Escrow Services
Reduce the risk of fraud when buying or selling with Escrow. As a buyer, you can safeguard your funds in an Escrow account until the seller delivers what was promised. As a seller, you can have peace of mind as the trade will only start once the buyer has the agreed funds.
Some of the benefits
Fast and cost-effective
Registration is free and the Escrow fee is as low as R115. Our digital service also ensures a fast process
Buyer and seller protection
A seller will not be paid if the buyer doesn’t have the agreed funds
Automated notifications
All parties will receive email and SMS notifications during the transaction process
Partial release
Payment can be released upon a successful completion of certain milestones
Need to provide consent on a Business Escrow Account?
Authorise your business partner to transact on behalf of your business.
How it works
To get started with TradeSafe, you’ll need to give us your personal information to complete the registration process. TradeSafe will perform verification checks on the information provided, and once completed, you can begin transacting. Have a look at the simple transaction process below:
If you’re the seller:
- Inform the buyer: Let the buyer know you’d like to use TradeSafe for the transaction.
- Create the transaction: Set up the transaction on TradeSafe, specifying terms such as the description of the goods or services, costs, and delivery dates. You can upload agreements and pictures to support your deal
- Send transaction invitation: TradeSafe will automatically send the buyer a transaction invitation with all the details
- Agree on terms: The buyer can accept the transaction terms or negotiate until both parties reach an agreement
- Await payment confirmation: Once terms are agreed upon, the buyer will deposit the funds into the TradeSafe escrow account with Standard Bank via EFT or Ozow. TradeSafe will issue a formal letter to you once the funds have been received and verified
- Dispatch product/deliver service: Proceed with delivering the product or providing the service, knowing that payment is secured.
- Receive payment: If the buyer is satisfied with the goods or services, TradeSafe will release the funds to you
- Dispute resolution: If something goes wrong and the buyer is not satisfied, the transaction will be frozen. You and the buyer will have ten business days to resolve the dispute. If a resolution cannot be reached, TradeSafe will refer the parties to the Small Claims Court or arbitration
If you’re the buyer:
- Inform the seller: Let the seller know you’d like to use TradeSafe for the transaction.
- Create the transaction: Set up the transaction on TradeSafe, specifying terms such as price and a description of the goods or services being bought. Upload any relevant documentation such as agreements or pictures
- Send transaction invitation: TradeSafe will automatically send the seller a transaction invitation with all the details
- Agree on terms: The seller can accept the transaction terms or negotiate until both parties reach an agreement
- Deposit funds: Once terms are agreed upon, deposit the funds into the TradeSafe escrow account with Standard Bank via EFT or Ozow
- Product/Service delivery: TradeSafe will issue a letter of comfort to the seller, giving them the go-ahead to dispatch the product or deliver the service
- Inspect goods/services: After delivery, inspect the goods/services before releasing funds to the seller
- Accept or dispute: If satisfied, log into your transaction dashboard to accept the goods/services and release the funds. If not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
- Dispute resolution: If a resolution can’t be reached, TradeSafe will refer the parties to the Small Claims Court or arbitration
What it costs
- Registration is free
- Fees are calculated as a percentage of your trade amount and costs as little as R115 per transaction
Frequently Asked Questions
Learn more about Tradesafe from our Frequently Asked Questions
What you get
- Access to TradeSafe’s Escrow service when you register
- Reduced risk of transactional fraud, scams and bad debt. TradeSafe provides peace of mind
- The buyer is protected because the seller will only be paid if they deliver what was agreed upon
- The seller is protected because the buyer will only receive the product or service if the agreed funds are provided upfront and securely held by TradeSafe
- Ability to set up a transaction with different structures including milestone (partial payments) and drawdown payments
- Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
- Ability to freeze the trade if you’re not satisfied
- If disputes can't be resolved, the parties will be referred to the Small Claims Court or Arbitration
How to get it
If you’re a Standard Bank customer:
- Click here to register an Escrow account
Not a Standard Bank customer?
- You will only be able to register as a seller and not a buyer. Click here to create an Escrow account
- If you’re an individual looking to register as a buyer, simply open a MyMo account online for only R5.95 per month
- If you are a business looking to register as a buyer, apply online for MyMoBiz Business Account for R5 per month.
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How it works
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What it costs
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Frequently Asked Questions
-
What you get
-
How to get it
To get started with TradeSafe, you’ll need to give us your personal information to complete the registration process. TradeSafe will perform verification checks on the information provided, and once completed, you can begin transacting. Have a look at the simple transaction process below:
If you’re the seller:
- Inform the buyer: Let the buyer know you’d like to use TradeSafe for the transaction.
- Create the transaction: Set up the transaction on TradeSafe, specifying terms such as the description of the goods or services, costs, and delivery dates. You can upload agreements and pictures to support your deal
- Send transaction invitation: TradeSafe will automatically send the buyer a transaction invitation with all the details
- Agree on terms: The buyer can accept the transaction terms or negotiate until both parties reach an agreement
- Await payment confirmation: Once terms are agreed upon, the buyer will deposit the funds into the TradeSafe escrow account with Standard Bank via EFT or Ozow. TradeSafe will issue a formal letter to you once the funds have been received and verified
- Dispatch product/deliver service: Proceed with delivering the product or providing the service, knowing that payment is secured.
- Receive payment: If the buyer is satisfied with the goods or services, TradeSafe will release the funds to you
- Dispute resolution: If something goes wrong and the buyer is not satisfied, the transaction will be frozen. You and the buyer will have ten business days to resolve the dispute. If a resolution cannot be reached, TradeSafe will refer the parties to the Small Claims Court or arbitration
If you’re the buyer:
- Inform the seller: Let the seller know you’d like to use TradeSafe for the transaction.
- Create the transaction: Set up the transaction on TradeSafe, specifying terms such as price and a description of the goods or services being bought. Upload any relevant documentation such as agreements or pictures
- Send transaction invitation: TradeSafe will automatically send the seller a transaction invitation with all the details
- Agree on terms: The seller can accept the transaction terms or negotiate until both parties reach an agreement
- Deposit funds: Once terms are agreed upon, deposit the funds into the TradeSafe escrow account with Standard Bank via EFT or Ozow
- Product/Service delivery: TradeSafe will issue a letter of comfort to the seller, giving them the go-ahead to dispatch the product or deliver the service
- Inspect goods/services: After delivery, inspect the goods/services before releasing funds to the seller
- Accept or dispute: If satisfied, log into your transaction dashboard to accept the goods/services and release the funds. If not satisfied, the transaction will be frozen, and you and the seller will have ten business days to resolve the dispute
- Dispute resolution: If a resolution can’t be reached, TradeSafe will refer the parties to the Small Claims Court or arbitration
- Registration is free
- Fees are calculated as a percentage of your trade amount and costs as little as R115 per transaction
Learn more about Tradesafe from our Frequently Asked Questions
- Access to TradeSafe’s Escrow service when you register
- Reduced risk of transactional fraud, scams and bad debt. TradeSafe provides peace of mind
- The buyer is protected because the seller will only be paid if they deliver what was agreed upon
- The seller is protected because the buyer will only receive the product or service if the agreed funds are provided upfront and securely held by TradeSafe
- Ability to set up a transaction with different structures including milestone (partial payments) and drawdown payments
- Complete transparency through email and SMS notifications during each stage of the transaction lifecycle
- Ability to freeze the trade if you’re not satisfied
- If disputes can't be resolved, the parties will be referred to the Small Claims Court or Arbitration
If you’re a Standard Bank customer:
- Click here to register an Escrow account
Not a Standard Bank customer?
- You will only be able to register as a seller and not a buyer. Click here to create an Escrow account
- If you’re an individual looking to register as a buyer, simply open a MyMo account online for only R5.95 per month
- If you are a business looking to register as a buyer, apply online for MyMoBiz Business Account for R5 per month.
SAFELY BUY AND SELL ONLINE
Ensure that every transaction is safe and secure when you buy and sell online with our trusted Escrow service.Register online and start trading in a safe environment.
Contact us
Email Support
Our operating hours are:
Monday-Friday: 07h00 to 18h00
Saturday: 07h00 to 13h00
You can reach us at:
[email protected]
Telephonic Support
Our operating hours are:
Monday-Friday: 07h00 to 18h00
Saturday: 07h00 to 13h00
You can reach us at:
+27 (0) 87 135 3403
We also offer
MyMo account
Apply online right now for a cheque account with full transactional benefits – and earn free data and airtime on your daily banking.
Virtual Cards
Want to shop safely online without using your physical card details? Our Virtual Card solutions are secure digital bank cards that you can create to make in-store payments and purchases online.