Delhi based Ecommerce marketplace, #snapdeal has launched an escrow sort of service – TrustPay, which guarantees 100% cashback in case the company falter in its commitments. This essentially means seller’s payment is released only when consumer confirms the product has been received by him/her in good condition (similar to eBay’s Paisapay).
TrustPay covers risks for consumers in case they have paid for the product but did not receive it, damage and defective products including size and fitting issues. TrustPay guarantees refund of the money you have paid for the product and gives you full flexibility to cancel your order till the time product is dispatched.
Snapdeal which recently raised funding from Ebay has made Trustpay feature applicable to all payment options – i.e. plastic card as well as Cash on Delivery (COD).
In case, a consumer is not satisfied with the product delivered and inform TrustPay within 7 days of delivery, TrustPay will resolve the complaint end-to-end within 30 days from the day the complaint is raised (details here). Also, if company doesn’t hear back from consumers within 7 days, the payment will be released to the sellers.
Earlier, Spice group’s Saholic launched one-time guarantee for all multi-branded products and globally, Alipay – a Chinese payment gateway owned by Alibaba Group had introduced such service.
What does it mean?
Given that ecommerce marketplaces takes away the control over quality/logistics, companies need to build checks ‘n’ balances in the system and the TrustPay feature will definitely bring comfort to the consumers.