There is no doubt that the internet is an ever-evolving landscape of possibilities. Access to consumer markets and information coupled with the capability to transact make the online space a very interesting one.
As a South African-born organisation, Junk Mail is a brand that has played a fair part in shaping the online marketplace landscape in our country over the last two decades. We were also the first marketplace to launch in SA way back in 1992.
Our digital platform has over three million unique monthly users, and we continue to strive to ensure that we provide a safe and easy-to-use platform for buyers and sellers. No matter if you are a private individual or a growing organisation, Junk Mail is the marketplace for you!
And things have just gotten even better!
We are pleased to announce that in partnership with Truzo, our new Escrow Service offering, "Secure Trade", will make us the safest online marketplace for individuals and businesses to trade. With this new offering, we are confident that our buyers and sellers will be able to "trade-in peace”.
As a brand that is locally invested, we are proud to launch this first-of-a-kind service in South Africa in the online marketplace landscape. Through our investment and partnership with Truzo, we continue to grow the Junk Mail brand and the products we offer.
Who is Truzo?
Truzo is an independent Escrow Payment Platform that enables buyers and sellers to transact anywhere, via any device, in a safe and secure way. Unlike other escrow services, Truzo is not only registered with the Payments Association of South Africa (PASA) but also regulated by the Financial Sector Conduct Authority (FSCA) and conducts rigorous compliance checks on every Truzo user to ensure a safe and secure environment.
We trust that this new offering will allow all South Africans to buy and sell in a safer online marketplace.
For those who would like a little more information on what an Escrow Service is, here is a brief overview of what Escrow Services actually are and how they work.
What are Escrow Services?
An Escrow payment service is one that can be used by both buyers and sellers to perform a safe online transaction. In its simplest form, money is paid from a buyer into a third-party "holding fund" or escrow account. This payment is retained in escrow until the buyer receives the goods he bought from the seller. Once the buyer is satisfied with the goods the money is then released to the seller. If not, the goods are returned.
Escrow is used worldwide because it creates a very safe trading environment and transaction process. The process can vary from platform to platform, but it is the simplest and safest way for buyers to send money and for sellers to know that their payments will be secure.
How does Escrow work?
While each Escrow platform will differ, there are typically universal arrangements for the process. If you are using our platform, called Secure Trade, we want to make sure you feel safe during the transaction.
The process is quite simple:
- You find the item/service you wish to buy/use on Junk Mail, contact the seller, and make arrangements to purchase/hire the item/service from them.
- The seller will set up the Escrow transaction on Junk Mail and send you the details in order to complete the transaction.
- The buyer can then log into their Junk Mail account and pay for the goods/services.
- Once the money from the buyer is in Escrow, the goods/services will be provided to the buyer.
- Upon delivery of the goods/services, the buyer can then confirm that they are happy with what they have received and can then agree on Junk Mail for the money to be released to the service provider. A period can also be set from the seller's side in which the buyer must state whether they are happy with the goods/services delivered and if the buyer does not respond within this set time frame, the money will automatically be released to the seller.
- If the buyer is unable to receive the item from the seller or there is a problem with the service, they can cancel the agreement and have their money returned. Alternatively, they can delay the sending or dispute the transaction.
How do I benefit from using Escrow Services (Secure Trade)?
There are many benefits to using an Escrow Service as both a buyer and a seller.
- You will find that Escrow is among the most affordable methods to pay for something. This makes it easier and cheaper than, for example, credit card and/or PayPal transactions.
- You will also find that the process is as easy as it should be.
- There is very little risk involved when using an Escrow platform to safely hold your money. You do not have to make a payment with the hope that the seller is capable of meeting your needs properly.
- By removing the fear of having to trust a stranger, you can make transactions with people you might not normally have felt comfortable dealing with, giving both parties total security moving forward.
- Escrow Services can be used to handle payments for just about anything you like. This ensures that you know the payment can be managed in the desired currency.
We understand that sending money to someone you don’t know can seem daunting. In a bid to help you feel better and safer about the experience, our Escrow Services will help to provide the buffer you need.
Is Escrow a safe system to use?
Yes, Escrow Services are totally safe to use. Firstly, there is a registration process in place with third-party Escrow companies, like Truzo. Third-party Escrow platforms also make sure that there is an SSL-secured platform in place, meaning they ensure that all data passed between the web server and browser remains private. The funds are only held, never used or put towards anything by the Escrow company. The funds will lie dormant in the account it was sent to and can only be released when there is permission given by the buyer.
This means that buyers cannot run, and it also means that sellers know that the person who wishes to buy their wares is legitimate. Allied with multiple banks across South Africa, it ensures that all payments are managed and safe thanks to registration with the Payments Association of South Africa (PASA), which is fully regulated by the Financial Sector Conduct Authority (FSCA).
This service acts as a simple and easy way to send and manage payments between buyers and sellers.
Using an Escrow Service with Junk Mail is a very smart move. If you wish to make a purchase via Junk Mail, our simple and easy-to-use Escrow partnership will allow for the safest transaction possible.
Try it out for yourself and see why Junk Mail is now the Safest South African Online Marketplace!