Trustap is an online payment platform that securely holds funds in a Trustap Vault during transactions, ensuring buyers can inspect their purchases before payment is released to sellers. This system mitigates the risk of scams in eCommerce by providing a structured process for payment, fulfillment, and dispute resolution.
Funding
$9.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
TVFounders
Product
Problem
Online marketplaces lack secure payment mechanisms, leaving buyers vulnerable to fraud when purchasing goods or services from unfamiliar sellers. Traditional payment methods often release funds to the seller before the buyer has a chance to inspect the item, creating a risk of non-delivery or misrepresented products. This lack of trust hinders eCommerce growth, especially in peer-to-peer transactions and specialized marketplaces.
Solution
Trustap provides a secure, end-to-end transaction solution that integrates payments, fulfillment tracking, and dispute resolution directly into online marketplaces. When a buyer initiates a purchase, funds are securely held in a Trustap Vault until the buyer confirms satisfaction with the received goods or services. This process ensures that sellers are only paid after the buyer has had an opportunity to inspect the purchase, mitigating the risk of scams and building trust between parties. Trustap also offers KYC/AML compliance for sellers, account management tools, and comprehensive reporting for marketplaces.
Target Audience
Trustap primarily serves online marketplaces and eCommerce platforms seeking to enhance transaction security and build trust between buyers and sellers, particularly in peer-to-peer and specialized markets.
Features
- Secure payment processing with funds held in a Trustap Vault until buyer confirmation
- Integrated fulfillment tracking to monitor the shipment and delivery of goods
- Dispute management system handled by an expert support team
- Seller onboarding and KYC/AML compliance checks for enhanced security
- Customizable payment pages to match marketplace branding
- Account management tools for sellers to track transaction history and balances
- Transactional data reporting for tax purposes and marketplace insights
- Support for instant payouts to sellers, depending on bank eligibility