Snapdeal – Launch of TrustPay –New tool to boost ePayments
After 3 weeks of such news, one of eBay’s trust tool to keep up consumer interest in its site i.e PaisaPay, was launched in an Indianised avatar i,e TrustPay (note ‘Pay’ is common in both the brand names.
In simple terms, TrustPay works like an escrow agreement. The payment is released to the Seller only when the Buyer conforms the receipt of the goods as per his/her specifications.
The conformation has to be done online at Snapdeal website. Of course, if no such conformation (positive or negative) is made within 7 days of Product Delivery, Snapdeal will assume that all is fine. This clause seems fair; as otherwise, the seller will have to wait for an indefinite period to receive his/her money.
However, TrustPay will work only when physical goods are involved. It is not yet clear, what will be the status of deals booked for services. The major complaints are in the services related deals, as it is very difficult to understand where the mistake lies, the seller or the buyer.
As a Safe ePayments motivator, TrustPay promises to attract more traction to ecommerce sites. However, in the long run, the Cash On Delivery (COD) option should be withdrawn for true 100% ecommerce. Of course, there is no harm in hybrid models, as long the consumer benefits.
- Exclusive: Snapdeal launches TrustPay, guarantees refunds in case of delay delivery, fitting etc (nextbigwhat.com)
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