In the world of e-commerce, a little trust goes a long way. Buyers trust that a seller will provide the object that was sold, as promised, and sellers trust that buyers will pay for the goods. An Internet auction is a perfect example of where and when trust can be violated: In most cases neither party knows the other and the transaction is made without face-to-face contact. Unfortunately, for all its worth, there is still little trust on the Internet-and the lack of trust has become a major barrier to certain kinds of e-commerce.
Tradesafe, from Tradesafe.com, offers both buyers and sellers some peace of mind.
Tradesafe is transaction insurance; it guarantees that the buyer will get what they purchased or get their money back. It also guarantees that the seller will be paid immediately. For a transaction under $1,200, Tradesafe.com immediately pays the seller, usually by electronic transfer directly into an account. Payment by check is also available. The seller is expected to ship the goods immediately. In any case the buyer is protected against fraud or non-shipment. Items over $1,200 automatically pay to an escrow account where the money is held until the buyer verifies receipt and satisfaction with the goods
We tested Tradesafe by establishing an account, first as a seller and then as a buyer. As a seller you first register with Tradesafe.com and acquire a password. Requirements include a valid US credit card account, they must provide Tradesafe with a US shipping
address including telephone number, have a stated return policy, and may only sell items to buyers with a US address and credit card.
A seller can initiate a transaction whenever they want by logging in toTradesafe.com site or (more commonly) automatically through programming created with the Tradesafe API (TAPI) and filling out an order form: All that is needed is the seller name, address, email address, and a valid credit card number.
Tradesafe provides a handy browser-based FastView of outstanding transactions. The buyer is notified by email that the seller has received the order and the seller is notified that the buyer''s credit has cleared and the order can be shipped. The payment to the seller is simultaneously transferred. The procedures are all clearly implemented in the Tradesafe software (especially at the tradesafe.com site), and should provide no difficulty for anyone even slightly familiar with online purchasing.
The buyer''s procedures are even simpler, since using Tradesafe is a relatively low visibility process. The buyer purchases the item (via auction, catalog, trade, etc.) and submits an order with a credit card number. When the credit card is verified, the seller is notified to ship the item. From that point the seller and buyer have 21 days to complete the transaction. If the buyer is not satisfied (non-shipment, improper pricing, damaged goods, product misrepresentation etc.) the transaction can be cancelled and the buyer receives a full refund. This arrangement protects both buyer and seller from fraud, and especially from the buyer''s point of view entails almost nothing in terms of direct cost or inconvenience.
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