PayProff offers a licensed escrow service that secures online transactions by holding funds until both parties fulfill their obligations. This platform enhances trust and mitigates risk for buyers and sellers by verifying identities and ensuring payment release only upon satisfactory transaction completion.
Funding
Funding not disclosed
Founders
Product
Problem
Online transactions between individuals and businesses often carry inherent risks of fraud and non-fulfillment, leading to financial loss and a lack of trust. Buyers may not receive goods or services as agreed, while sellers risk delivering without guaranteed payment.
Solution
PayProff provides a licensed escrow service that acts as a secure intermediary for online transactions, ensuring funds are held until both buyer and seller fulfill their contractual obligations. This platform facilitates secure trading by verifying user identities via eID and holding payment in a protected account. Sellers receive proof of funds, and buyers are assured that payment is only released upon satisfactory receipt of the item or service. This process mitigates counterparty risk and fosters confidence in peer-to-peer and business-to-consumer transactions across various asset classes.
Target Audience
The primary target audience includes individuals engaging in peer-to-peer online sales and businesses seeking to offer secure payment solutions to their customers for goods and services.
Features
- Licensed Payment Service Provider (PSP) operating under Danish Financial Supervisory Authority (FSA) supervision.
- Secure escrow account holding funds until transaction conditions are met.
- eID verification for user identity confirmation to enhance transaction security.
- Transaction notifications and monitoring for suspicious activity.
- Buyer protection through payment release contingent on item/service receipt.
- Seller assurance via proof of funds prior to delivery.
- Supports a wide range of transactions, including physical goods, digital assets, and services.
- API integration for businesses to embed escrow functionality into their platforms.