News
Solved partners with Trustshare to ensure safe and secure transactions
by Katja Monikainen, Apr 6th 2024
Trustshare logo
This year, Solved has transformed into a full-fledged expert marketplace! In addition to digital contract signing, we have added the first payment functionality of many to come called escrow. With escrow, we want to offer our users a simple way to establish transactions while offering maximum protection to both parties.
To enable sound and secure payments, we have partnered with Trustshare, a London-based fintech company working on escrow infrastructure for B2B marketplaces, online classifieds and more, explains Katja Monikainen, Business Development & Project Manager
What is Escrow?
Escrow is a popular payment method used by B2B marketplaces. Escrow transactions involve an independent trusted third party, which holds the funds on behalf of the parties to the transaction. It helps make transactions safer by keeping payment in a secure escrow account that is only released when all the conditions of an agreement are met – a job or project is completed. This gives the expert assurances that the agreed money is deposited to a secure place and will be released when the work is completed. The buyer and seller are both checked and verified before a transaction takes place. It gives complete peace of mind and protection to both parties.
Why Escrow?
Escrow provides users of an online marketplace with a safe and secure trading environment. It protects both the buyer and seller from credit card chargebacks and scams and ensures that transactions are completed smoothly. The process becomes essential when contract parties may be unknown to each other. As the Solved marketplace grows, it is our duty to ensure that all the transactions which take place through our marketplace and trustworthy and sound. With Trustshare, all identities are verified, ensuring genuity of each user.
How does it work (on Solved)?
- The Buyer transfers the money into an Escrow account after signing a digital contact with an Expert.
- The Escrow account acts as a vault which keeps the money for a time period.
- The Expert delivers the service and asks for the buyer to release the funds.
- The buyer receives the order, finds it satisfactory, approves it and releases the funds.
- The amount is transferred to the Expert from the Escrow account.
Note: you must get verified on Trustshare only once, before the first translation.
Before the first transaction as an Expert (or buyer), you will have to get verified. The process on the trustshare panel is simple, takes just a few minutes and requires a selfie using your (PC or phone) camera and one of your identification documents to match it. Do not worry if the document photo is blurry, you can submit it anyway and the system will ask you to upload the more clear scan of the document later on in order to finalize verification.
During the transaction between the buyer and the Expert, the system may ask you for additional proofs of transaction, where you can upload the proof of bank transfer or a contract between the seller and buyer for the acquisition of the item you are buying.