Having issues with registration?
Struggling with the app?
Below are answers to the questions we’re asked most …
… plus a few we think are important too.
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) 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.
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.
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.
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.
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.
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.
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.
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:
After registering, it’s just 4 easy steps!
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.
| 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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