South African online escrow payment start up, TradeSafe, has been invited to exhibit at the Web Summit in Ireland from 3 to 5 November.
Known as ‘Davos for geeks’, Web Summit attracts more than 5000 respected global speakers, around 1000 investors and more than 30 000 attendees from over 100 countries.
Being invited to exhibit underpins the confidence and appetite that exists in the international market for online platforms that can provide a safe escrow service for internet and mobile payments. While anyone can pay to exhibit at the event, the invitation means that 90 per cent of the costs are covered by organisers.
TradeSafe is an independent online payment holding, or escrow, platform that provides protection for online traders by safeguarding the funds and the documentation in trust until both parties are satisfied that the terms of the transaction have been met.
The online platform was created to address an increasingly targeted online trading environment in South Africa.
“Increasingly, South African consumers and business are targeted by fraud, scams or theft and the online payment environment is not immune,” says Ivan Breet, head of operations for TradeSafe.
“Access to cheaper, faster internet connectivity on more technology platforms has increased online trade significantly, which has in turn increased the potential for online fraud or theft. TradeSafe addresses this by providing a secure third party platform that collects both the payment and the documentation during a trade and releases it once both parties are satisfied that the terms of the transaction have been met,” continues Breet.
TradeSafe creates certainty for both small and medium businesses and the platform is already being used by both SMME and large corporates. Its back end technology can be customised to suit almost any application.
“An example of the system’s adaptability and customisation is how a short term insurance client recently used our system to identify and remove the risk of insurance fraud,” concludes Breet.