Global markets are now expanding and small and medium businesses mushrooming in many countries. Many of these enterprises are expanding overseas, many looking to source services and products from vendors in different countries. Others may be looking for newer markets. While such trade deals are a wonderful indicator of expanding economies, the risks of collaborating with new vendors or buyers may be very high for small enterprises. This makes it very important to enlist the services of a secure and trusted escrow platform such as Tazapay to mitigate such risks.
Tazapay is one of the most secure Business-To-Business (B2B) payment solutions providers and a trusted escrow platform. When buyers and sellers settle on the trade details (service/product specifications, cost, timeline, mode of shipping, etc.), the buyer or importer transfers the entire transaction amount or the funds into an escrow account set up by Tazapay. The Tazapay API is specifically designed for integration into your marketplace or e-commerce site.
Escrow services from Tazapay
Once the seller or the exporter fulfils the obligations and provides proof of shipping, Tazapay verifies that the seller has completed their requirements and the funds are released to the seller. If for some reason there is a delay in the shipment or the seller is unable to furnish details of the despatch, funds are held in the escrow account till Tazapay receives the nod from both parties.
Tazapay API Integration
The Native Escrow and Hosted Escrow services provided by Tazapay help sellers or service providers and buyers or importers integrate the Tazapay API on their own platform. This integration may be of varying degrees depending on the platform and needs of the business. The Native Escrow services offered by Tazapay, for example, allows a business platform to use the native User experience (UX) design and secure payments without the need for a separate Tazapay account. The escrow agreement between the two parties is auto generated and is captured via the Tazapay API. This agreement clearly states the payment release instructions. Such complete integration allows both parties to avail of secure escrow services without the need to get on the Tazapay platform.
Why Tazapay?
When the buyer or importer deposits funds into the Tazapay escrow account, it offers the seller or the vendor an assurance of the former’s indentation and ability to purchase. The use of the Tazapay escrow platform also protects the buyer from issues such as delayed or cancelled shipments.
Security and reliability
Tazapay is an escrow platform that is powered by Rapyd and was licensed and regulated by the Monetary Authority of Singapore (MAS). As per MAS regulations, the funds of the buyer or the importer are held safely in a bank authorized in Singapore till the vendor or supplier provides proof of shipment and this is verified.
Apart from the escrow services, Tazapay also helps businesses verify the identity and credentials of prospective trade partners abroad. This covers over 110 million companies in about 90 countries. This escrow platform has a very robust and transparent dispute resolution process that can also be availed of.