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Buyer to Tradesafe to Seller
To address the growing popularity of online auctioning, another company has devised a secure way for buyers and sellers to make party-to-party payments.
In a 'double play' more efficient than baseball's 'Tinkers-to-Evers-to-Chance', Tradesafe.com, in cooperation with Fleet Bank, allows payment using a secured system from credit cards to checking accounts to merchant. The seller can be paid almost immediately instead of having to wait for a paper check or establishing a merchant account.
For purchases, the seller registers with Tradesafe. For transactions under $1,200, the buyer gets an e-mail from the seller, and once both parties agree to the transaction, Tradesafe secures authorization from the buyer's credit card, pays the money via direct deposit (or paper check, but it takes 10 days) to the seller and instructs the seller to ship. For goods sold over $1,200, Tradesafe.com confirms a buyers' receipt and satisfaction with the product before releasing the funds. A guarantee on the product accompanies the service. Buyers can file claims with the company if the goods they receive are "materially different" than represented.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 8, 8/00
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