Secure Payments, Giving Complete Peace Of Mind
What is escrow?
Escrow is a method of payment where money is held by a trusted third party until both seller and buyer are checked and verified and the purchase has been safely completed. This gives complete peace of mind and protection to both parties.
To enable secure payments via escrow for our users, we have partnered with Trustshare Ltd, an FCA regulated company registered in England and Wales, offering global cross-border payments in GBP, USD and EUR in 186 countries. Trustshare offers:
- Protection for buyers and sellers
- Trust
- Transparency
- Safe & secure payments
- A fair and safe transaction for everybody
For sellers
Benefits
- Know who you are transacting with. Everyone’s identity is verified to ensure they’re a genuine user.
- It's free! There is no charge for sellers, the buyer pays the fees.
- Avoid last-minute cancellations. Buyers are charged the transaction fee when they make the transfer. This reduces the chances of the buyer changing their mind and cancelling the purchase.
- Get paid on time. When the number plate has been transferred to the buyer, the buyer must release the funds if the agreed terms have been met. If they don't do this, funds will be released automatically, and there's a disputes team to protect you in case of any problems.
- Visibility of funds. See in real-time when funds are transferred into the dedicated escrow account so that you can arrange transfer of the number plate with peace of mind.
How it works
- Once you have responded to an enquiry, the buyer will be able to see a link in the message thread allowing them to initiate a purchase through escrow.
- Once they have made a payment into escrow, we'll notify both parties.
- As a seller, you will then see the option to verify your identity and provide the details of the bank account you'd like your funds paying into.
- Once the payment has cleared, we'll let you know, and you can then transfer the number plate to the buyer.
- The buyer will then confirm receipt, and this will trigger the release of funds to you.
For buyers
Benefits
- Know who you are transacting with. Everyone’s identity is verified to ensure they’re a genuine user.
- Stay protected. No need to send money to a bank account and pray that you get your number plate, your pay
- Pay your way. Most private sellers don't have card machines to take card payments, but Trustshare allows you to pay using all major credit and debit cards (for purchases under £1,000).
- Keep your money safe in a dedicated escrow account & only release the funds when you’re happy with your purchase.
How it works
- Once you have messaged a seller about a registration and received a response, you will see an escrow link within your message thread.
- You can then make your payment into the secure holding account, and once you have done so, we'll notify both parties.
- When your payment has cleared, we'll let the seller know and they can then transfer the number plate to you.
- You will then confirm receipt, and this will trigger the release of funds to the seller.
How much does it cost?
Trustshare is free for sellers. The buyer pays a small fee of 2.5% of the sale/purchase price (subject to a minimum of £50).
This covers all the associated costs of keeping your transaction safe including identification and verification, anti money laundering checks as well as the risk that Trustshare take on your behalf. Please note that fees are non-refundable, so we recommend not starting an escrow transaction before you have agreed this with the seller.
Our calculator below allows you to see how much it will cost for your sale/purchase.
Escrow FAQ's
Who can use escrow?
Anyone and for any transaction, regardless of its value. Trustshare will help you avoid scammers with their strict verification process and just in case the registration won't assign to your vehicle or there are any problems, your money is still safe, as you only release it to the seller once you receive the registration and confirm that you are happy. Complete peace of mind for every transaction, who wouldn't want that?
Where is my deposit held?
Your money is held in a protected, safe-guarded bank account with Barclays in the UK. A safe-guarded account is where your money is held separately from the businesses operational funds and fully protected. This article from the London Economic explains in more detail.
Who are Trustshare?
Trustshare Ltd are a company whose mission is to revolutionise how consumers pay online through our safe and trusted escrow service. Trustshare is an FCA regulated business who keeps your funds under lock and key until you are happy that the product or service has been delivered. If you’re not 100% sure about the seller / buyer, it’s best to use their escrow payment solution just in case. It takes the hassle out of payments and makes sure you are protected if things don’t turn out as expected.
Trustshare is a licensed eMoney provider. Trustshare ltd is a company registered in England and Wales (No. 12650826) at 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ and registered with the Financial Conduct Authority with reference number 902866.
Trustshare completes robust KYC and AML checks on buyers and sellers, so you are safe and protected.
How to get verified on Trustshare?
Before your first transaction as a seller (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.
During the transaction between the buyer and the seller, the system may ask you for additional proof of the 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.
Terms and conditions
All transactions are handled by Trustshare Limited and subject to their Terms & Conditions, which you can find here, including potential disputes between parties. Plate-Trader.com is not responsible nor directly included in any transaction processed through Trustshare as a result of agreement via our network. The checkout process may contain Plate-Trader branding including logo for the purpose of legitimacy and the Plate-Trader brand name, but Plate-Trader is never the recipient of the deposit, Trustshare is.