Secure Payments, Giving Complete Peace Of Mind

What is escrow?

Escrow is a secure payment method in which funds are held by a trusted third party until both the seller and buyer are checked and verified, ensuring the safe completion of the transaction. This provides complete peace of mind and protection for all parties involved.

To facilitate secure escrow-style payments for our users, we have partnered with Trustap, a digital transaction platform. Trustap safeguards users from potential scams when transacting with someone you don’t know, offering:

Protection for buyers and sellers
Trustworthy transactions
Transparent process
Safe & secure payments
A fair and secure transaction for everyone involved

Benefits for sellers

Verified Transactions: Trustap’s verification process prevents scammers from using fake details, guaranteeing a secure transaction with genuine users.
Free for Sellers: The buyer covers the transaction fee, making it a hassle-free experience for sellers.
Prevent Last-Minute Cancellations: Buyers pay the transaction fee, ensuring their commitment, reducing the likelihood of last-minute cancellations.
Timely Payments: Once the number plate is successfully transferred, the buyer must release the funds. In case of non-compliance, funds are automatically released. Should an unexpected dispute arise, Trustap's dedicated customer service team is readily available to mediate and resolve any issues.
Visibility of Funds: Trustap promptly notifies you once the funds have cleared, allowing you to proceed with the number plate transfer with confidence and peace of mind.

How it works for sellers

Responding to Enquiry: Upon responding to an enquiry, the buyer gains access to a link within the message thread, initiating the purchase through escrow.
Payment Initiation: Once the buyer makes a payment, notifications are sent to both parties.
Seller Verification: As a seller, you will then verify your identity and provide the necessary bank account details for fund transfer.
Payment Clearance: Once the payment has cleared, you will receive a notification. You can then proceed to transfer the number plate to the buyer.
Buyer Confirmation & Release of Funds: Upon receiving the number plate, the buyer confirms its receipt, triggering the automatic release of funds.

Benefits for buyers

Verified Transactions: Trustap’s verification process prevents scammers from using fake details, guaranteeing a secure transaction with genuine users.
Enhanced Protection: Your payment is securely held by Trustap until you verify receipt of your registration. This eliminates any uncertainties associated with sending money to a bank account without assurance of product delivery.
Flexible Payment Options: As well as the option to pay by bank transfer, Trustap accommodates all major credit and debit cards (for purchases up to £1,000), making it convenient for transactions with private sellers who may not have card machines.
Complete Control: Only release funds when you are completely satisfied with your purchase, providing you with control and peace of mind throughout the process.

How it works for buyers

Initiating Transaction: After messaging a seller regarding a registration and receiving a response, an escrow link will appear within your message thread.
Secure Payment: You will then receive an invoice from Trustap allowing you to make your payment into the secure holding account. Upon completion, notifications will be sent to both parties involved.
Payment Clearance: Once your payment has cleared, we will notify the seller and they can proceed to transfer the number plate to you.
Confirmation of Receipt: Confirm the receipt of the number plate. This confirmation triggers the automatic release of funds to the seller.

How much does it cost?

Trustap is free for sellers. The buyer pays a small fee of 2.5% of the sale/purchase price (subject to a minimum of £50).

This covers all the associated costs of keeping your transaction safe including identification and verification, anti money laundering checks as well as the risk that Trustap take on your behalf. Please note that fees are non-refundable, so we recommend not starting an escrow transaction before you have agreed this with the seller.

Our calculator below allows you to see how much it will cost for your sale/purchase.

Escrow FAQ's

Who can use escrow?

Escrow is available to anyone for any transaction, regardless of its value. Trustap's stringent verification process is designed to prevent scams. In case of any issues, your money remains secure, being released only after the registration has been received, and the buyer has confirmed satisfaction. Enjoy complete peace of mind in every transaction.

Who are Trustap?

Trustap Ltd is a digital transaction platform that completely protects you from being scammed when you're transacting with someone you don't know, providing peace of mind with every transaction.

Trustap secures the buyer’s funds in a safe hold account until all the transactional milestones are successfully met and the complaints period has elapsed. Funds are then instantly released to the seller, ensuring a smooth and trustworthy process.

How do I know Trustap is secure?

Trustap is a verified partner of Stripe, the world's most secure payment processor. Stripe handles all payments made on Trustap and is regulated by the Financial Conduct Authority in the UK. Partnering with Stripe allows Trustap to offer its users an extra layer of security and trust in addition to the following benefits:

Payment Security: Trustap maximises the benefits of Stripe’s advanced encryption and fraud prevention tools to protect your payment information and prevent unauthorised charges.
Compliance: Stripe adheres to all the regulatory requirements for payments in the countries where Trustap operates. These include Anti-Money Laundering (AML), Know Your Customer (KYC), and General Data Protection Regulation (GDPR) standards.
Global reach: Stripe supports over 135 currencies and payment methods, allowing you to pay from anywhere in the world and to receive payouts in numerous widely-used currencies.

Through their partnership with Stripe, they are a regulated financial institution in the EU - PCI DSS Level 1 certified, the most stringent level of certification available.

They support PSD2 regulations in Europe and are Strong Customer Authentication (SCA) compliant.

They have dynamic authentication, scanning every transaction and dynamically triggering additional authentication when required.

They use Amazon Web Services cloud computing.

They also use Keycloak - an identity and access management solution that ensures compliance with GDPR and all other data regulations.

Terms and conditions

All transactions are handled by Trustap Ltd and subject to their Terms & Conditions, which you can find here, including potential disputes between parties. Plate-Trader.com is not responsible nor directly included in any transaction processed through Trustap as a result of agreement via our network. The checkout process may contain Plate-Trader branding including logo for the purpose of legitimacy and the Plate-Trader brand name, but Plate-Trader is never the recipient of the deposit, Trustap is.