With just six weeks left of the working year, South Africans are booking their last minute holidays – predominantly using online marketplaces and booking sites. Every picture looks great; beautiful houses with glorious sunsets, but how do you really know that you’re going to get what the picture promises?
This holiday, to protect yourself against rental scams – whether a mis-repesentation of what’s on offer or even a non-existent abode – consider using an escrow service when making your booking.
The availability of escrow is on the rise in South Africa as a response to the rise in cybercrime and online fraud. We all know at least one person who’s fallen prey to online criminal activity but did you know that there are 25 million unique strains of malware and an 80% annual increase in phishing attacks in SA alone?
Designed specifically to add an extra layer of security to anyone who wants to buy or sell something, escrow refers to a third party payment protection mechanism that makes sure no transfer of ownership of any goods or service takes place until payment is made and the buyer is satisfied with their purchase.
ProtectPay comes from leading independent payments company, Paycorp, and presents a quick, easy and affordable way to buy and sell products and services without the risk and stress traditionally associated with independent trading.
ProtectPay offers users a simple five-step solution to secure trading:
- Both the buyer and seller set up a free account at protectpay.co.za
- After mutually agreeing to use ProtectPay, a transaction is loaded and the transaction fee terms are agreed – the fee can be paid by either buyer or seller or split 50/50
- The buyer transfers funds to the ProtectPay escrow account for secure-holding, and the seller is made aware that funds have been received
- The buyer confirms receipt of goods or services and notifies ProtectPay to release the funds to the seller
- The funds are paid to the seller
Besides guaranteeing payment once the terms of the transaction are met, ProtectPay also allows parties to raise a transaction dispute and holds the funds until the dispute is resolved.
So with an escrow service on your side, booking your summer holiday, just got safer.