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Payments

All payments through our platform offer security and protection to both buyers and sellers and serve the needs of practically all the companies exporting or importing on our website. We have integrated escrow payment to handle wire transfers and guarantee the payments:

  •  The escrow payment is a deposit account managed by regulated institution, that receives the money from the Buyers during the payment process, and transfers it to the Seller when the goods are delivered.

    This method of payment is very similar to, but simpler than the Documentary Letter of Credit, and guarantees that the buyers receive what they paid for or their money back; and simultaneously guarantees that the sellers receive 100% of their due payment, without ever having to chase debt.

    This method applies to all deals closed on  our platform. For the Buyers and Sellers in the EU and some other countries (see below), we integrated Transpact. The best is that it does not charge a commission on the amount in the escrow! Our philosophy to offer fixed fee services applies also the escrow payments, where each party of the transaction has to pay £2.99 / €3.49 / $9.99, plus some additional charges for amounts above €15,000.

  •  In case of claims, Transpact also offers dispute resolution service (see our Disputes page)

How Escrow Payment Works

Transpact is company authorized and regulated by the Financial Conduct Authority under the PSR 2017: No. 546279 , and registered with HM Revenue & Customs as a Money Services Business: Registration No. 12541653. All services are operated in the United Kingdom under UK and EU law, and the payments are safeguarded in EU banks. The money deposited is held in a special segregated bank account, protected by law.

The Escrow Process is as follows:

  • 1

    Buyyer and Seller agree to terms

  • 2

    Buyer Pays Escrow

  • 3

    Seller Ships Merchandise to Buyer

  • 4

    Buyer accepts Merchandise

  • 5

    Escrow Pays Seller

  • 6

    Buyer Owns the Goods 

  • Buyer and Seller agree the terms of the deal on our marketplace, using the standard negotiations process. 

  • They are directed to the Transpact servers to register (first time users) and to reflect the details agreed.

  • Once agreed (and only then), the Buyer pays to the Escrow service. Money can be transferred only from the bank account of the Buyer. The amount transferred should include also the fixed fee for the escrow payment provider.

  • The Buyer contracts the logistics service on our website in order to receive the goods

  • The Seller ships the goods.

  • The Buyer inspects the goods received and releases the funds from the escrow by clicking on “Make Payment” button within a specified time limit agreed previously. If the Buyer does not release the funds within the specified time limit, the money is transfered to the Seller at the end of the period.

There are few other things the users of the escrow service should take into account, some of which are in favour of the Sellers. For example, while the money is held in escrow, the bank may pay some interest on this money, that will go to the Seller with the payment We advise our users to get a better understanding of all conditions and terms that apply when using Transpact escrow service.

In general, Transpact applies a fixed fee for each money transfer to and from its escrow service. For amounts of up to €15,000, there is a fee of €6.98 that can be split between the buyer and the seller. For payments out made at or above €15,000, there is a scale of additional charges, which reaches €79.87 in case of amounts of €50,000 or more. Please review the webpage of Transpact for full explanation of the charges for non-SEPA accounts, foreign currencies, etc.

It is important to know that the escrow service works with bank accounts that our users have in some specific countries, and might not be available for bank account in your country. In this case you can use the escrow service of Payoneer.com. As of August 2018, the companies with bank accounts in these countries can use the Transpact escrow payment service:

  • Europe: UK and any EU country, plus Norway and Switzerland. Special checks apply for Iceland, Andorra or Monaco.

  • Americas: Canada, United States, Mexico and Brazil.

  • Asia: China (special checks apply), Hong Kong, India, Japan, Singapore and Australia.

  • Africa and the Middle East: Israel and South Africa (special checks apply for both countries).

In China, Iceland, Israel, South Africa, Andorra and Monaco, special checks my apply or used only for large transactions. In some cases, Transpact.com may allow you to use its escrow service with a bank account in other countries. However, it will make a decision on a transaction by transaction basis.

If you are not able to organize the escrow payment through Transpact, you can use Payoneer or other services that charge commissions on the transactions but cover more countries and currencies.

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