TradeSafe

How It Works

I am the Buyer

  1. Find the product or service you want to purchase. Services and second hand goods are usually bought on classified sites (Gumtree, OLX, Autotrader, HolidayRentals, Junkmail etc.), through private advertisements (advertisements placed on your friend's Facebook profile), through agents or brokers, through the owner's website, or from the owner directly (transfer of web domains).

  2. Obtain your counterparty's email address. Tell him/her to expect a TradeSafe invitation.

  3. Register on TradeSafe (you only do this once). It is important to note that we require the following:
    • Your mobile number – TradeSafe uses OTP (One Time Pin) validation during specific aspects of a trade to provide additional security measures.
    • Your ID number – we are compelled by South Africa’s Financial Intelligence Centre Act 38 of 2001 (FICA) to verify the identity of the buyer. The purpose of FICA is to assist in the identification of the proceeds of unlawful activity and to combat money laundering activities as well as the financing of terrorism and related activities.
    • Proof of your banking account details for transactions greater than R25 000 – FICA requires us to report to the Financial Intelligence Centre all transactions above the value of R25 000.00 and when this occurs the Buyers ID must associate with the Buyers bank account.

  4. Create a trade. Trade terms and, where applicable, contracts, pictures and other documentation can be uploaded to the transaction. TradeSafe will then automatically send the other party an invitation to trade.

  5. The trade terms and details can be negotiated an infinite amount of times until both parties agree.

  6. Once the terms have been agreed, the transaction and the documentation are locked. The Buyer now deposits the funds into the independent and audited TradeSafe trust account. Our proprietary EFT payment system ensures that the payment from the buyer to the TradeSafe trust account will be verified instantly. (We only accept EFT AND DO NOT ACCEPT CHEQUES.) TradeSafe will notify the Seller once the funds have been verified and cleared.

  7. The Seller now dispatches the goods to the Buyer or initiates the service. There is an option for the seller to provide the tracking number of his/her preferred courier service which allows TradeSafe and the Buyer to monitor the delivery process.

  8. The parties have a pre-agreed time period to deliver and inspect the goods or services known as the Expected Completion Date. If the Seller has met all the obligations and the Buyer is in agreement, the Buyer accepts the goods or services and TradeSafe releases the funds to the Seller.

  9. If any problems arise, the Buyer can log onto TradeSafe and lodge a dispute on the transaction. This gives the parties the ability to re-negotiate the terms of the trade. If the buyer does not accept the goods on the TradeSafe Platform by the end of the Expected Completion Date, the funds will automatically be paid to the Seller.

  10. If the dispute cannot be resolved, either party may decide to enter into a legal resolution process which may include arbitration. The funds are frozen until a decision has been made by the adjudicator.

I am the Seller

Joe is a plumber and is called out by Ben to fix a geyser that has burst. He is worried because he has previously not been paid for work that he had performed, and for the parts that he had purchased and installed. How does Joe ensure that he can provide his normal quality service and still get paid for it?

  1. Joe must get Ben’s email address and tell him to expect a TradeSafe invitation.

  2. Both parties register on TradeSafe (Joe and Ben will only do this once). It is important to note that TradeSafe requires the following:
    • Both Joe and Ben’s mobile numbers – TradeSafe uses OTP (One Time Pin) validation during specific aspects of a trade to provide additional security measures.
    • Both Joe and Ben’s ID numbers – TradeSafe is compelled by South Africa’s Financial Intelligence Centre Act 38 of 2001 (FICA) to verify the identities of the parties. The purpose of FICA is to assist in the identification of the proceeds of unlawful activity and to combat money laundering activities as well as the financing of terrorism and related activities.
    • Proof of the Buyer’s banking account details if the transaction is greater than R25 000.00. This is because FICA requires us to report to the Financial Intelligence Centre all transactions above the value of R25 000.00 and when this occurs, Ben’s ID must align with his bank account.

  3. Create a trade. Joe enters the terms of the trade. He specifies how long it will take, what the cost will be and how long Ben has to inspect his new geyser. Joe can also upload photos of previous geyser installations that he has installed.

  4. TradeSafe will then automatically send the invitation to trade to Ben.

  5. The trade details can be negotiated an infinite number of times until both parties agree.

  6. Once the terms have been agreed, the transaction and the documentation are locked. Ben will deposit the funds into the independent and audited TradeSafe trust account. TradeSafe’s proprietary EFT payment system ensures that the payment from Ben to the TradeSafe trust account will be verified instantly. (We only accept EFT AND DO NOT ACCEPT CHEQUES.) TradeSafe will notify Joe once the funds have been verified and cleared.

  7. Joe now purchases the equipment and installs the geyser to his normal high standard.

  8. Both Joe and Ben have pre-agreed the period to carry out the services which is known as the Expected Completion Date. If Joe has met all the obligations and Ben is happy with the work done, Ben will log onto the system to let TradeSafe know that he is satisfied and TradeSafe will only then release the funds to Joe.

  9. If any problems arise, Ben can log onto TradeSafe and lodge a dispute on the transaction. This gives both parties the ability to re-negotiate the terms of the trade. If the buyer does not accept the goods on the TradeSafe Platform by the end of the Expected Completion Date, the funds will automatically be paid to the Seller.

  10. If the dispute cannot be resolved, either party may decide to enter into a legal resolution process which may include arbitration. The funds are frozen until a decision has been made by the adjudicator.

I am Running a Business

Joe changes jobs and opens a small building construction business with his friends from varsity. He gets a call from Emily to build a house for her mom… it’s a big job. Joe is afraid he won’t get paid for the raw materials he has to buy upfront. Emily, on the other hand, is afraid that Joe will not complete the job and disappear with her deposit. How can both Joe and Emily come to an agreement?

  1. Joe gets Emily’s email address and tells her to expect a TradeSafe invitation.

  2. Both parties register on TradeSafe (Joe and Emily will only do this once). It is important to note that TradeSafe requires the following:
    • Joe’s company registration number.
    • Both Joe and Emily’s mobile numbers – TradeSafe uses OTP (One Time Pin) validation during specific aspects of a trade to provide additional security measures.
    • Joe and Emily’s ID numbers – TradeSafe is compelled by South Africa’s Financial Intelligence Centre Act 38 of 2001 (FICA) to verify the identities of the parties. The purpose of FICA is to assist in the identification of the proceeds of unlawful activity and to combat money laundering activities as well as the financing of terrorism and related activities. Joe must also be authorised by his company to act on their behalf and if so, Joe must provide his ID number.
    • Proof of the Buyer’s banking account details because the transaction is greater than R25 000.00. This is because FICA requires TradeSafe to report all transactions above the value of R25 000.00 to the Financial Intelligence Centre and when this occurs, Emily’s ID must align with her bank account.

  3. Create a trade: Joe enters the terms of the trade. As it is a big job, TradeSafe provides the ability for Joe to accomplish the task via a set of milestones that he and Emily agree. In this way, Emily is willing to pay for the house in segments as Joe completes certain parts. For example, Emily is willing to spend R20 000 on the foundations and only when the foundations are adequately prepared by Joe, will she pay Joe for this task. He can then start on the walls as agreed. Each milestone can easily be set up as a separate transaction on TradeSafe. Each transaction can have its own terms and documentation (for example, Emily is keen on the wonderful design of the marble fireplace that Joe has presented. Joe can upload the blueprint and the pictures of the fireplace onto TradeSafe).

  4. The trade details and milestones can be negotiated an infinite number of times until both parties agree.

  5. Once the terms have been agreed, the transaction and the documentation are locked. Emily will deposit the funds into the independent and audited TradeSafe trust account when and if required. TradeSafe’s proprietary EFT payment system ensures that the payment from Emily to the TradeSafe trust account will be verified instantly. (We only accept EFT AND DO NOT ACCEPT CHEQUES.) TradeSafe will notify Joe once the funds have been verified and cleared.

  6. Joe gets to work. Both Joe and Emily have pre-agreed the period to carry out the services which is known as the Expected Completion Date.

  7. If any problems arise, Emily can log onto TradeSafe and lodge a dispute on the transaction. This gives both parties the ability to re-negotiate the terms of the trade. If the buyer does not accept the goods on the TradeSafe Platform by the end of the Expected Completion Date, the funds will automatically be paid to the Seller.

  8. If the dispute cannot be resolved, either party may decide to enter into a legal resolution process which may include arbitration. The funds are frozen until a decision has been made by the adjudicator.

We recommend you visit our Frequently Asked Questions for further information. Or if you want to know more, refer to our Terms of Use. TradeSafe is designed to minimise fraud and protect both the Buyer and the Seller. Once you have registered on the site, you are ready to trade...it's that easy!

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