Boat & Yacht escrow payments made easy
The perfect way to manage payments through escrow accounts.
We work with organizations focused on luxury boat rentals to secure their payments.
Benefits of managing rental services with escrow payments (bank guarantee deposits)
- For the owner: the owner is sure that the payment has been deposited into an account held by the bank.
- For the client: the client blocks the contracted boat and is sure that it complies with the agreed conditions.
- For both: in the event of a dispute, a solution acceptable to both parties is sought that refers to the original terms and conditions of the contract.
Buying, renting or selling a boat requires a high level of trust on part of both the purchaser and the seller.
PSD2 (payment service directive):
Our integrated Know Your Customer (KYC) meets the anti-money laundering checks, which lets you stay focused on your product and spend less time on compliance-related tasks.
How do Boat & Yacht Escrow Payments Work?
Once the buyer has decided which boat he wants to buy and has agreed on a price with the seller, they will agree on the terms and conditions that both parties must comply with.
Once the terms have been agreed by both parties, the Buyer will deposit the money into a secure account established by truust, who will confirm to the seller that these funds are available once all contractual obligations have been met.
As soon as the funds are available, the seller will arrange for delivery of the boat as agreed in the initial contract.
Once the boat is received by the buyer, there is a period to review that the boat has been received in the condition that was agreed and in the terms agreed. Once the condition of the boat is confirmed as meeting the agreed condition, the funds can be released via truust to be released to the seller thus carrying out the trust transaction.
If disputes or disagreements arise during the boat purchase process, the services of the third party escrow agent will be used to resolve them with a solution that is acceptable to both parties and that refers to the original terms and conditions.
Truust offers the highest level of security to all parties involved. It guarantees that there is no financial threat to either the seller or the buyer, as the funds remain in a protected account until the buyer is satisfied with the boat and eliminates the risk that the buyer will not pay the seller once the boat has been delivered.