by paying the money into a trusted escrow account, using a trusted third-party payment provider and the person or business who is selling those goods or services commits to delivering it within a specific time frame.
The seller knows up front that the buyer is legit and the money is real. If they deliver what was promised, on time, they will be paid out within 24hours of the buyer’s approval. Likewise, the buyer knows that if the seller doesn’t deliver on time or what they asked for, the agreement can be cancelled and their money will be returned just as quickly, without loss.
Register and Verify
First up is a quick registration to get some basic information about you or your business. In order to create or complete any real world transactions, you’ll need to get verified.
There is an annual registration fee of R19.95 for an individual and R99.95 for a business. While we strive to keep costs as low as possible, these fees are subject to change.
To complete your verification, all fields marked with an asterix* need to be completed. 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.
If you’re registering as a business we’ll need quite a bit more info but don’t stress, we strive to make it as quick and easy as possible.
4 Easy Steps
Buyer, seller and agent, if you want to use one, agree to the terms of the transaction. This includes, but isn’t limited to:
- The Price
- The Inspection Time
- The Fee Split
- The Delivery Details
These are things usually agreed to before creating a transaction. Even though you are able to negotiate the terms during the transaction, doing it up front normally saves a heap of time!
Once everyone is happy with the terms, any one of the people involved can create the transaction, detailing the terms agreed upon. In case of a misunderstanding, don’t stress, we do allow for transactions to be edited.
Now it’s time to secure the funds! The buyer commits by paying money into the secure trust account. We offer a number of ways to do this:
- 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.
Currently the Truzo Wallet is reserved for users who have received payment from another Truzo user and chose not to withdraw it but rather keep it in their virtual wallet to buy something else.
Time for the seller to shine! Depending on when, how and where this was agreed upon, the seller will deliver the goods or services to the buyer. To avoid any disputes later on, we always advise that if goods are posted, it is done with a tracking number so it can be traced.
Once the item/s have been delivered, the clock starts ticking on the inspection. We have this time set to a default of 2 days, but if it’s something digital which can be done immediately on delivery, awesome, you can change it. If it’s a bigger purchase like a car and the buyer wants 5 days so they can get a mechanic to do a once over, we don’t mind, just make the inspection 5 days.
With the edit functionality we offer, it’s really easy to come an agreement that suits everyone!
Without question, the most exciting part of this process. When all parties are happy, the buyer approves release of the payment for the purchase and the money is released, within 24 hours (depending on inspection days) directly into the sellers Truzo Wallet. The seller can then withdraw the money into their bank account or simply leave it there to buy something else, making use of the most convenient and cheapest way to transact on our platform.
An important note on paying out funds is that if the inspection days pass and no dispute is lodged, the funds will automatically be released to the seller. Which safeguards the seller in case the buyer is so happy they completely forget to release the funds. With that in mind – if you aren’t happy with what was delivered, remember to lodge a dispute before the inspection days are done.
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