There is a fundamental problem with peer-to-peer payments when you buy and sell from people you meet online and that is trust and security.
Utilising cash, bank transfer, PayPal or any of the traditional payment solutions opens up both the buyer and seller to the potential for fraud simply because users have to blindly trust each other. The seller needs to trust that the buyer has the available funds and the ability to pay. The buyer needs to trust that the seller has the product or will be able to deliver or complete to the standards advertised.
Traditional online classifieds platforms are paid for their ability to link buyers and sellers, however once this connection is made, the buyer and seller encounter the same problems that are found in any other peer-to-peer transaction.
ShieldPay was created to provide a solution to these age old issues and to add layers of security and with it, trust, to any peer-peer payment.
What is ShieldPay?
ShieldPay is an instant digital escrow service through which users can buy and sell safely with anyone. It connects buyers and sellers anywhere in the world and enables both parties to transact in a secure, trusted environment.
The unique and patented payments technology enables anyone in a matter of seconds to create a secure sale and payment so they can transact safely online or in the real-world. The technology protects both buyer and seller in a payment as money is secured from the buyer and only ever released to the seller when both sides are happy. This process creates a hugely valuable environment of trust and security that every other peer-peer payment system lacks.
The core patented technology of the payment process is utilised in the business facing offering, that when adopted can convert any classifieds platform (Craigslist, Gumtree etc) into a fully transactional marketplace. After buyers and sellers meet on classified sites, any transactions that are generated occur outside of these platforms in an uncontrolled and unsecure environment. Buyers and sellers on these platforms are currently completely unprotected.
The ShieldPay offering not only creates huge untapped revenue opportunities for classified partners but also secures our partner platforms from the high levels of fraud and risk associated with the classifieds industry. ShieldPay is the secure, trusted payment facilitator for both individual buyers and sellers everywhere.
To eliminate fraud and to enable everyone to transact with each other in total confidence.